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The Commonwealth Bank Of Australia

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Question:

Discuss about the Commonwealth Bank Of Australia.
 
 

Answer:

Benefits of Organisational Learning

The benefits of organisational learning at Commonwealth Bank of Australia include the following:

  1. Productivity picks up
  2. Expanded profitability
  3. Expanded benefit
  4. Diminished employee turnover, as worker fulfillment levels rise and dependability and duty is expanded
  5. Increasing current standards by making a non-stop change mentality, shared proprietorship for ventures and shared responsibility for comes about.

Improvements to People

Individuals are a critical piece of the quality framework. They should be evaluated and prepared on the most recent necessities of process and item quality as required by the clients and market (Moradi-Motlagh, 2015). Individuals arrangement and improvement for work productivity should be possible deliberately through assessing employees' aptitudes, preparing to fill the recognised holes and engaging employees.

Improvements to Process

Process reviews and factual process control are two vital devices that specialists can use for process observing. Reviews are great devices for checking a framework and catching up with remedial activities in insufficient zones. The ISO 9000 quality administration review and the ISO 22000 sustenance health reviews are advantageous apparatuses; in any case, these reviews are expansive based and may not give the required profundity of examining for close process observing. A procedure review that spotlights on the real organisation process and covers all territories of an organisation's operations is a superior analytic apparatus to evaluate the soundness of the organisation's procedures (Schlagwein, 2014).

Improvements to Products

Checking item quality is imperative, particularly when the item is devoured. A vigorous framework ought to have item assessment systems to address the accompanying necessities:

  1. The assessment is finished in view of client and universal benchmarks.
  2. The client necessities are continually observed and item quality is refreshed in view of criticism.
  3. Customer grumblings and non-conformance are tended to in a deliberate way utilising Six Sigma to distinguish main drivers and restorative activities.

The Commonwealth Bank of Australia ought to take part in modifying item details on a nonstop premise in view of client and market prerequisites.

 

Improvements to Organisation Performance

There is dependably opportunity to get better, particularly in an organisation that needs to remain unmistakable, reasonable and keep up its focused edge. Perceiving the present qualities and capacities of the workforce is as basic as recognising their undiscovered potential to accept administration positions, take part in group building exercises, practice activity and grow better relational abilities (Akhtaruzzaman, 2014). In show, these components not just add to a more compelling and durable association yet may likewise enhance workers' individual execution levels.

The initial phase in enhancing any association is setting up and upholding the idea that there are not diverse arrangements of principles that oversee the exercises of administrators and subordinates (Schlagwein, 2014). Administrators must be considered similarly as responsible for their own particular slip-ups and deficiencies as any individual who works for them keeping in mind the end goal to encourage a solid and honest work environment. It is likewise basic to debilitate chatter, address gossipy titbits previously they heighten to distrustfulness and remain touchy to input on what the organisation could be improving the situation.

Corporate Social Responsibility

Corporate duty takes many structures at Commonwealth Bank of Australia as we consistently hope to have a beneficial outcome through the bank's part in the public arena, its kin and the way the group work together.

Guided by the bank's vision to exceed expectations at securing and improving the budgetary prosperity of individuals, organisations and groups, the bank effectively considers the natural, social and financial effects and impact of its business, and search for approaches to utilise its remarkable abilities and assets to make a positive commitment past the centre business (Moradi-Motlagh, 2015).

Existing Problems

The following problems exist in today’s banking industry:

  1. Not profiting. Regardless of the greater part of the features about saving money benefit, banks and monetary establishments still are not making enough degree of profitability, or the arrival on value that investors require.
  2. Customer desires. Nowadays it is about the client encounter, and many banks are feeling weight since they are not conveying the level of administration that buyers are requesting.
  3. Administrative weight. Administrative prerequisites proceed to increment, and banks need to spend a vast piece of their optional spending plan on being agreeable, and on building frameworks and procedures to stay aware of the heightening necessities.

Recommendations

Based on the profitability, customer desires and administrative issues facing the banking industry and the Commonwealth Bank of Australia, the following recommendations have been made to overcome them;

  1. To overcome the cyclical profitability due to existing low-interest rates, the bank should increase the share of Commission's income and fees. Likewise, the bank should expand its non-interest income assets (Coleman, 2017, p. 23).
  2. Improve the cost efficiency. The bank should acknowledge the fact that customers are shifting to the digital platforms. Therefore, the bank should apply this as a cost efficiency strategy. For example, the bank should improve its multi-channel distribution capacity, and rationalize its retail network (Smyth, 2016, p. 32). The bank ought to invest in the IT infrastructure which would enhance product distribution and customer base. The recommendation would lead cost efficiency in the long run.
  3. To meet customers’ desires and expectations, the banks should. First, provide more personalization experience to the customers. Offering a one-on-one interaction between the customers and their desired products will leave them satisfied. Second, providing more options. Customers want self- service, social and digital platforms. Third, maintain constant with the customers (Group of Thirty, 2015, p. 33). Fourth, Listen to the customers and quickly respond to them. And, five offering and controlling the front line services more efficiently. Generally, the bank should focus more on the nature and manner in which the customers are being treated unless the bank want to lose thousands of its customers.
  4. The bank should adopt a flexible and complementary tools and regulatory approaches. The approaches would allow laying of solid foundations to implement administrative tools that are adaptable in different markets and jurisdictions. These tools would allow addressing continuous changes in the bank’s system in the long term (Financial Stability Board, 2014, p. 13). Giving more attention to the tools, would ensure that the bank is in a better position to overcome the administrative challenges. Lastly, the reduction of the frequent alteration of the administrative rules will lead to greater regulatory and administrative certainties.

Conclusion

The success of any organization is based on how effective it relates to all of its stakeholders. Each of the stakeholders has a vital role to play in the organizational processes and procedures. Success or failure to collaborate the strategies determine the profitability and effectiveness of the organization.

The Commonwealth Bank of Australia should take advantage of technological advancement to get closer to the customers and other interested parties. Customers are looking for more personalized services which can only be achieved by investing in the IT platform. Conversely, changing to flexible and complementary administrative approaches will ensure flexible smooth transitional of processes and compliance with the financial system regulations within a given jurisdiction.

 

References

Akhtaruzzaman, M., Shamsuddin, A. and Easton, S., 2014. Dynamic correlation analysis of spill-over effects of interest rate risk and return on Australian and US financial firms. Journal of International Financial Markets, Institutions and Money, 31, pp.378-396.

Moradi-Motlagh, A., Valadkhani, A. and Saleh, A.S., 2015. Rising efficiency and cost saving in Australian banks: A bootstrap approach. Applied Economics Letters, 22(3), pp.189-194.

Schlagwein, D., Thorogood, A. and Willcocks, L.P., 2014. How Commonwealth Bank of Australia Gained Benefits Using a Standards-Based, Multi-Provider Cloud Model. MIS Quarterly Executive, 13(4).

Coleman, D., 2017. Four major banks face further parliamentary scrutiny, Sydney: TimeBase.

Financial Stability Board, 2014. Guidance on Supervisory Interaction with Financial Institutions on Risk Culture: A Framework for Assessing Risk Culture, s.l.: s.n.

Group of Thirty, 2015. Banking conduct and culture: A call for sustained and comprehensive reform, s.l.: s.n.

Smyth, J., 2016. Australia toughens up on errant bankers, Sydney: Financial Times.

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