Casestudy of westpac Case Study Example | Topics and Well Written Essays - 1250 words

Casestudy of westpac - Case Study Example The approach is vital in the new age development of business. Shared values are different from the corporate social responsibility (CSR) because it focuses on innovation and support and not on financial support (Drucker, 2002, p. 78). Over the years, corporate social responsibility has been viewed as a financial burden for the company because it involves the use of money in the process. However, the current development of the shared value approach will not only solve the social problem but also help the companies overcome the various challenges existing in corporate responsibilities. Westpac bank is a powerful bank in Australia with the perfect approach in both the dealing with the social issue and also handling the problem of cost. Westpac has developed several approaches in the creation of shared values that have facilitated the success of the bank. The bank engages in other sectors that were initially viewed as not related to the banking industries. The bank has been involved on s everal fronts including carbon trading with the main goal of the approach to create a shared value with the society. The bank has managed to create an impact in the society using the new model of handling social issue. Issues addressed by Westpac In developing shared values by Westpac, three areas are identified by the bank to be the focus areas. The Bank’s approach depends on the ability, to handle the issues as well as develop partnerships that facilitate the development of the community, thereby reducing the cost of the corporate action, while encouraging participation. The three main areas of focus are community partnerships, employee involvement and capacity building (Crane and Matten, 2007, p. 98). The approaches involve the creation of strategies that ensure sustainability and society improvement. One sustainable product developed by the Bank is the creation of innovative products such as everyday banking through the creation of new Accounts focusing on several issues. The development of Sense Account, which received the 2010 Australian Banking and Finance Award for innovative Banking product of the year. The product targets helping the customer to budget and save. The development of the budget process is facilitated by the use of charts for expenditure and savings. The account offers assistance during financial difficulty such assistance when unemployed to customers who are financially committed. Additionally the products cover other banks such as the St George, BankSA and the Bank of Melbourne. The focus of the products is to deliver improvement on customer experience. The argument of Porter is true because the approach used in delivery of the Sense account has led to success for both the product as both a social product and companies focus product. The success of the Sense account is based on the ability to handle the problems of the society especially planning, budgeting, and financial assistance thus facilitates the development of the societ y (Noe, Hollenbeck, Gerhart, and Wright, 2012, p. 104). The society requires support and, if a company can borrow forms the nonprofit approach to develop success the better. Apart from the sense account, the bank is engaging in other sectors of the society such carbon trading. The engagement in carbon trading does not only help in conservation of the environment but provides an opportunity to support the community. The involvement in socially responsible investment strategies has helped in the creation of shared values in the