BNZ Situational Analysis
The Bank of New Zealand (BNZ), one of New Zealand’s (NZ) largest banks began operating in Auckland in October 1861. In 1992 the BNZ became part of the National Australia Bank group. Today the bank has over 180 retail stores and partner’s’ stores across New Zealand and employs over 5,000 staff.
Market Environment
BNZ’s product market is in New Zealand, and its customers are individuals and businesses living and operating within New Zealand. The majority of their customers are aged 18 and over, as you must be at least 18 years of age to use BNZ’s products, although parents may set up bank accounts for their children. There are 4.42 million people living in New Zealand, and over 470,000 enterprises operating in New Zealand, which means their potential market size is very large.Competitive Environment
The main competitors of the BNZ are Kiwibank, Westpac, ANZ and ASB. There are other smaller banks in New Zealand but these are their main competition. Kiwibank is 100% New Zealand owned and operated, while the BNZ is part of the National Australia Bank group. Customers may feel more comfortable banking with an entirely New Zealand owned business. Westpac offers free workshops on managing money to their customers. Customers who do not have good skills in managing their money may be more inclined to bank with Westpac because they offer this service. ANZ offers bonus bonds, which give New Zealanders a unique way to save and a chance to win cash prizes.
Macro-Environment (PESTE)
Technological Environment: Technology is constantly evolving. This gives BNZ the opportunity to gain competitive advantages over their opposition by developing and expanding their services. Due to the increased ownership of smartphones and tablets, consumers have become more reliant on Internet banking and mobile banking apps.
Political Environment: The BNZ is registered as a bank under the Reserve Bank of New Zealand Act 1989. “The Act gives the RBNZ the “powers to register and supervise
Market Environment
BNZ’s product market is in New Zealand, and its customers are individuals and businesses living and operating within New Zealand. The majority of their customers are aged 18 and over, as you must be at least 18 years of age to use BNZ’s products, although parents may set up bank accounts for their children. There are 4.42 million people living in New Zealand, and over 470,000 enterprises operating in New Zealand, which means their potential market size is very large.Competitive Environment
The main competitors of the BNZ are Kiwibank, Westpac, ANZ and ASB. There are other smaller banks in New Zealand but these are their main competition. Kiwibank is 100% New Zealand owned and operated, while the BNZ is part of the National Australia Bank group. Customers may feel more comfortable banking with an entirely New Zealand owned business. Westpac offers free workshops on managing money to their customers. Customers who do not have good skills in managing their money may be more inclined to bank with Westpac because they offer this service. ANZ offers bonus bonds, which give New Zealanders a unique way to save and a chance to win cash prizes.
Macro-Environment (PESTE)
Technological Environment: Technology is constantly evolving. This gives BNZ the opportunity to gain competitive advantages over their opposition by developing and expanding their services. Due to the increased ownership of smartphones and tablets, consumers have become more reliant on Internet banking and mobile banking apps.
Political Environment: The BNZ is registered as a bank under the Reserve Bank of New Zealand Act 1989. “The Act gives the RBNZ the “powers to register and supervise