Smart-connected Products and its Opportunities and Threats to Commonwealth Bank
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This presentation discusses the opportunities and threats of smart-connected products to Commonwealth Bank. It also covers the business model canvas and value proposition of the bank. The presentation includes references from various sources such as Harvard Business School, McKinsey Quarterly, and Sage Journals.
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Commonwealth Bank Australia *Innovation and Sustainable Business Development
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*What is Business Model *Business model is a plan for successful operations of a company. *Identification of revenue sources, client base, products and funds. *Business Model Canvas *Expression of business idea of a firm.
*What is Disruption *Result of rapid development of a business *Disruption is subset of innovation *It is the creation of something new that shifts the old ones (Chesbrough, 2010). *Disruption develops new dimensions like accessibility, simplicity, convenience, lower prices, ease of use etc.
*Commonwealth Bank Australia *One of the largest banks in Australia *Founded in the year 1911 *Offers personal and institutional banking services and business solutions. *It has its business across Asia, United States, United Kingdom and New Zealand. *The company is using different smart- connected products to advance its services (Commonwealth Bank, 2018).
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Opportunities *To stay competitive in today’s business environment. *To control and operate business activities through smart machines. *To attract a large customer base (Paetz, 2014) *Examples: cyber, big data, smart machines, Internet of Things, Ag-Tech, Block-chain. Threats *Older people in bank are unable to understand the updated services. *Higher cost of training *There are so many customers which are unable to access updated applications (Osterwalder & Pigneur, 2010). *Issues related to security of confidential information. *Smart-connected Products and its Opportunities and Threats to Commonwealth Bank
*Business Model Canvas of Commonwealth Bank Key Partners Subsidiaries Investors Agreements with 2 Chinese banks (HangzhouCity Commercial BankandJinan City Commercial Bank) Credit card firms Financial community ATMservice desk Regulatory Agencies Key Activities Financial services Creditcard facilitiesand loans Investment services Customer acquisition Transactionand saving account Risk assessment Value Proposition Retailbanking andfinancial services Risk taking Sustainable development Financial servicesto small business andpersonal customers It isone of the fourbiggest banksin Australia. Premium services Wealth management. Customer Relationships Security Automati on Convenie nce Direct contact with regular customers Non- personal channels Trust and reputation . Customer Segments Corporate and massive retail customers Creditcard holders Account holders Merchants Governments All the group ofcustomers (Maleand Female) KeyResources 100 plusbranches of bank Largest bank ATM networks Information technology capabilities Bank staff Customer base Brand presence all over the world. Channels Online Banking Mobile Banking Officialwebsite of Bank Social networks Newsroom
Value Proposition *Retail banking and financial services *Risk taking *Sustainable development *Financial services to small business and personal customers (Rajasingham, 2018) *It is one of the four biggest banks in Australia. *Premium services Resources and Capabilities *100 plusbranches of bank *Image of Largest bank in Australia *ATM networks *Information technology capabilities *Bank staff *Customer base (Drucker, 2014) *Brand presence all over the world. *Physical resources at bank branch *Components of Business Model
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*Conclusion *Business model is a advanced framework that can assist the organization for future growth. *Through effective adoption of disruption and technology, the bank can improve service delivery. *It can eliminate the challenges posed through technological advancements.
*References *Applegate, L. M. (2007). Jumpstarting Innovation: Using Disruption to Your Advantage.HBS working. *Chesbrough, H. (2010). Business model innovation: opportunities and barriers.Long range planning,43(2-3), 354-363. *Commonwealth Bank. (2018). CommBank: Personal banking including accounts, credit cards. Retrieved from https://www.commbank.com.au/. *de Jong, M., & van Dijk, M. (2015). Disrupting beliefs: A new approach to business-model innovation.McKinsey Quarterly. *Drucker, P. (2014).Innovation and entrepreneurship. Routledge. *Eckhardt, J.T. (2013).Opportunities in business model research. Sage Journals, 11 (4). *Jones-Evans, D., & Klofsten, M. (Eds.). (2016).Technology, innovation and enterprise: The European experience. Springer. *Meltzer, D. (2017).Disruption vs. Innovation: Defining Success. Retrieved from https://www.entrepreneur.com/article/311246. *Osterwalder, A., & Pigneur, Y. (2010). Business Model Generation : A Handbook for Visionaries, Game Changers, and Challengers. Hoboken: Wiley. *Paetz, P. (2014). Disruption by Design: How to Create Products that Disrupt and then Dominate Markets.Apress. *Rajasingham, D. (2018).Welcome to the machine-to-machine economy. Retrieved from https://www.commbank.com.au/content/dam/caas/newsroom/docs/Commbank-Whitepaper-Machine-to-Machine-economy. pdf . *Zott, C., Amit, R., & Massa, L. (2011). The business model: recent developments and future research.Journal of management,37(4), 1019-1042.