The successful of Suncorp is not destiny. Its strategy on developing its business and those unique resources has bring up it sustainable competitive advantages. Although it is the fifth largest general banking company, it's facing some problem from external and internal environment. Natural disasters, government rules and regulations, threat of competitors and resources issues have affected Suncorp to change its strategies in order to be profitable. VRIN analysis will demonstrate Suncorp's sustainable competitive advantages to compete with numerous of competitors in the markets.
Reserve the right to play and keep the option open for Suncorp's future development will be suggested as the possible action to overcome the uncertainty environment. Strategy diamond also clearly stated the future of Suncorps and how could it implement. While, there are some limitation for this report. Banking industry is a big and complexity industry, in-deep study on various factors is needed. The feasibility of strategies is an unknown, research programs have to be conducted to increase the possibility to be success.
Uncertainty and natural disasters has occurred many problems to the whole entities of banking industry. As a fifth largest bank in Australia, Suncorp could create competitive strategies and effectively implemented it.