HC1021 Group Report: Business Communication Strategies Evaluation

This report examines the business communication strategies of the International Finance Corporation (IFC) and the Commonwealth Bank of Australia. It delves into both non-electronic communication methods, such as notices, interviews, and reports, and electronic communication strategies, including social media and websites. The report highlights the practices of both institutions, including diversity and inclusion initiatives, customer-centric approaches, and the use of technology to enhance communication and customer engagement. A SWOT analysis is used to compare the strengths, weaknesses, opportunities, and threats of the two entities. The report also discusses the importance of communication in building relationships with customers, suppliers, and employees, emphasizing the role of both traditional and modern communication tools in achieving business goals and adapting to market changes.

RUNNING HEAD: BUSINESS COMMUNICATION STRATEGIES 0
Business Communication Strategies

BUSINESS COMMUNICATION STRATEGIES 1
Executive Summary
International Finance Corporations is a member of World Bank Group and the latest
global development institutions which is focused mainly on private sectors.
Commonwealth Bank of Australia is the biggest listed bank in Australia which is
privately owned and offers full ranges of banking and financial services to people.
The report is about the communication strategies which are followed by both these
and comparison of international and domestic business across the globe. The major
role played by consumers, customers, suppliers and with use of social media
platforms and electronic devices helps to builds more convenience facilities in the
development of the banks and financial corporations. The major dependency which
reflects the best practice used by both of these helps to measure the quality and
evaluation of best practices in the whole structure.
Table of Contents

BUSINESS COMMUNICATION STRATEGIES 2
Executive Summary......................................................................................................1
Introduction...................................................................................................................3
Section-1.......................................................................................................................3
Section-2.......................................................................................................................5
Section-3.......................................................................................................................6
Section-4.......................................................................................................................7
Recommendations........................................................................................................8
Conclusions..................................................................................................................8
Bibliography................................................................................................................10

BUSINESS COMMUNICATION STRATEGIES 3
Introduction
Business communication strategies are the core competencies of interacting with
their customers and sustain them by creating positive influence on their personality
(CP Communications, 2019). International financial corporation is one of the largest
global development which is establishes in year 1956, that is owned by 184 member
countries and has six decades of experiences in all over the world with its
challenging markets. The presence in overall global country and this network
consists of 2000 client firms and institutions that focuses mainly on private sector
and helps all the developing countries for its sustainable growth by developing
business strategies, finances its investment and giving advisory services to
business. There is a help to leading multinational companies and IFC build for
perfect knowledge in sustainable private sector development (IFC Leading The Way
in Private Sector Development, 2019). The Bank of Australia is a multinational bank
across United States, New Zealand and United Kingdom and provider of financial
services that includes funds management, insurance and broking services to all its
clients. The Commonwealth bank is largest listed bank in Australia and registered in
Australian Securities Exchange in 2015 with new launch of the brands include ASB
ban, commonwealth insurance and commonwealth securities. The establishment
and foundation in year 1911 by the Australian government and with time it is fully
privatised in year 1996 on big four Australian banks named as Westpac, National
Australian Bank and ANZ. The headquarters of Commonwealth bank are in the
corner of Pitt Street, Sydney, Darling Harbour and Australia. This offers full ranges of
all its financial services to help all the people from Australians to manage and build
their finances. In Australia, Commonwealth Bank is a leading provider of integrated
financial services. This report aims at applying practical and theoretical knowledge of
techniques in the communication which is adopted in international and domestic
country to formulate its strategies of business communication (Commonwealth Bank
of Australia, 2019).
Section-1
Communication is the important element which determines the efficiency and
profitability of a banking organization. This practice of communication is presented in
International Financial Corporation or Commonwealth Bank of Australia and deals in
non-electronic communication that helps to engage large number of staff members,
public, suppliers and customers (Infogram, 2019). Non electronic communication is
the form of distribution that usually has invoices, verbal communication between
employees, letters and sometimes flow charts also. International financial
corporation is a global largest bank and Commonwealth bank of Australia also uses
these non-electronic communications as announcing relevant information through:
 Notice boards
 Face to face interview
 Letters
 Memorandum of association

BUSINESS COMMUNICATION STRATEGIES 4
 Communication skills
 Posters
 Speech and Presentations
 Reports
These are several non-electronic methods which are used by financial corporations
and Commonwealth Bank and have a major role to engage large number of its staff
member, suppliers and customers. These are made in accordance with the
perception of its members that how they will understand the language and the
reaction based on them. A good business practice always empowers and
strengthens the communities, customers and their suppliers to satisfy customer
needs and achieve group visions also. Some of the practices which are followed by
Commonwealth Bank of Australia for the betterment of their own suppliers and
customers are as follows (Common Wealth Bank, 2017).
 Diversity and inclusions are the strategic imperative for us at commonwealth
bank and this practice fosters the inclusions in order that our people are
valued and respected for longer period of time.
 There is a practice of inclusive culture where everyone is involved and can
state their points in front of engage in bank culture.
 Gender diversity and gender pay equity are also their where there is 40 per
cent contribution of women’s and in consequent few years it will rise to 45 per
cent women above all positions.
 There is flexible culture and enhanced policies around parental leave for both
of the careers that share the responsibilities of childcare.
 To enhance the best performances of the workforce, the main focus is on
safety, training to all the customers and this has increase to 39 hours per
employee from last years.
 There is Upgradation of the latest reconciliation action plan that covers culture
capability, people, business and communities to strengthen the relationship
with all its communities.
International financial corporations is the creator of markets and defines the process
where companies are directed and controlled by way of contributions to engage
suppliers, staff members and the public. Good practices are been adopted for the fair
improvement to access the capitals, safeguard against mismanagement and build
more towards clients and stakeholders. Some of the general practices which are
adopted by International Financial Corporations are (International Finance
Corporations, 2019).
 Building of capacities to all its local partners, educational institutions,
institutes of directors and help in training and reporting to major
development sectors that helps to grow more staff members.

BUSINESS COMMUNICATION STRATEGIES 5
 Rising of awareness among more members to grow through conferences,
publications and workshops where there is proper involvement of
stakeholders and its main suppliers.
 IFC work involves in helping and improving the regulatory of framework in
environment with the main focus is on latest practices which initiate public,
suppliers and customers.
 There is an integration of environment and social wellbeing for the
development of society with main concern and application of various
strategies to take care of their suppliers and staff members. The practice
to retain the employees and customers is the key objective of International
Financial Corporations.
Section-2
Social media marketing, websites and electronic platforms are the electronic media
tools which help to generate for the promotion of sales, engagement, skills,
consistency that results in increased exposure, grow business of the banks,
generation of leads, improved search ranking and provide marketplace insight for
longer period of time. Commonwealth bank adapt the strategy that create positive
communication between all its employees and that is customer focus is the first
priority (Common Wealth Bank , 2019).
 The customers are the centre of the heart and the financial wellbeing of
consumers that continue to give them the outstanding customer experience.
 Technology helps to evolve the main needs of the customers that leverage
real time capabilities and more new ways of interaction with customers.
 There is use of analytical insights that continue to use technology to enhance
the productivity. The communication strategies increase the overall
productivity by interacting with more people and establish better outcomes for
people and its customers.
 The use of communication strategies and its strength through global financial
services in Australia trust to look after their money.
 The company uses social media, various types of electronic platforms to
achieve the target of the customers and do lots of promotional activities by
poll, promotions through websites and latest trends of social media platform
where there are reviews about the perception of the launching products and
the major advantages and disadvantages about the communication
strategies.
International Finance Corporations builds to develop the main competencies
strategies that they uses social media, interacting with more people and implement
the transactions of public and private enterprises. Its main focus is to provide
investment and financial institutions that serves all the individuals in all the
enterprises (IFC, 2019).

BUSINESS COMMUNICATION STRATEGIES 6
 To communicate with the customers, they use advance technology that
improves the business environment with social wellbeing of connected
through social media platform and their official websites.
 They worked with other firms to adapt the new practice that initiates and
attract the financing through resource efficient projects with technology.
 More than 17 million people are benefitted from IFC to support the advisory
work that impacts the overall growth process and off grid solar solutions.
 Promotion through websites of the various launches of the new policies and
products is the new strategy that they always follow with their plans and
communicate on the large scale with websites and social media platform.
So, these are the various communication strategies which are followed by both
financial corporations and commonwealth bank and they continuously practice to
achieve the pre-determined goals and targets with new electronic media.
Section-3
International Financial Corporations and Commonwealth Bank of Australia are the
two different corporations and banks that have their own regulations and practices
that functions the overall structure. SWOT analysis is a planning with strategies tool
that enhances the functioning of the company effectiveness and manages the
situational conditions of the firm. It is the strategic map to present the strength,
weakness, its opportunities and major threats of the company structure (LSPM,
2019). The financial corporations are the leading company that attains the prominent
position in the market by analysing the coordination among various departments like
marketing, operations, and strategic planning across the nations. It is as leading
company that has numerous strengths that helps the market position in market. Bank
in Australia, is a provider of banking and financial services and operates in Australia,
New Zealand and across all the global territory (Market Research Reports, 2017).
 Strengths - IFC built to expertise with entering the new markets making the
huge success to them and building new revenue of the streams to diversify
the economic cycle of risk as whatever the markets it operates. High level of
satisfies customers is achieved by making good and positive relations and
equity relations among all the customers who has potential. Commonwealth
banks leads in Australian Market to main financial institutions rankings,
provider of high quality and well diversified credit portfolio and they are more
concern with continuous improving of work environment. They give more
emphasis on all the latest technology and robust the positions of financial and
capital ratios in their structure.
 Weakness- The ratio of profitability and the contribution of the net are below
the average industry and all the marketing products are left to desire; even
when that product is successful in terms of its sales but there concept of
unique selling propositions are not clearly defined. There is a huge gap in
ranges of the product which is used by company and lack of choices to

BUSINESS COMMUNICATION STRATEGIES 7
competitors in the market. Commonwealth bank uses high dependency of
offshore borrowings and increases all its operating expenses that have limited
geographical diversity. There is an embroilment in money laundering scandals
and effects the whole structure of the banks with continuous decreases in
their sales.
 Opportunities- Commonwealth bank expands more in Asian and other
emerging markets and this is the biggest opportunities they have in the
market. There are big opportunities with indigenous customer assistance line
that is building across all the nations in the markets. International Finance
Corporations are increasing in customer spending and have more slow growth
rates in the industry (Australian Bank Associations, 2019).
 Threats - Financial corporations suffers from various threats as changing
consumer buying behaviours from its channels that are online and has a
threat to existing physical infrastructure that drives the supply chain of
models. Shortages of skilled workforce across global markets have a steady
growth of major profits in markets. Liability laws of different countries differ
that exposed to various liability claims that changes in those markets.
Commonwealth bank has its own threats in the market that are phasing out to
the guarantees with the banks. There is a higher capital requirement by APRA
and business of fragile environment had slowed down in country China for
various times (Financial Services, 2019).
Various main findings that results in Commonwealth bank and International Finance
Corporations are very specific and both the corporations as well as banks have their
own strengths, weakness, threats and opportunities. These are the main way where
every employee of the organisation is affected and may results in positivity or
negativity in the workplace (Fern Fort University, 2019).
Section-4
Communication practices are the practices which are generated with the reference
that how to communicate with other shareholders, stakeholders, staff members or
corporates of the whole management system. Commonwealth uses less
communication practices as the bank is in Australia that designs the communities
that are free of gender discriminations and more concern of gender issues. There is
a practice of women empowerment and they are to be paid fair remuneration and
flexible work options. There is more connectivity and uses of social platforms to
launch the new products that create better communication with people with positivity
(United Nation Gloabal Compact, 2019). IFC communicates within and between
individual executive directors and the members of the country in whichever they are
present. Communications originates in executive directors offices and there is main
secrecy of the information as this is global concern with across the globe. IFC not
also provides access to their information’s which are related to internal treasury
operations and investigate the information’s on that behalf (International Finance
Corporations, 2012). When we see the comparison of both these there is interface of

BUSINESS COMMUNICATION STRATEGIES 8
international context and other is domestic bank as there ensure the grievances from
affected communities and managed appropriately.
Recommendations
There are various suggestions and recommendations in International Finance
Corporations and Commonwealth Bank as both have their own identity and practices
that they communicate in the market for future growth and achieve targets by new
consecutive year. Some of the recommendations for Commonwealth bank are as
follows (Treasury Government, 2018).
 The phrasing that is wholly derived the consistently through its legislations
that is place directly and that uses the limited to the definition should be
improved.
 Commonwealth bank considers with achieving of its treasury that benefits the
consumers and amends the definition of CDR data which is specify in design
of the instruments.
 The instruments of bill and designations should specify all products data that
is publically available in their digital form should be have bespoke or tailored
offerings.
The suggestion that helps to Commonwealth bank is the promotion of more policies
and establishes such concerns that help the functioning of the structure in positive
manner. The various recommendations for International Finance Corporations are as
follows (Enterprise Development, 2019).
 Develop more local financial markets through their building of the institutions
and with more innovative financial products in micro and medium enterprises.
 Building more long term relationship with global a client that enhances the
positive structure and increase growth in profits with good reputation in the
markets.
 Strengthen more focus on all the frontier markets like IDA countries and
frontier regions in non-development countries.
Conclusions
With the report of International Finance Corporations and Commonwealth Bank, the
main conclusions depend upon the adoption of various communication strategies
and practices that develop the whole structure of the scenario. International and
domestic culture may vary from own development and results in profit structure of
the corporations as well as banks. SWOT analysis develops the overall functioning
and their gaps in more development through various opportunities and threats in the
country. The communication practice which they have adopted changes the whole
scenario of the development countries and will give more influences on the latest
techniques to use.

BUSINESS COMMUNICATION STRATEGIES 9
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