Westpac: execution critical to differentiation
“We’re a bank you can bank on.”
That’s Westpac’s new tagline. According to their press release, it “communicates Westpac’s message of security, stability and thinking things through”, and is part of a new “corporate strategegy to put customers at the heart of every thing it does.”
The Australian reports that Westpac RBB’s GM Marketing, Andrew Seager, admits this new strategy does little to differentiate Westpac from its rivals. “All banks would have a similar focus,” said Seager. “I think the critical thing is how you execute it.” (emphasis added)
It will be interesting to see whether Gail Kelly & Co can bring together the Three Ps – people, processes and platforms – to deliver on the promise.