Essay: Communication Strategies For Commonwealth Bank Of Australia.

Verbal and non-verbal communication effectiveness

The following is a report on the business communication theories that are useful for business. The organisation selected for analysing its internal and external communication strategy that worked for Common wealth bank of Australia. The poor communication that affected the business has also analysed in the text. The following also builds the verbal and non-verbal communication effectiveness in the company. The method of research has been outlined. The brief description of the business, types of communication channel and what had worked better than that of other strategy are also discussed in the report. The scope of the research is also given with a conclusion (Du-Babcock, 2013). 

The focus of the report is to analyse the different communication strategy that are adopted in the company and what are the techniques that are used in building an a excellent communication model. The major principle of communication is abided by or not. The poor communication model is used or not is also analysed.

The primary method of research is done through observing the data and searching through different sources. The secondary way of research is done through different analysing journals in communication models and analysing the theory of positive and negative communication.

The company is Australian based multinational operating on New Zealand, Fiji, Asia, and the United States. The company is also listed in stock exchange. This is also the largest bank in Southern Hemisphere. The basic banking structure includes retail banking, premium business services, wealth management and variety of financial services, funds management, funds management, superannuation, and investment and broking services. The products that are offered to the customers are loans, credit cards, transaction, loans and credit cards, huge branches and ATM network. The major corporate strategy is and responsibility of CBA is acquisitions, mergers, cross business strategic initiatives. The different schemes and warranty clauses are also part of their strategic improvement in the organisation. Communicating the business vision and mission to the employee are also to be communicated.

To fulfil the business process effectively the sharing of information must be effective. The message must be easily understood for sustainability purpose. The effective communication of managers or the human resource managers are regarded to facilitate or stimulate the communication process in organisations. The effectiveness comes from the contribution from the two parties’ as employers and employees (Du-Babcock, 2013).

Shannon’s model of effective communication says that, the participants and objects of communication like information resource, sender, media of communication, receivers, destination and response and feedback must be clearly strategized and defines in the organisation (Cohn et al. 2014). The most comprehensive model of communication includes feedback and others.

Types of communication channels used by CBA

CBA is one of the largest banks and ranked at fourth in Australia. The company has also expanded their operations and branches in order of merging their business with certain companies that have strategic advantage. The main key for their expansion was built on communicating the vision and mission of the statement (Howes & Sallot, 2013). The company has optimised their process in terms of online communication as the modern banks in the international level. As they have to connect with different demography of people, they have adapted to the method of communication of social banking. For the banks, maintaining the customer relationship is very essential as a form of external communication. The banks website is thoroughly optimised and offers a portal for further communication of transactional and promotional messages through and emails (Du-Babcock, 2013). The bank also maintains the privacy of their customers. The website is a major communication instruments for the company unlike the conventional way of banking which was just the one-way communication. The benefits of communication channels as Facebook, LinkedIn, Twitter, YouTube, Snap chat and Instagram are done effectively for the company (Cavusgil et al., 2014).

The internal communication suggests the communication among the internal stakeholders of the business. The employers and employee communication must be developed as well as, the communication between hierarchies of the company that is facilitating the communication between leaders, managers and employees. The main objective of communication in the organisation is done as for the reason of enhancing the employee engagement, employee branding (Cavusgil et al. 2014). This significantly increases the business value among the industry. This is also a iterative process that increasingly ensures the purpose of the organisation is well understanding among the employee pool, business strategy. The technology that is used in CBA are Internet, Intranet, Intranet banners, emails, E-newsletters, E-fillers, interactive touch screens. The physical place of touch points are real estate of the company, common rooms, canteen, Gym, Bathrooms and blank spaces of the company (Ainsworth, 2013).  The four major factors of internal communication strategy are given below.

• The market coverage of the company and defining the audiences of the bank
• Messages that the bank wants to be conveyed
• Media coverage of the company
• Measurement of the effectiveness of the communication

The organisation has already been in the some fraudulence cases as they were unable to communicate the true messages around their customers.

The positive effect of the communication internal or external is seen in the business and the purpose of that must be achieved. Like promoting the self-esteem of the individuals connected to the company. The shareholders also come under this process, as the true brand image must be effectively communicated (Nickerson, 2015). The internal stakeholder’s presence is also in process of improving quality of work life as an outcome. Increasing the productivity of improving profitability of CBA. Enhancing the performance of the whole organisation is also needed for the business to grow and can be counted as a enabling effect of communication (Brink & Costigan, 2015).

Internal and External communication strategies

The best outcome of the communication strategy for CBA is driving the collaboration in the company and building a better way to partnership with the internal and external stakeholders. The financial services that the company provides its customers are based on the customer relationship management. This also effects in building the brand pillars. The leaders of the organisation’s interpersonal communication also affect communication strategy (Nickerson, 2015).

The communication strategy that does not works leads to poor communication among the employees and employers. The inefficiency of the company communication strategy is effect of lack of leadership competent in internal communication and dissatisfaction of customers in incompetency in external communication strategy (Brink & Costigan, 2015).

The usage of visual communication or message transfer strategy did not work in this organisation as this lessens the touch of human interaction in communication. The fraudulence cases and schemes that were developed in the organisation were very result of the miscommunication and inefficiency of communication. Effectively delivering the messages of the organisation increases the Proxemics of delivering effective business messages. The fraudulence cases that have build the low staff morale in the employers and enhanced the increase the effect of negative impressions in the company (Mai & Hoffmann, 2014).

As the company and its branches are spread through all Australia and its neighbouring countries, the communication is the foundation of the business of operational Excellencies. The hostility among the team members has increased and conflicts have risen due to the misunderstanding and lesser credibility of the organisation. The lower the devolvement of communication the lesser the efficiency of the business. The employee morale is very essential for the employee productivity and these undermines the enthusiasm and poor skills are developed for this demoralising enemy. The innovation level is decreased for inadequate handling of communication level and failure to gauge the capacity to communicate. There is some negative aspect of using the social banking that CBA uses (Fall, 2013). The online social media presence has negative aspects as the unsatisfied customers can give the negative feedbacks that can be used by other competitors. Data hackers can threaten the accessibility of the company’s website and privacy protection (Bargiela-Chiappini & Nickerson, 2014).

Conclusion

Therefore, from the above discussions in communication strategy of a company is given. How does CBA uses the different communication channels and how does it improves the strategies are also analysed. The comprehensive model of effective communication of Shannon is given. The excellent and poor communication strategies are discussed thoroughly and therefore, how does this affects and applies in real communication strategies are summarised. The external and internal communication and who are the stakeholders of the company and how the communication process involves them are also discussed. The types of various effects that the business has as a result of communication is also given in the report above. The scope of the research and the method in which the communication must be done is given in the beginning of the report.

It can be recommended that the company CBA must analyse their communication strategy for the foreign investments purpose. It can be also suggested to incorporate personal banking strategy to increase the interaction between their customers. To increase employee engagement span of control must be decentralised.

 Reference

Ainsworth, J. (2013). Business languages for intercultural and international business communication: A Canadian case study. Business Communication Quarterly, 76(1), 28-50.

Bargiela-Chiappini, F., & Nickerson, C. R. (2014). Writing business: Genres, media and discourses. Routledge.

Brink, K. E., & Costigan, R. D. (2015). Oral communication skills: Are the priorities of the workplace and AACSB-accredited business programs aligned?. Academy of Management Learning & Education, 14(2), 205-221.

Cavusgil, S. T., Knight, G., Riesenberger, J. R., Rammal, H. G., & Rose, E. L. (2014). International business. Pearson Australia.

Cohn, A., Fehr, E., & Maréchal, M. A. (2014). Business culture and dishonesty in the banking industry. Nature, 516(7529), 86-89.

Du-Babcock, B. (2013). English as Business Lingua Franca: A comparative analysis of communication behavior and strategies in Asian and European contexts. Ibérica, (26).

Fall, L. T., Kelly, S., MacDonald, P., Primm, C., & Holmes, W. (2013). Intercultural communication apprehension and emotional intelligence in higher education: Preparing business students for career success. Business Communication Quarterly, 76(4), 412-426.

Howes, P. A., & Sallot, L. M. (2013). Company spokesperson vs. customer testimonial: Investigating quoted spokesperson credibility and impact in business-to-business communication. Public Relations Review, 39(3), 207-212.

Jizi, M. I., Salama, A., Dixon, R., & Stratling, R. (2014). Corporate governance and corporate social responsibility disclosure: Evidence from the US banking sector. Journal of Business Ethics, 125(4), 601-615.

Mai, R., & Hoffmann, S. (2014). Accents in business communication: An integrative model and propositions for future research. Journal of Consumer Psychology, 24(1), 137-158.

Moro, S., Cortez, P., & Rita, P. (2015). Business intelligence in banking: A literature analysis from 2002 to 2013 using text mining and latent Dirichlet allocation. Expert Systems with Applications, 42(3), 1314-1324.

Nickerson, C. (2015). The death of the non-native speaker? English as a lingua franca in business communication: A research agenda. Language Teaching, 48(3), 390-404