CUSTOMER RELATIONSHIP MANAGEMENT REPORT ON THE FOURTH YR-OLD COLLABORATIONSHIP INTERNATIONAL BANK

CUSTOMER RELATIONSHIP MANAGEMENT REPORT
Name of Student
Name of Professor
Authors Note
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Executive Summary
This report is focused on three major sections as the first section is on the banking industry and
its’ growth for the last twenty years, second section is on the CRM use of the chosen CBA bank
and the third section is the impact of Royal Commission of Bank on the major banks’
relationships with their customers. Australia’s four major banks comprise four of the seven on
local stock exchange in Australia having a market cap of AU$360 billion combined. Four
international banks in Australia are Westpac, National Australia Bank (NAB), Australia and New
Zealand Banking Group (ANZ) and Commonwealth Bank of Australia. Combined assets of these
banking giants may cross AU$ 3.6 trillion. CBA introduces the CRM and several facilities
including the Tap and Pay mobile app which is instrumental in changing the way payments are
being done. It has also launched ‘MyWealth’ which functions as a wealth management tool for
customers. The bank has also automated high-value payments. The analytics team of the
company deploys a number of software for managing and analysing the overall data of the bank
such as Data Stage, Ab Initio, Oracle BI, Tableau, R, SAS and Pega Decisioning. CBA has
successfully tackled competition by introducing a number of innovative products and services.
The workforce of CBA is also trained to be highly skilled. CBA has acquired 25% of the ASB
bank. The bank has established cooperation agreements with two banks in China namely
Hangzhou Commercial Bank and Jinan Commercial bank. The bank has also entered into a
partnership with Aussie Home Loans where it owns 80% shares. The development of loyalty
incorporates the sustaining and building the relationship with the customer which lead to the
repeated of purchasing the service. The customers’ loyalty can be proved with the continuous
stay of the customer with the same bank for a longer period of time along with buying the
policies frequently. CBA must focus on developing a wholesome strategy which addresses these
issues to rise significantly above its competitors. CBA needs to use CRM across all the
departments and it can prioritise customers and prospects.
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Table of Contents
Background of the project...............................................................................................................4
a) Research of the Australian Banking sector..................................................................................4
i) Company Analysis....................................................................................................................4
ii) Market Analysis/Customers....................................................................................................6
iii) Competitive Analysis.............................................................................................................7
iv) External Environment............................................................................................................9
b) Customer Strategies and CRM methods...................................................................................10
i) Operational.............................................................................................................................10
ii) Analytical..............................................................................................................................11
iii) Strategic................................................................................................................................11
iv) Collaborative........................................................................................................................12
(c) Royal Banking Commission (RCB) and its impact on the CRM of banks in Australia..........13
Conclusions....................................................................................................................................16
Reference.......................................................................................................................................17
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Background of the project
In the first part of the study, overall banking sector of Australia is the primary focus, therefore,
market situation of all the four banks are given with examples. Banking industry in Australia is
very strong as four major banks in Australia are performing well. In order to understand the
major operational elements of CRM which govern the banking sector of Australia, the
Commonwealth Bank of Australia has been chosen. It is a multinational bank in Australia which
provides various services such as investment, insurance, superannuation and funds management.
The project report is focussed on exploring and analysing the CRM or customer relationship
strategies of the bank to identify the major components which influence the relationship
between the customer and the bank. The project also researches and analyses the recent events
which have taken place in the Australian banking sector. It attempts to establish a clear
relationship between the events and in what manner they might impact the relationship between
the customer and the bank. In the final section, impact of Royal Banking Commissions on banks
of Australia is explained. It has maintained strategic agreements with several banks and has
served customers successfully despite facing a number of controversies during the last few years.
a) Research of the Australian Banking sector
i) Company Analysis
Australia’s four major banks comprise four of the seven on local stock exchange in Australia having a
market cap of AU$360 billion combined. Four international banks in Australia are Westpac, National
Australia Bank (NAB), Australia and New Zealand Banking Group (ANZ) and Commonwealth Bank of
Australia. Combined assets of these banking giants may cross AU$ 3.6 trillion (Adapa and Roy 2018).
Organisational Goals and Objectives
The organisational goals of the company are ambitious and diversified where the banks of
Australia is focussed upon providing every kind of financial services and solutions to its
customers. These activities are irrespective of the expectations and needs of the customer since
the bank provides a plethora of services such as providing loans to small and medium-sized
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