Great Southern Bank is a renowned monetary organization in Australia with a lengthy history and a sizable impact within the financial industry. The bank has grown into a trustworthy provider of banking services, satisfying the needs of numerous clients. Thanks to its broad selection of products and services, Great Southern Bank has enjoyed significant success in the market. However, in today’s quickly evolving world, sustainability has become an essential factor that no industry, including banking, can ignore (Nizam et al., 2019). Due to growing worries about environmental degradation, social injustice, and ethical behaviours, the significance of sustainability in the banking industry behaviours has received significant acknowledgment. Sustainability involves many factors, such as social responsibility, environmental stewardship, and moral leadership. In order to effectively support economic growth and societal well-being, banks must proactively address sustainability issues, according to Biswas (2016). In order to ensure long-term performance and promote favourable environmental, social, and governance outcomes, this essay aims to investigate how Great Southern Bank can traverse sustainability issues to produce value.
Purpose and Value at the Organization
The corporate mission of Great Southern Bank is to enable people, families, and businesses to realize their financial aspirations. The bank’s mission is to deliver outstanding financial services, cultivate enduring client connections, and promote societal welfare (Annual Report, 2022).
Customer-centricity, innovation, and community involvement are the three main pillars that support Great Southern Bank’s corporate strategy. By concentrating on these areas, the bank hopes to provide value to its clients, maintain its position as a market leader, and contribute to society (Cisco Public, 2022).
The core of the business strategy of Great Southern Bank is customer-centricity. The bank knows how critical it is to comprehend and accommodate each customer’s particular needs. By offering individualized financial solutions and top-notch customer service, it aims to forge long-lasting relationships with its clients. The purpose statement of Great Southern Bank, which declares that it seeks to “- help all Australians to own their own home -has never been more relevant than it is today,” reflects the bank’s dedication to customer satisfaction. (Annual Report, Page 3, 2022)
Regarding innovation, Great Southern Bank continuously uses technology to improve its goods and services. To offer convenient and safe banking experiences, the bank uses digital platforms and invests in cutting-edge technology (Businesswire.com, 2022). This covers functions including online and mobile banking, electronic payments, and tools for automated financial management. By embracing innovation, Great Southern Bank maintains its leadership position in the banking industry and makes sure it can adapt to the changing needs of its clients.
Another essential component of the business strategy of Great Southern Bank is community involvement. The bank actively supports the communities it serves and is aware of its responsibility. Great Southern Bank participates in numerous partnerships and community activities. As an illustration, the bank actively supported its clients to combat the COVID-19 epidemic (Annual Report, 2021). The bank wants a beneficial influence beyond its core banking services through community engagement initiatives.
Shareholders and Interests
There are several significant stakeholders at Great Southern Bank, each having unique requirements and significance to the bank’s operations. Investors and shareholders are important parties because they buy the bank’s stock and provide the funds it needs to operate. They anticipate receiving a return on their investment through dividends or capital growth in exchange. The needs of shareholders are centred on the bank’s long-term profitability and expansion. Great Southern Bank prioritizes financial performance, effective risk management, and upholding honest and ethical business practices to meet client expectations and advance sustainable commerce (Annual Report, 2021).
As stakeholders for Great Southern Bank, customers are extremely important. They comprise people, families, and companies who depend on the bank’s goods and services. Customers demand modern banking products that are dependable, safe, and meet their needs in terms of money (Great Southern Bank, 2020). Customer loyalty and pleasure are key to sustainable commerce because they foster lasting connections and encourage repeat business.
The employees of Great Southern Bank are crucial stakeholders. They support the bank’s daily operations by offering customers important knowledge and assistance. The importance of employee well-being, job happiness, and work-life balance is acknowledged by sustainable commerce. Government agencies and regulators play a key role in regulating the banking sector. The Great Southern Bank, like all banks in Australia, must go by rules and keep a favourable rapport with these stakeholders (Alderman et al., 2022). Sustainable business practices place a strong emphasis on accountability and openness. Thus, by the demands of regulators and governmental bodies, the bank satisfies regulatory standards, exhibits financial stability, and contributes to the general well-being of the economy.
Problems with Sustainability at Great Southern Bank
The interests and requirements of stakeholders at Great Southern Bank are directly related to the sustainability issue of managing carbon footprint and environmental effects. Investors and shareholders place more importance on sustainable business practices when making investment choices and seek businesses that share their values. The bank may satisfy its interests and requirements for ethical and sustainable investing by addressing its carbon footprint, which will help to generate long-term value. Customers have also developed a greater awareness of environmental issues and favour doing business with banks that prioritize sustainability (Sun et al., 2022). By actively lowering its environmental effect, Great Southern Bank can meet the demand for environmentally friendly financial services among its current clientele and draw in new ones. In doing so, the bank contributes to total value production for shareholders and customers, consistent with the bank’s business aim of empowering clients to achieve their financial goals.
The sustainability issue of data security and privacy concerns Great Southern Bank stakeholders. Customers have a keen interest in protecting their financial and personal information. Meeting their requirements and fostering trust in the bank depend on addressing sustainability. Great Southern Bank can safeguard its clients’ interests and maintain their trust by adopting privacy policies and implementing strong data security procedures (Danezis et al., 2015). Additionally, keeping good relations with regulatory agencies depends on adhering to data privacy standards. The bank aligns with its corporate objective of enabling people and businesses by displaying safe and secure treatment of customer data. It also adds to overall value creation by upholding regulatory compliance and building a reliable reputation.
The interests and requirements of stakeholders at Great Southern Bank are intertwined with the sustainability issue of encouraging inclusion and diversity. Employees have a stake in working in a welcoming workplace that values their different backgrounds and individual viewpoints (Great Southern Bank, 2022). The bank may fulfil its workers’ desires for a welcoming and inclusive environment by emphasizing inclusion and diversity, enhancing job satisfaction and engagement. By attracting and keeping skilled people, encouraging innovation, and fostering a strong brand image, this alignment with the corporate goal of empowering individuals produces a great work culture and leads to value generation. Additionally, accessible and inclusive banking services are important to clients and communities.
Navigating Sustainable Problems
Great Southern Bank can use a variety of tactics and activities to address the sustainability issues of managing carbon footprint and environmental impact, data security and privacy, and encouraging inclusion and diversity. By emphasizing green finance efforts and establishing strict criteria for lending to companies with lower environmental impact, the bank can implement sustainable lending practices to address the carbon footprint and environmental impact (ACCA, 2019). The bank’s environmental impact can also be decreased by increasing energy efficiency within its operations, such as by deploying energy-saving technologies and optimizing resource usage (PRI, 2019).
The Great Southern Bank should enhance its data security and privacy cybersecurity procedures. This can be accomplished by investing significantly in cybersecurity infrastructure and systems, routinely updating security procedures, and carrying out risk assessments (Mughal, 2018). To keep customers’ trust and demonstrate responsible data management practices, compliance with pertinent data protection and privacy standards, such as GDPR or local data privacy laws, is essential (Yallop et al., 2023). In this regard, transparency and accountability are also crucial, and the bank can reassure consumers about their data protection by communicating the security and privacy safeguards in place (Kitchin, 2016).
Great Southern Bank can implement diversity and inclusion programs within its staff to encourage inclusion and diversity. Shore, Cleveland, and Sanchez (2018) state that this entails putting in place inclusive hiring procedures, offering diversity training, and establishing an inclusive workplace culture. The bank can serve underserved populations and a variety of consumer groups by providing inclusive financial services, such as developing financial literacy initiatives and providing accessible banking solutions (IFC, 2017). The bank’s efforts can be strengthened by participating in community outreach activities and forming alliances with regional businesses prioritizing diversity and inclusion (Scanlan & Johnson, 2020). Great Southern Bank can successfully handle the sustainability issues it encounters using these techniques. These initiatives can generate long-term value by promoting sustainability, enhancing customer trust, attracting and retaining talented employees, and improving the well-being of the communities it serves by aligning with stakeholders’ interests, needs, and the corporate purpose of the bank, such as empowering individuals and businesses (Great Southern Bank, 2022).
Conclusion
Great Southern Bank is aware of the value of sustainability in its business practices and how it affects stakeholders. The bank has recognized the three main sustainability issues the management of carbon footprint and environmental impact, data security and privacy, and fostering inclusion and diversity. The bank has undertaken several strategies and activities to address these problems, including sustainable lending standards, strong cybersecurity safeguards, and community engagement projects. The dedication of Great Southern Bank to customer-centricity, innovation, and community involvement is consistent with its corporate mission of enabling people, families, and businesses to realize their financial aspirations. The bank can help create long-term value for shareholders, customers, and the community by putting sustainability first. As a result, Great Southern Bank can keep up good ties with its stakeholders, abide by rules, and cultivate a reliable reputation.
References
Bank, G. S. (2022, October 31). Sustainability. Great Southern Bank. https://www.greatsouthernbank.com.au/about/sustainability
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