Social Media Management for Commonwealth Bank of Australia

Running Head: SOCIAL-MEDIA
0
Management
Commonwealth Bank of Australia
(Student Details: )
10/6/2019

Social Media
1
Contents
CommBank: Social Media affecting Business...........................................................................2
Introduction................................................................................................................................2
Social-media for Core Business of CBA...................................................................................2
Identification of social-media platforms....................................................................................2
Analysis......................................................................................................................................4
Evaluation of social-media impacts...........................................................................................4
Benefits of social media utilisation........................................................................................5
Bad effects of Social Media in business................................................................................5
Problems with current social-media usage at CBA................................................................6
Additional social-media channels for future business growth...................................................7
Recommendations......................................................................................................................7
Conclusion..................................................................................................................................8
References................................................................................................................................10

Social Media
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CommBank: Social Media affecting Business
Introduction
The report is based on evaluating social-media impacts on core businesses of the world. To
do so, the discussion is going to consider core businesses’ presence in the Australian market.
In this context, social-media presence including Twitter, Facebook (FB) and LinkedIn and
many more will be counted as social-media involvement of the chosen company. The chosen
company for writing this report is Commonwealth Bank of Australia (CommBank) which is a
well-known financial institution, which is an Australian multinational bank with trades all
across New Zealand, the United States, Asia, as well as the United Kingdom (UK).
In the context of CBA, the research is going to identify all social-media channels with their
use. Specifically, the different social-media channels of CBA will be explored with the help
of different business fields like sales, marketing, recruitment. In addition, how the CBA is
creating their presence and thereby increasing the reach with several social-media platforms
will be explored (Aral et al., 2013). Besides, the positives and negatives of social-media use
will be established while identifying problems with presently available social-media usage by
the CBA. Moreover, this report will summarize the key points while providing clear
recommendations at the end of the report.
Social-media for Core Business of CBA
The CBA aims to provide the best services while leading technology in order to deliver the
best-suited outcomes for the consumers. In such a case, social-media is an important for
bringing the technology and best service together (Carlo et al., 2012). The vision of the
chosen banking firm is to enhance the global financial well-being of CBA’s customers as
well as world communities. As we know that any business requires technological changes for
positive growth and development in future, so as the CBA does. Hence, social media is
having both positive and negative outcomes in relation to CBA’s business (Carlo et al.,
2012).

Social Media
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Identification of social-media platforms
In order to accomplish the above purpose, aim, and vision of the company, the technology is
very important with the utilise of social-media. For CBA, various social-media channels will
be explored in this section. For instance, FB, Twitter, and LinkedIn are the most used and
valuable social-media platforms for CBA (CommonWealth Bank of Australia, 2019). In the
context of communication, from the banks’ viewpoint, social-media can supplement ‘social
banking’. It is because social-media users of CBA can easily conduct their financial
transactions without having to leave social networks. The CBA is one of the leading
Australian banks which have taken definitive steps in this direction while implementing
‘Kaching’. The Kaching is a version of CBA’s social banking for FB users (CommonWealth
Bank of Australia, 2019).
Kaching
As mentioned by (CommonWealth Bank of Australia, 2019), Kaching is a social-media
platform that is making banking easier, smoother and simpler for the whole world
communities. With Kaching CBA made it happen for countless Australians to use smart
internet banking with the help of mobile banking on diverse devices, by unveiling a number
of novel novelties to their industry-leading as well as globe-first social payments app as
CommBank Kaching.
Bump
This social-media channel of CBA is mainly responsible for providing services to iPhone
users. In other words, CommBank Kaching users will simply ‘bump’ phones
(CommonWealth Bank of Australia, 2019). The users will use Bump with their proposed
recipient and thereby an instantaneous payment will be made. This app is useful because it
can also split the bill at dinner or allow one to pay their colleague back whenever they have
forgotten their wallet. In this way, Bump is the more simple way to use banking at CBA. It is
worth knowing that Bump will be available to Apple iPhone users running iOS4.2 or above
(Yu, 2012).
CommBank kaching: the FB app
The CBA has also launched the FB app which is known as CommBank Kaching (Finance
Yahoo, 2018). Everyone knows that the power of FB is strong when it comes to effective