Corporate Social Responsibility of National Australia Bank - Case Study Example

The National Australia Bank (NAB) University Student Id Course Executive summary The report is about the National Australia Bank and its business environment. In the report, the mission of the organization is provided and some explanations to show how it is related to the company objective also availed. Also, the information concerning the probability of the company is provided in the report where the various ways that the company has been utilizing in the process of achieving competitive advantages in the market provided. The information concerning the location of the operations of the company is also availed in the report where different operations are outlined in the report. Global changes that have been taking place in the industry have been analyzed as the global environment where the specific environment that is analyzed n the report is customers. The various ways National Australia Bank has employed in the process of addressing the impacts of the different environment affecting its operations are explored. The aspects of corporate social responsibility are explored in the organization where the ways that activities that make National Australia Bank socially responsible are discussed. The various statistics showing how National Australia Bank has been ensuring that it is socially responsible are provided. Lastly, the suitability of the organizational culture adopted in National Australia Bank is discussed. Table of Contents Executive summary 2 Introduction 3 National Australia Bank 4 Financial information 5 General environment: Global dimension 6 Specific environment: Customers 7 Corporate social responsibility of National Australia Bank 9 The right organizational culture 11 Conclusion 12 Reference 13 Introduction National Australia Bank is one of the competitive banking institutions that have been operating in Australia. The company has employed competitive strategies in the process of achieving competitive advantages in the banking industry where it has been adjusting its operations to keep pace with the changes. The report is aimed at critically analyzing and evaluating the various aspects surrounding management of National Australia Bank. Also, the report is seeking to reflect the operations of the company aiming at evaluating its suitability for employment. National Australia Bank National Australia Bank is among the largest financial institutions in Australia. The purpose of National Australia Bank in the financial industry is to offer financial solutions to the customers with diverse needs. The company has been engaging the various stakeholders in the process of looking for the best ways of serving the market. Concerning customer base and market capitalization National Australia Bank is fourth in the Australian financial market. National Australia Bank has expanded its operations in various regions in Australia where it has managed to establish 1,590 service centers and branches that are located in various places. The company believes in success where it has been coming up with the best strategies that can ensure that the company is in a better position to compete better in the market. The mission National Australia Bank includes ensuring that specific solutions are offered to the customers through considering both the future and current requirements of the clients. National Australia Bank aims at establishing permanent relationships with the customers through the provision of high-quality services. Also, the mission of National Australia Bank includes contributing towards environmental development and profitability through long-term success. In the process of improving its service delivery, National Australia Bank has made its services available to the customers through improving its services delivery. For instance, the company has introduced more than 4,440 ATMS in different places in Australia where it has been serving more than 12 million customers. National Australia Bank has been operating in various jurisdictions globally, but it has been experiencing increased revenues in the Australian market. Globally the company has offices in Shanghai, Tokyo, Singapore, New York, London, and Hong Kong. The services that the company has been offering the in financial industry include bond issuance, trade finance, market risks management that include hedging of interest rates, foreign exchange. Financial information National Australia Bank has a good financial base that has been facilitated by the good leadership that has been provided by the company. The company has excellent financial management strategies that are aligned with the change in the business environment. National Australia Bank has experienced low charges associated with bad debts that have led the increase in cash by 6.5% where the company has experienced profit increase of around $3.4 billion. The shares of National Australia Bank have risen by 3.2% to around $28.2. The company has experienced an increase in revenues by 3.3% due to its ability to adopt competitive strategies that have made the company experience growth in sales. National Australia Bank provided investment opportunities for the customers in the market. It has diversified the invested opportunities to meet the diverse needs of the consumers. The management ensures that the investment opportunities provided to the customers are socially responsible while considering the various business environments. The company ensures that the clients have access to the right financial advice that can make them carry out the right investments. In the process of attracting customers, the company ensures that the interest rates are competitive to attract more customers to the organization. General environment: Global dimension National Australia Bank has been affected by various changes that have been taking place in the financial industry. Among the major factors that have affecting National Australia Bank is the increased changes that are happening in the industry. For instance, the rivals are looking for the best ways of achieving competitive advantages in the industry through the adoption of the technological advancements hat have been taking place in the industry. As a result, National Australia Bank has also tried to adapt to the sector changes through automating most of its operations to enhance service delivery. NAB is thought to be among the technology leaders on behalf of the four banks which are the biggest, whereby Westpac have announced about its large scale of its core banking system in the previous year. National Australia Bank has remained against the upgrading of the basic system of banking. In the year 2008, the company started its modernization project related to the core banking and this project was eventually accomplished in the year 2012. Currently, National Australia Bank is now able to set up various transaction accounts within five seconds, whereby almost 52 percent of the total deposits are usually carried by deposit machines which are known as ATMs. On the hand, NAB started a project known as NextGen which was introduced by the tech giant Oracle from the US, and it was known as one of the biggest in terms of the global banking. Moreover, this project involved the implementation of a program which was known as the NAB view, which created room for the bankers to analyze the number of times when a client has interacted with the bank. National Australia Bank has adopted the co-development strategy that has proved to be competitive. For instance, the partnership of NAB is a kind of a model whereby an individual would like to see two companies which are big collaborating. However, as NAB migrates to the digital future, it has created both the Labs and the venture, where NAB ventures the bank has set aside $ 50 million for the sector of the mobile platform and also payment. Furthermore, banks are always very complex; therefore, they struggle in their process of incorporating technologies. The NAB has been spending almost $ 1 billion on the information technology annually. During the time when the reports concerning the NAB are being announced, both the analysts, as well as the investors, are always keen listening about how NextGen is progressing and also its efficiencies which it will deliver. The NAB view is one of the scope that was introduced after the NextGen project and whose function was to deliver the business bankers with real information concerning their clients, hence improving the management of the sales force. Moreover, the NextGen project brought about cost savings by permitting the NAB to decrease the headcount in various areas. Even though the building of the infrastructure for the NextGen is almost complete, NAB is still going on spending around $ 1 million in every year for the purpose of the technology. Therefore, NextGen is no longer being viewed as a project but now is usually referred to as a platform. Specific environment: Customers National Australia Bank has formulated and implemented the best strategies that can guarantee its success in the market. It has managed to acquire a high customer base leading to increasing in sales as the management of the company has guaranteed customer satisfaction. National Australia Bank has been serving a large number of clients globally, and it has created chances for wealth since it is one of the largest institutions for finance in Australia (Robbins, et al. 2016). Also, the National Australia Bank has established more than 1,800 branches and also centers for providing services in almost ten countries. Therefore, National Australia Bank is always proud of itself because of its services as well as its overall commitment to the provision of both products and services of high quality to the customers. Moreover, through the establishment of the good relationship with its clients which is based on a reliable guidance and advice, National Australia Bank has created chances for its clients not only for improving their material wealth, but also to make their lives rich. However, for many years which have the past, the National Australia Bank has been delivering some of the digital experiences such as the online banking to its clients. Also, as the usage of the mobile still continues to grow, NAB has already realized some chances of expanding its digital channels to include more content that is quite relevant and also personalized. For the several years, the National Australia Bank has been using two content management systems which are different from each other, but it has failed to provide both reliability. However, NAB started using the Adobe Analytics solution which was quite faster in both accessing and also analyzing the information concerning the client interactions through the website. Furthermore, Copeland together with his team went ahead to test about the Adobe Experience Manager that is also a solution in the Adobe Marketing Cloud. National Australia Bank makes use of the digital channels which had features which facilitated the improvement of the client experiences, and the digital channels boosted the sales of National Australia Bank. Also, the bank has provided customers with content which was relevant and also personalized. The National Australia Bank launched a digital platform which was used as the foundation for the client experiences. However, the aspect of the intuitive workflows that is found in the Adobe Experience Manager leads to the creation of a website. Also, the experience of the management helps in motivating the content teams to make some changes without relying heavily on the information technology teams. Importantly, the Adobe Experience Manager together with the introduction of the development approach has been employed by the National Australia Bank to deliver savings that are substantial. However, the utilization of the website updating assisted by the Adobe Experience Manager can promote the aspect of the cross-selling chances across the new brands so as to improve the website sales. Corporate social responsibility of National Australia Bank National Australia Bank is a responsible corporate citizen where it has been committed to ensuring that its operations are socially responsible. In the year 2008, National Australia Bank invested $34 million in initiatives geared towards corporate responsibilities. The commitment of National Australia Bank in being a socially responsible corporate citizen is shown by the fact the company has been planning to spend 1% of its earnings on corporate responsibility initiatives (Robbins, et al. 2016). National Australia Bank is ranked as among the best companies in Australia that have shown commitment to protecting the environment in their operations. The company has been providing sponsorships to the students where it has financed several students in their post-graduate studies. For almost five years which have the past, the National Australia Bank has been much focused on the CSR efforts so as to incur the financial requirements for the individuals who earn low incomes. However, the majority of these works has been conducted by the partnership with the organization of the community, the family service, and also the Good Shepherd Youth. Moreover, there are some initiatives which were taken into account such as the introduction of the affordable banking, whereby a certain basic bank account which comprised of reduced fees for the people. Also, another CSR effort which was made by the NAB was about the development of the Step UP loans, which acted as a product of microcredit that assisted the people who had low incomes to be able to access a credit alternative which was affordable. Moreover, the NAB has launched the product and therefore it has funded various communication organizations so as to manage the client relationship. Also, another CSR effort of which the NAB has made is on training the staff for the Call Centre so as to ensure that they are capable of identifying the clients who are encountering hardships. Furthermore, the NAB has been sponsoring various conferences as well as events which promote the aspect of leadership in the case of applying for the micro-finance. However, the NAB has recognized that to ensure sustainability of a community; it is entirely necessary to offer support to the works of various volunteers. Moreover, the NAB usually provides some programs to its staff as well as its community which includes, providing all the staff with a paid leave. The program is administered so as to assist match to the community requirements. Also, the NAB usually volunteer various awards which are used in rewarding different groups which are capable of demonstrating that they are efficiently managing their works. The National Australia Bank has also recognized the significance of linking its various outlets to the local societies. Through this linking, the NAB has been capable of selecting which among the local groups should be supported. Additionally, some of the donation programs are usually accompanied by the volunteering of the staff. During last year, a large number of groups benefited from this program. Some of these programs include; the Junior Games which greatly motivated a large number of the young people to participate in the sports. Furthermore, on behalf of the Australian businesses the National Australia Bank has facilitated the introduction of the Forum for the external stakeholders. This forum comprises of various representatives from the local communities and also from the Consumer groups. The right organizational culture The organization culture that I consider good is the one that ensures that the employees are motivated. The management needs to make sure that the working conditions provided are in a position to motivate the employees. The motivation can include the type of leadership style adopted in the management of the human resources where the employees need to be engaged in the process of making organizations decisions that affect their working areas. Therefore, the organizational culture that I consider right is the one that ensures that makes use of transformational leadership. The use of transformational leadership can be motivating to the employees where the employees can be given a chance to give their views concerning the various situations in the organization. The organization culture that I term to be suitable in the management of organization can include the one that ensures that the employees are provided with working terms that are flexible. The organizations with flexible working conditions are crucial in making sure that the changed that might arise can be accommodated. Considering the fact that the organization culture of National Australia Bank ensures that there is flexibility in the workplace makes me feel that I can comfortably fit in the organization. National Australia Bank has been ensuring that the working conditions are flexible to accommodate the changes where the working schedule is flexible to suit the employees in case of emergencies. Besides, the organizational culture of National Australia Bank believes in employees where the management considers the employees as important in the success of the company. As a result, the working conditions in the company have been geared toward making sure that the employees are motivated to work towards enhancing the business productivity (Robbins, et al. 2016). As a result, the human management strategies that are adopted in the company make the employees able to enjoy the working conditions in the organization. For instance, the company has ensured that there is the work-life balance where the welfare of the employees is given priority. The human resources manager has ensured that there the necessary policies in place to make sure that the welfare of the employees even when outside the workplace are considered. The human resources manager in National Australia Bank has ensured that the employees are motivated through ensuring that there is a balance between life and work. The working arrangements in the company are suitable for the employees as the working schedule is considerate and flexible. The human resources management policies of National Australia Bank are in agreement with the organization structure that I consider right. Employees in National Australia Bank can be able to achieve their personal career goals as the company provided the necessary support to the employees to develop their skills and advance their career. Conclusion National Australia Bank has managed to achieve a competitive position in the banking industry. The company success can be linked with the ability of the management to align its operations with the changes that have been taking place in the industry. For instance, it has been keeping pace with the technological advancements to make sure that its services in the industry are competitive. Besides, the management of human resources has played a crucial role in the success of the company because of the established policies that have been motivating the employees hence making them committed to achieving the company goals. Considering the human management strategies and the performance of National Australia Bank in the market, the company can be a major organization that can contribute a lot to the achievement of my career goals. I firmly believe that my experience in National Australia Bank will be of great benefit in my future career. Reference Robbins, SP, DeCenzo, DA, Coulter, M & Woods, M 2016, Management: the essentials, 3rd edn, Pearson, Australia. Read More