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PERSONAL INTRODUCTION

Hello, I am Samantha

I work for an online tyre company,______, as an Accounts Assistant and Operations Manager.

I have almost finished my Bachelor of Accounting, which will allow me to steer further in to the accounts department within ______.

In my spare time I enjoy playing hockey, watching my partner Paul play soccer, renovating our newly purchased home, and planning our wedding.

It is nice to meet you.

HISTORY OF AUSWIDE BANK

After operating since the 1960’s, Bundaberg based Burnett Permanent Building Society and the Maryborough Permanent Building Society merged together by Ron Hancock in 1979 and formed Wide Bay Capricorn Building Society, as an alternative to the “big banks”. Now known as Auswide Bank, the bank has been servicing the banking needs of Australians for over 50 years. (Auswide Bank, 2018).

1981

Merged with Gympie and North Coast Building Society. (Auswide Bank, 2018)

1983

Merged with Port Curtis Building Society (Auswide Bank, 2018)

1994

Listed in the ASX (Auswide Bank, 2018)

2000/01 Exceeded $1 billion in assets and loans (Auswide Bank, 2018)

2003

Name change – Wide Bay Australia Limited (Auswide Bank, 2018)

2008

Merged with Mackay Permanent Building Society (Auswide Bank, 2018)

2015

Auswide Bank was launched (Auswide Bank, 2018)

Partnership with MoneyPlace (Auswide Bank, 2018)

2016

Merged with Queensland Professional Credit Union (Auswide Bank, 2018)

GLOBALISATION

The accelerating, deepening and broadening process affecting the movement of goods, services, communications and ideas within the global market. (Williams, McWilliams, & Lawrence, 2016).

There are four (4) stages of globalisation (Williams et al., 2016):

Domestic

International

Multinational

Global.

International business is important. As services and jobs are shifting to countries where operating costs are lower and therefore there are many concerns around local jobs (Williams et al., 2016)

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CHALLENGES THAT AUSWIDE BANK FACE

COMMUNICATION

Trust, co-operation, commitment, business development and business-to-business relationships are all success factors of effective communication (Mason & Leek, 2012).

Auswide bank is Australia’s newest bank and face many challenges due to their Head Office location of Bundaberg in regional Queensland.

Communication via ICT’s is said to have less rapport. Participants are more likely to lie, suspect lying or risk their relationship by issuing more threats and ultimatums creating the impression of a temporary relationship (Mason & Leek, 2012).

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OTHER CHALLENGES

THE BIG ‘4’

Competition from the ‘Big 4’ (Commonwealth, NAB, Westpac & ANZ) makes it difficult to attract both regional and metropolitan customers.

‘Attraction’ of the metropolitan areas, allowing ongoing regional – to – urban migration throughout the country (Hettihewa & Wright, 2018).

HIGHER FUNDING COSTS

Regional bank’s opting for consolidation in the previous years (Kangatharan, 2010).

Big banks have enough market-power to absorb the higher costs, leaving the smaller banks sky-rocketing their interest rates (Kangatharan, 2010).

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RECENT DEVELOPMENTS IN THE BANKING INDUSTRY

2018 Royal Commission in Australia’s Banking

Scandal

Commonwealth Bank of Australia (CBA)

Failed to notify 53, 506 transactions over $10,000 (Wishart & Wardrop, 2018).

Refunding more than $10 million to customers (Wishart & Wardrop, 2018).

National Australia Bank (NAB)

Paying back almost $90 million to customers wrongfully charged (ABC News, 2018).

AMP

Unlawfully deducting service fees from customers accounts sine 2009 (Financial Review, 2018).

Providing 20 false or misleading statements to ASIC (Financial Review, 2018).

Other banks such as ANZ, Westpac and Macquarie Equities are also involved in the scandal (Wishart & Wardrop, 2018).