Advantages Of Commonwealth Bank

The banking industry has undergone major upheaval in recent years, largely due to the lingering recessionary environment and increased regulatory environment. Many banks have failed in the face of such tough environmental conditions. These conditions

Given the Commonwealth Bank Group’s franchise position, the organisation aims to capture the opportunity to generate growth domestically and outside of Australia by identifying and meeting more of the needs of its customers.

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ABC Bank can only be successful if it takes time to understand the needs of its customers and develop appropriate solutions. The recommendations noted should be taken into consideration; since these changes will seek to improve customer service and operational efficiency.

A customer strategy that CBA utilise to enhance the customer relationships with the brand is new high-tech ATMs. The advanced ATMs can now communicate with consumers by asking a series of questions to better learn their financial needs and wants. The questions asked consist of an approach to figure out what financial goals consumers have and the shaping future of the market, for example 'Is the Australian property dream still a reality?, Do our kids have the skills they need for tomorrow?. With the upgrading of the ATMs, CBA are able to minimise gaps within their consumer market, fix and strengthen these consumer relationships, as well as access many other benefits. The first benefit

Suncorp Group Limited was formed in 1996 through the “merging of three of Queensland’s largest financial institutions (Suncorp, Metway Bank and Queensland Industry Development Corporation)”. Suncorp was now become “one of the top 20 ASX listed companies with $96 billion in assets” (“History of Suncorp”, 2016) and streamlined its services into 5 core sectors, being personal insurance, commercial insurance, Vero New Zealand, Suncorp Bank and Suncorp life, due to significant structural changes in 2010. The company holds the strategic mission to “deepen relationships with customers through our portfolio of market-leading brands while benefiting from the efficiencies of scale achievable as a large organisation.” (“Who we are”, Suncorp, 2016).

A key strategy of Westpac to improve and enhance returns its focusing on increasing customers numbers whilst deepening the relationship. Across all branches there has been an increase of customers as well as increased in number of products held by customer from 2.66 to 2.74. Customers with wealth products increased to

CIBC has focused its core business on retail and business banking, wealth management, and whole sale banking. They have shown a proven track record of providing there customers with financial services and advice through a group upwards of 1100 branches worldwide. Strategies CIBC has portrayed is to continually find new ways to enhance the experience of the client and to stimulate safe revenue growth. CIBC has put emphases on creating deep meaningful relationships with all clients, constantly trying new ways to improve service and sales prospects and to create relationships with new clients while retaining existing clients for a long period of time (CIBC).

The Commonwealth Bank was discovered under the Commonwealth Bank Act in 1911 and started activities in 1912. Currently the firm has over 800,000 investors and 52,000 humans who are functioning under the company (Commonwealth Bank 2015). It has become the biggest bank of Australia provides product and services involving credit cards, Loans, saving accounts and transactions. The

With the outstanding performance through the years of UOB, its mission statement has been realistic and it certainly have helped the company to stay on track and to achieve its vision of being a premier bank, as it has eventually became the top leading bank Asia and the Asia Pacific region. The mission has greatly equipped the bank with the right attitude and goals to help achieve its vision. By being committed to providing quality products and excellent customer service, it paved the way for great excellence which is a key factor to become an outstanding bank in comparison with the other competitors.

They have a global structure to ensure satisfaction with strategic and financing needs of clients around the world. In the institutional client services segment they facilitate client transactions and make markets in fixed income, equity, currency and commodity products—primarily with institutional clients (GS). In addition to this they make markets and clear client transactions on major stock options and futures exchanges worldwide, provide financing, securities lending and prime brokerage services (GS). Although revenues from these activities are decreasing it is still by far the greatest source of their revenue (GS).

“We aim to become a super regional bank. This involves growing our presence in the Asia pacific region and sourcing 25-30% of earnings from our Asia Pacific Europe and America division by 2017, while also being very focused on growth in our core domestic businesses in Australia and New Zealand.”

The following literature review outlines a brief description about the popular bank of Australia, namely, Commonwealth Bank of Australia. The literature review discusses about the organizational structure, products and services. It also helps to understand the operations and functionality like the current processes and gaps of the organization. The problems or issues that are to be fixed by the new system and the information systems strategy are also explained here.

The CBA is Australia’s largest retail bank and offers clients a choice of goods and services.

Date: May 2011 Disclaimer This publication has been prepared as a general overview of the Banking Industry in Australia and does not constitute and is not intended to constitute financial product advice as defined under the Corporations Act 2001 (Cwth). Nothing in this document should be construed as a recommendation or statement of opinion intended to influence a person in making an investment decision. The information is made available on the strict understanding that the Australian Trade Commission (Austrade) is not providing professional advice. While all care has been taken in the preparation of this publication, Austrade expressly denies liability for any loss or damage of any nature (including but