Analysis of Commonwealth Bank's Innovative Strategy and Trends Report

This report provides a detailed analysis of the Commonwealth Bank of Australia's innovation strategy. It begins with an overview of the bank, its services, and its position within the Australian financial market. The report then explores the concept of innovation within the organization, highlighting current trends in the banking sector and how Commonwealth Bank is adapting to them. Key aspects discussed include the bank's innovation strategy, capabilities, value creation and capture methods, and the impact of innovation trends on its operations. The report also examines the application of design thinking in the bank's innovation process, providing insights into how the bank approaches problem-solving and product development. Furthermore, it presents a business canvas model to illustrate the bank's business model. The report concludes with recommendations for future innovation strategies and emphasizes the importance of adapting to technological advancements and customer needs to maintain a competitive edge in the market.

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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Innovation capabilities
The innovation capabilities of the firm can be understood with the activities performed by the
firm for developing their value and their operational function within the market (Majekodunmi,
& Harris, 2016). It is considered to be the key success factor for the commerce to uphold their
activities within the field. The Banking sector has the most effective and valuable working
function that deals with the circumstances as well as provide the most valuable sympathetic of
the process. Commonwealth Bank of Australia has the most effective and suitable innovative
capabilities that deal with the circumstances as well as provide the most suitable financial
activity to the customers (Yip, & Bocken, 2018). They even provide the online banking system
along with the valuable activity for industry with the circumstances and the betterment of the
firm. In most of the situation, it can be seen that the banking system effectively provides a
valuable outcome for maintaining their activities effectively within the firm. The innovation
capabilities of the firm are to maintain their customers with valuable activity within the field.
Innovation value creation and capture
The innovative value creation, as well as the capture, is effectively done by the firm by
maintaining their productivity and their service process within the field. The Commonwealth
banking system performs its innovation in the process of research and the activation process for
dealing with the market condition as long as the most highly developed value within the field. In
most of the situation, it can be seen that the complete movement of the company is highly
discussed for commerce with the circumstances as well as maintaining the value of the business
(Bajada, & Trayler, 2015). In most of the situation, it can be effectively said that the whole
action of the firm is to capture the valuable business process and the delivery factor of the entire
marketing value within the business (Maghsoudi, Duffield, & Wilson, 2016). The value creation
of the firm is effectively done with the help of the business activities within the market. In most
of the situation, it can be said that the firm has developed its innovative value for commerce with
the condition as well as the working function.
Innovation strategy of the firm
Commonwealth Bank of Australia invests a huge amount on the creation of the culture of
innovation within the workplace which provides them with the result concerning the expansion
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of the future investment of the procedure. The commonwealth bank effectively provides the view
on the effective value of the firm for the expansion of the operational function within the field
and to maintain their activity for the valuable understanding of the customers (Auge-Dickhut,
Koye, & Liebetrau, 2016). The organisation with the help of the traditional innovative trends set
the value for the market and even for the customers to maintain their activity effectively within
the field. The strategy is regarding the rise of the virtual as well as connected worlds that help to
connect the living as well as the omnipresent cloud services as well as the products that could
effectively sense the process along with the report to take the corrective action within the field of
the firm (The key trends shaping our future - Women in Focus – CommBank, 2018). The
organisation is maintaining its wearable market that is highly effective for the estimated worth of
almost 30 billion dollars for the development of the industry process. The digital security, as well
as the privacy concern with the security system, is formed against the cyber attacks for
maintaining the value of the firm and the customers' development process.
The organisation also effectively utilised the innovative trends for the improvement of the entire
system for the development of the firm. The use of the robotics then the artificial intelligence
allow the business to maintain their system most suitably and effectively (Maksimov, Wang, &
Luo, 2017). This effectively deals with the cognitive system for maintaining their value and their
activity in the business procedure for dealing with the customers and the stakeholders of the firm.
It is one of the most effective values where the business shaves to deal with the situation and
provide a suitable activity for dealing with the market condition (Munro, 2018). The organisation
also uses the innovative process for the development of world data storage as well as shifts to
reliance on the system of engagement rather than the system of the record by enabling the real-
time data for the use of the business process within the field. It is the primary fact that the
business develops their market and their working function effectively within the market for
dealing with the condition and maintains the innovative activity in the field. The innovative
strategy of the firm helps to develop their market and their working function.
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Figure: Business Canvas Model of Commonwealth Bank of Australia
(Source: Commonwealth Bank of Australia business model canvas)
Impact of the innovation trend
The impact of the innovation trend within the banking system is highly effective as this allow the
business to maintain their business activity within the field. The innovation trend led to the data
monetization for maintaining their leverage market opportunity for performing their activity in
the field (Innovation – CommBank Careers, 2019). The banking system with the innovation
trend effectively needs for developing the value of the firm and the customer's process within the
field. The social value chain along with the robot force helps the firm to provide a valuable
activity for the customers. It allows the business for having the most effective value within the
field to develop their market value with the customers. The whole movement of the firm is to
deal with the business process and provide them with the working function and the development
of the entire activity for upholds the customers effectively within the field (McCombie, 2018).
The banking of things which is also a part of the internet of things that provide the most suitable
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and effective view for the improvement of working function within the field. It effectively helps
the business to maintain its customers for maintaining their activity in the field and the balance
of the firm.
The organisation even with their innovative trend that is to intermediate everything has to
provide a high level of business portion and working function within the firm. This is one of the
most valuable and the effective view for the firm to analyse the situation and their customers for
dealing with the activities of the firm like the finance and the balancing sector (Bussmann,
2017). The organisation maintains all the information of their customers and their value within
the field for dealing with the situation and providing them with the most highly processed in the
banking system. The impact could be viewed in term of the activities and the value of the
business to the market. With the innovative trend, the organisation is also able to improve the
value and the business process of the firm for maintaining their situation and their working
function within the market (Maiya, 2017). With the help of the design thinking the organisation
is able to emphasize then define the problem then ideate and perform the prototype and the last
one is to test the entire process. It effectively helps the firm to redefine their skill and their
activity process within the field for the betterment of the firm. Commonwealth Bank with the
design thinking innovative process have the scope to deal with the market opportunity for
leading their business within the market.
Recommendations
The innovative trend utilises by the organisation need to be enhanced for the betterment of the
firm. The effective recommendations that would develop the business to maintain their value are
as follows;
 The organisation needs to effectively empathize on the research for the business to
understand the need of the customers
 It is essential for firm to state their need and the problem in the effective way for dealing
with the design strategy within the field
 It is essential for the firm to generate the idea and even create the prototype for
understand the entire process of the firm by enhancing their capabilities to deal with the
situation
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 The organisation also needs to investigate the entire process and the activity developed
by the firm to deal with the customers and their needs within the market.
Conclusion
The paper concludes that the whole movement of the firm has to transaction with the innovative
situation for developing their value and their commerce process within the market. The paper
even concludes that the innovative activity developed by the business allows the organisation to
provide the most suitable and effective value to the customers by maintaining the business
process and the operational activity of the firm. The paper even concludes that the entire activity
of the firm needs to be developed for the betterment of the working function and the valuation
procedure within the field. The papers even conclude that the use of suitable and effective
strategy is to use the design thinking for the development of the innovative activity within the
field.
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