Innovation and Sustainable Business Development

Running head: INNOVATION
Innovation and sustainable business development
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INNOVATION
Table of Contents
Introduction................................................................................................................................3
Aims and Innovation process.....................................................................................................4
Digital Innovation......................................................................................................................5
Transformation of Commonwealth Bank of Australia through Digitalization..........................6
Advantages of Digital Innovation..............................................................................................7
Advantages and Disadvantages of Digital Banking...................................................................8
Conclusion..................................................................................................................................9
References................................................................................................................................10

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Introduction
The following report is based on the discussion of the innovation and sustainable
business development processes. Innovation and business sustainability are two of the most
important elements that are related to each other in different manners. The present demand of
the globe for different kinds of the resources is not sustainable. The sustainability is such a
process that helps the organization or a person to act and operate on such a manner that it is
able to cope up with the different demands of the future. The management of the business
organizations have been constantly involved in the creation of the different kinds of strategies
and products that outclass the expectations of the people and makes them inclined towards
them. This particular process is termed as innovation. The better the innovation, the better
will be the chances for the organization to ensure business success and also ensure the long
term durability of the organization in the future. The innovation in a business will involve the
likes of the change in the vision and the leadership styles, multiple level focus and the
elimination of the different kinds of the perverse subsidies.
The following report has been based on the study of the innovation and the
development of a particular business organization in accordance with the different kinds of
the market needs of the modern days. The Commonwealth Bank of Australia is a
multinational bank with businesses spread around Australia, New Zealand, Asia, the United
States and the United Kingdom (commbank.com.au, 2019). The management of the business
organization provides a number of different kinds of financial services like that of
institutional banking, funding services, retail business services, management of business
funds and many more as such. With a huge revenue of around A$30 billion, the company is
one of the largest listed companies in Australia as well as globally (commbank.com.au,
2019). Globally, sustainability challenges have turned out to be even more material that helps
to formulate and implement long term business strategies and make the most of the different

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kind of the customers and the stakeholders of the business accordingly (commbank.com.au,
2019). Therefore the changing times and the need for better and developed services has
compelled the management of the Bank to innovate their products and address the needs of
the people.
Aims and Innovation process
The major aims for the different business organizations of the globe is to remain
innovative and to develop new products in a fast manner in order to stay updated with the
market and make necessary steps to keep their market share intact. Innovation has the natural
capability to create a competitive market share for the organizations operating in the market.
The management of the innovation process which finally leads to the development of the
business is the major reason behind the success of the business in a proper and innovative
manner. According to, Loorbach et al. (2016) the Management of a company effectively
through the process of innovation and development of the business needs a structured and
informed business analysis. Each of the different kinds of the business innovations has
generally different business aspects with some of them referring to the value proposition,
some to the future users, some to the different kinds of other business responses and many
else as such.
The management of Commonwealth Bank has been dedicated to its use of innovation
and development process. The innovation and development process are two of the most
important elements and perspectives that helps in the prosperity of the business organization.
The business prosperity and the application of the different kinds of the business rules has a
serious implication on the success of the business (Loorbach et al. 2016). Innovation is one of
the basic necessities in banks and a multinational organization like that of the Commonwealth
Bank of Australia has to ensure the presence of innovation in order to meet the new and
improved demands of the customers which in turn ensures the success of the business and