Commonwealth Bank's Competitive Strategy

This assignment analyzes the competitive strategy of the Commonwealth Bank of Australia (CBA). It examines how CBA reached its current position as a leading financial institution through its marketing strategy, corporate social responsibility (CSR), innovation, and customer service. The analysis highlights key aspects of CBA's approach, including its focus on becoming Australia's most accessible bank and providing value to customers and the community.

COMPETITIVE STRATEGY
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Commonwealth Bank
Paragraph 1
The Commonwealth Bank of Australia (CBA) is among the ‘big four ‘multinational banks of
Australia. It operates its financial business across Australia, Fiji, New Zealand, Asia, United
States and the UK. The company provides a range of financial services that includes the invest
services, banking services, insurance, funds management and institutional services
(Commonwealth Bank Strategy, 2012). The stated firm is the leading provider for the financial
services and is among the most use banking brand in the Australian Financial Industry. It aims in
becoming the Australia’s most available bank. CBA is chosen for its corporate social
responsibility as it is focused in bringing positive change and good business practice.
Paragraph 2
How Commonwealth Bank reached its current position
The main factor for the current position of Commonwealth Bank is its marketing strategy. The
marketing strategy of the company is in the core operation of the company’s procedures. The
marketing operations of the stated firm deliver the value that the stated organisation desires to
bring in the business (Commonwealth Bank Strategy, 2012). The Corporate Social
Responsibility of the company is also an important factor in developing the firm as the
Australia’s most trusted financial service provider. The CSR approach of the company assist it in
creating good commerce practice and also helps in bringing improvement in the company
operations. CBA has diverse approaches for its business operations such as teaching its
employees the value of money, developing them for the future economic challenges, and
utilising their ability towards the company’s objectives and commitment in outlining sustainable
long-term value. Innovation is another thing that helped CBA in embedding the business. It
utilises innovation techniques to improve the financial wellbeing and to improve the lives of the
customers and publics. For the current competitive environment, CBA use the collaborating
strategy for its clients in order to recognise the opportunities and solving the business issues. The
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best part of the Commonwealth Bank is its contribution to the communities and its desire to meet
the stakeholders’ requirements.
The Commonwealth Bank of Australia is dedicated to become the Australia’s most
reachable bank. It is dedicated in becoming the most assessable bank of the country from the
online security to comply with the uppermost level of the banking services. It has successfully
executed one of the best techniques for becoming successful, i.e. providing the best customer
service to its customers. CBA always tries to develop customer ease initiatives. It always assures
that consumers are treated fairly and morally (Schlagwein and Thorogood, 2015). In order to
maintain its best position, CBA operates independently for the purpose of improving procedures,
products and systems. The customer services executive of the company also supports the
customers even if they are specifically in complex situation. The workers in the CBA are bound
to work responsibly when they are attentive of cost-sensitive details. The services to the
customners are the main strength of CBA. Through its commitments, the bank provides a
personal undertaking in demonstrating its values and in remaining common principles in playing
its each and every responsibility.
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References
Commonwealth Bank Strategy.(2012). [online] Available at:
https://www.commbank.com.au/about-us/shareholders/pdfs/2006-asx/20060809-
Commonwealth-Bank-Strategy.pdf [Accessed 20 Aug. 2017].
Schlagwein, D. and Thorogood, A. (2015). How Commonwealth Bank of Australia Gained
Benefits Using a Standards-Based, MultiProvider Cloud Model. MIS Quarterly Executive,
[online] 13(4), pp.209-222. Available at:
https://pdfs.semanticscholar.org/6fd0/30b730ffff376411c8a8f94f19b5a150f266.pdf [Accessed
20 Aug. 2017].
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