Innovation and Communication - Assignment

Added on - 21 Apr 2020

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Running head: PART THREE: INNOVATION AND COMMUNICATIONPart Three: Innovation and CommunicationName of the StudentName of the UniversityAuthor’s Note
1PART THREE: INNOVATION AND COMMUNICATIONContentsIntroduction......................................................................................................................................2Requirement of Innovation..............................................................................................................2Globalization................................................................................................................................2Technology...................................................................................................................................3Stakeholders’ expectation............................................................................................................3Early bird gets the Pray................................................................................................................3Short Term Innovation.....................................................................................................................3Technological innovation – Voice payment................................................................................3VR in Training.............................................................................................................................3Long term Innovation......................................................................................................................4Artificial Intelligence...................................................................................................................4Door Step Banking.......................................................................................................................4Conclusion.......................................................................................................................................4Reference.........................................................................................................................................5
2PART THREE: INNOVATION AND COMMUNICATIONPart 3IntroductionInnovation is the key to success for any business in this competitive market. The businesscan explore new effective process, products and ideas that is new in the market. It will facilitatethe business to attract customers and also propose value to its major stakeholders. Innovationdoes not always mean complete innovation of new plans or products. It can also refer to themodified form of existing model to provide the stakeholders better products. BNZ or Bank ofNew Zealand can utilize some innovative change for gaining stakeholders cooperation adsupport.Requirement of InnovationBank of New Zealand is one of the largest banks currently operating within theboundaries of New Zealand. They have successfully gained customer loyalty in the market withtheir existing stakeholder relationship management strategy. However, they have some issuesrelated to the internal stakeholders, which they need to resolve (Francis et al., 2012). Moreover,the innovation can help the business compete in the constantly changing world. There are someof the key reasons for constantly innovating the business models and strategies for gaining orholding the stakeholder cooperation and support. They can be as follows.GlobalizationGlobalization is the major issue that businesses in any industry are facing. It has broughtany business to the door steps of the customers. Hence, regardless of domestic or international,the businesses needs to consider it for holding their position.
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