The balanced scorecard & problems of financial measures

Essay by michelle9182University, Bachelor'sF, September 2006

download word file, 12 pages 4.8

1. Executive Summary

Westpac Banking Corporation (Westpac) is one of the four major banking organizations in Australia; Westpac offers banking and financial services such as retail, corporate, commercial and institutional banking and also provides wealth management advisory services. In this report, we are focusing on personal banking segment.

This report had completed research and identified the problems associated with solely using financial measures how and why the Balanced Scorecard overcome those problems actually used in Westpac company.

This report overviews our design and implementation of a Balanced Scorecard specifically to the client based on those problems in Westpac

This report also discusses the impact on human behavior with the implementation of Balanced Scorecard. Its able to explore how people most likely to react and why they behave in that particular way (both positive and negative)

2. Introduction

2.1 Company background

Westpac Banking Corporation has a long and proud history as Australia's first and oldest bank.

It was established in 8 April 1817 as the bank of New South Wales and changed its name to Westpac in 1982. The Westpac's mission is to be No. 1 in customer service and at the heart of its strategy. Definitely, Westpac continues to maintain one significant vision, "To be a great Australian Company". This vision applies to:

Staff: as a great place to work

Customers: as a great experience every time

Shareholders: as superior returns

Community: as a good corporate citizen

2.2 Description of the key operation activities and processes

Westpac provides a full range of retail and commercial financial services including home and business lending, funds management and treasury services. We offer financial services to our corporate and institutional customers through Westpac Institutional Bank, including finance, mergers and acquisitions, capital raising, financial markets, transaction and international trade services.

2.3 Background to the balanced...