Identify Factors That Help Your Company to Survive and Prosper
Well-structured business ensures that the business processes flow smoothly, and any problem that they face which hindrances their process can be solved immediately. Commonwealth Bank restructured the organization in 2001, and according to their strategic plan they will restructure in the future, to make sure the business to advance with the times. * Explanation and information As commonwealth Bank enters the global market the explanation for their services is vital.
This is not only because of different cultures and languages in foreign markets, but also for the expanding in those markets through thorough explanation and providing information which includes the offer itself, price, conditions, rewards, benefits, etc. * Diversification and innovation During the 1970s, the Commonwealth bank diversified its business into areas like insurance and travel. After 1974, the bank also became more heavily involved in foreign currency trading and international banking in general.
Commonwealth Bank created the first credit card in Australia in 1974 when it established Bankcard. In later years the bank began offering MasterCard (1984) and Visa (1993) cards as well. It is very for a firm in a service industry to be heavily innovative in order to survive in this fast growing demanding world. * Leadership, strategy and competitive advantage Commonwealth bank has a team of experienced people in its management which helps in organizing the workforce strategically.
It also organizes leadership and talent based programs which allow the employees to learn the correct work attitude which they should adopt at work. Apart from this, it has also opened centers for the development of the advisors. CBA has a number of products and services which stand out from other banks. This is why at present products and services which Commonwealth has to offer have won numerous awards. On the other hand, it holds the number one position in the retail management fund of Australia and life insurance. * Maximize product satisfaction for customers
CBA always makes a priority to provide products that satisfy their customers. Take credit card as an example, CBA has introduced a credit card for students with little or absolutely no income at all. By applying online for this credit cards the customers (students) get $50 cash bank into the account after activation. This can increase satisfaction level for customers and in turn make them loyal. (Commonwealth Bank, 2011). * Ethics In terms of the ethical and legal responsibilities, Commonwealth Bank has shown a firm commitment in maintaining an ethical workplace.
The policy anticipates from the employees that they can easily raise their voice against the fraud and faulty conduct and bad administration done by others. The bank gives due attention to the implementation of these policies. These standards are communicated to the staff and employees from time to time. Apart from this, on the official website for Commonwealth Bank, there is a special link that lists the codes of conduct, which ensure the organization provides customers with a professional level of services.