MGT502 Business Communication: Strategy for Financial Sector Report

This report examines the critical role of effective communication strategies in strengthening the banking and financial sector. It addresses contemporary issues such as technological advancements and the resulting communication gaps among stakeholders. The report highlights the importance of effective communication during mergers and acquisitions, drawing on research by Angwin et al. (2016) and Barker and Gower (2010). It emphasizes the significance of integrated marketing communications and internal collaboration, as discussed by Porcu et al. (2017) and Balmer (2017). The report underscores that effective communication enables organizations to develop procedural programs and resolve business issues, as supported by Qian et al. (2015). Overall, the report emphasizes the need for strong internal organizational resources through effective communication, a crucial requirement for success in the modern banking domain.

Assignment title

Table of Contents
Critical role of effective communication strategy in strengthening the banking and
financial sector...................................................................................................................1
References.........................................................................................................................3

Critical role of effective communication strategy in strengthening the
banking and financial sector
The increasing interference of technological upgrades on activities of financial firms,
have given rise to the contemporary issues of conflict and mutual under trust among
stakeholders. Unlike earlier time, where every activity in banking sector invoked a
discussion amongst people, the less interaction now has created communicational gaps
and have given a setback to transparent procedures, weakening the organizations in
internal resources.
The dynamic world of trade brings in new and rising business opportunities, which often
surfaces as a business merger and acquisition incident. A research study by Angwin,
Mellahi, Gomes & Peter (2016) for communication approaches in mergers and
acquisition outcomes, emphasizes on a strong linking between an effective
communication strategy and net results of the business movement (Angwin, Mellahi,
Gomes, & Peter, 2016). In support of the various culturally diverse business association
of banking and the effectiveness of good communication strategy to maintain them, the
study from Barker and Grover (2010) highlights the challenges to make them a success
(Barker & Gower, 2010).
Modern world and modern communication methods of promotion, marketing and
branding have broadened the scope of interface, and integrated marketing
communications with corporate heritage brings a harmonious platform for internal
interaction and collaboration (Porcu, Del Barrio-Garcia, & Kitchen, 2017). Strengthening
the internal resources create a path for long-term development of companies in financial
sector, says Balmer (2017) (Balmer, 2017). Not only for interaction purposes, but also
for unified actions towards objectives and goal achievement, the role of effective
communication strategy enables organizations and stakeholders to develop procedural
programs (Qian, Strahan, & Yang, 2015).
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Therefore, the contemporary business issues can be contained and resolved, by
strengthening internal organizational resources through effective communication, a
crucial requirement for banking domain in modern time.
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References
Angwin, D. N., Mellahi, K., Gomes, E., & Peter, E. (2016). How communication
approaches impact mergers and acquisitions outcomes. The International
Journal of Human Resource Management, 2370-2397.
Balmer, J. M. (2017). Corporate heritage, corporate heritage marketing, and total
corporate heritage communications: What are they? What of them? In
Foundations of Corporate Heritage (pp. 111-151). Routledge.
Barker, R. T., & Gower, K. (2010). Strategic application of storytelling in organizations:
Toward effective communication in a diverse world. The Journal of Business
Communication (1973), 295-312.
Porcu, L., Del Barrio-Garcia, S., & Kitchen, P. J. (2017). Measuring integrated marketing
communication by taking a broad organisational approach: The firm-wide IMC
scale. European Journal of Marketing, 692-718.
Qian, J., Strahan, P. E., & Yang, Z. (2015). The impact of incentives and communication
costs on information production and use: Evidence from bank lending. The
Journal of Finance, 1457-1493.
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