For two years running, BankWest has the dubious distinction of topping the underachieving/waning brands segment of WA Business News’ annual survey.
Last year, the bank was in denial at the result, which respondents linked to the distance from its decision making as its UK-owned parent HBOS Australia increasingly shifted management to Sydney.
But recent comments appear to have hinted at some concession that there may be some truth in that.
Newly installed retail division chief executive, Ian Corfield, was reported as stating the bank needed to refocus, though he did not concede it had taken its eye off the ball.
The local banking franchise is clearly up for grabs, with Home Building Society Ltd also finding disfavour among respondents as an underachieving recognised brand.
The group, however, has had a torrid year.
It was involved in a drawn-out merger with Statewest Credit Society, which was held up by vocal dissenters, and then had the difficulty of integrating two near equal organisations, as well as dealing with which name it would choose and whether it would pursue a banking licence.
Home chief executive Greg Wall said the past year’s focus was on synergies and transition, but with key elements of the integration behind it, the business had ambitious plans to reinvigorate its strategy.
“We expect to appear on a new list next year,” he said.
In a tightly contested sporting market, soccer team Perth Glory came in for some criticism. One commentator suggested that, despite lots of PR about management changes, Glory had “completely disappeared off the radar screen”.
One odd inclusion among the underachievers was Bunnings, which earned top billing elsewhere in the survey.
A significant group of dissenters admonish the brand’s managers for holding it back with a price-based focus.
