Innovative Strategy for Commonwealth Bank

Innovative Strategy
Commonwealth Bank
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Table of Contents
Table of Contents........................................................................................................................................1
Introduction.................................................................................................................................................2
Organisation overview.................................................................................................................................2
The concept of the organisation innovation.................................................................................................3
Innovation trend......................................................................................................................................3
Innovation strategy..................................................................................................................................3
Innovation capabilities.............................................................................................................................4
Innovation value creation and capture.....................................................................................................4
Innovation strategy of the firm....................................................................................................................4
Impact of the innovation trend.....................................................................................................................6
Recommendations.......................................................................................................................................7
Conclusion...................................................................................................................................................8
References...................................................................................................................................................9
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Introduction
The principal reason of the paper is to give an efficient view of the innovative trend and the
valuable working function of the company with the help of innovation. To effectively understand
the innovative procedure of the firm the organisation Commonwealth Bank of Australia has been
selected. The paper discusses effectively regarding the value of the firm and their innovative
strategy along with the trends to deal with the trade process within the market. The paper also
discusses the effective strategy and the valuable operational activities of the firm within the
market.
Organisation overview
The Commonwealth Bank of Australia is the conglomerate bank that serves the area of
worldwide. It effectively provides the diversity of monetary services including the retail then the
business as well as the institutional banking then the fund's management and the booking
services. The organisation is having the number of location that has more than 1100 branches all
over the country. The organisation also has more than 4300 ATM within the served areas
(Personal banking including accounts, credit cards and home loans – CommBank, 2019). The
commonwealth bank is the largest Australian listed company that provides the most effective and
suitable financial service to the people. The revenue of the firm is considered to be 26.005 billion
Australian and their net income is considered to be 9.881 billion Australian dollars. The
organisation has almost 51800 employees all over the field where they dwell within the market.
The organisation maintains the effective use of the innovation strategy for the expansion of the
working system within the field. The commonwealth bank is considered to be one of the big four
Australian banks. The organisation maintains its value with the innovation and effective value
within the firm for the expansion of the business process. The organisation effectively utilise the
design thinking process in their business to maintain the innovation factor within the factor that
deal with the entire process.
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The concept of the organisation innovation
Innovation trend
The innovative trend in the banking system is effectively maintained in the field for the
betterment of the organisation. The global banking sector is highly becoming for maintaining
their strategically focused as well as the technologically advanced to respond to the consumers
for the development of the field. The importance of the innovation as well as the developing of
the new solution that eventually takes the advantages for the data then the advanced analytics as
well as the digital technologies that are eventually needed for the development of the trade
procedure (Willcocks, & Reynolds, 2015). The innovative trends within the banking system
allow the entire working functionality of the firm to maintain its activity in the field. The trend
will effectively determine the technology that has effective and suitable access to the working
function. The digital security, as well as the privacy concerns, increase the need to maintain the
most effective security system in the banking system.
Innovation strategy
The innovative strategy utilised within the banking system is to develop the technology and the
precious movement of the firm. The innovative strategy of the banking system to prove the
innovative framework that effective challenge that maintains their valuable activity within the
banking system. The commonwealth bank of Australia is having the most effective and suitable
innovative strategy for providing the most valuable service to the customers within the market
(Zaman, & Fielt, 2016). The product and the service provided by the bank is quite innovative and
the valuable process of the firm. In the banking system, the innovative strategy is utilised for
developing the value of the firm and also for uphold their operational function within the market.
The production innovative is developed effectively by the use of innovative strategy for the
expansion of the valuation procedure within the field (Jaag, Moyano, & Trinkner, 2016). It is
also highly effective for the business to grow its market share within the field for the suit6able
development of the organisation. The use of design thinking process in the innovative strategy is
the process that seeks for understanding the user then the challenge and even redesigns the
problem within the field for maintaining their prototype as well as test of the business
enlargement.
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