A Business Report on Effective Communication at Staples Bank

This business report examines the communication strategies employed by Staples Bank, a large financial institution with a global presence. It begins by defining effective communication and its importance, particularly for a bank of Staples' scale. The report analyzes the bank's current methods, identifying areas for improvement and suggesting the adoption of a suitable communication model, specifically Berlo's model, to address diverse communication needs. It then explores the various channels used by Staples Bank, including internal and external communication methods. The report also highlights the potential of modern technologies, such as social media, email marketing, and live chat, to enhance communication effectiveness. Furthermore, it addresses ethical issues that have impacted the bank, such as the Libor scandal, and proposes communication strategies to mitigate these challenges. The report emphasizes the importance of transparency, accuracy, and customer-centric communication to foster trust and long-term success for Staples Bank.

BUSINESS REPORT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
1. Effective communication strategy...........................................................................................1
2. Suitable model.........................................................................................................................2
3. Methods used by Staples Bank...............................................................................................4
4. Modern technologies...............................................................................................................5
5. Addressing key issues which are ethical by using communication strategies........................6
REFERANCES................................................................................................................................8

INTRODUCTION
Effective communication is the process by which the sender successfully sends the
message and the receiver successfully receives the message. Staples Bank is a leading bank
having around 100000 employees spread across 50 countries. The bank is made up from two
banks GRCB and IBIM. Here in the study effective communication strategies which will help
the bank to achieve better results are discussed in detail (Arnold, E.C. and Boggs, K.U., 2019).
What are the methods used by the Bank and what more must be used by the bank are discussed
in detail. Key ethical issues which are hindering the bank to grow are discussed in detail along
with the solutions for it.
1. Effective communication strategy.
Effective communication is a way by which the sender successfully delivers the message
and also receiver successfully receive the message. The message is generally in verbal form. In
effective communication there is a two-way approach in which the receiver must deliver the
message in simple and understandable language and the receiver actively listen and understand
the message (Yang, H., 2019). As per the article written in Morning Star it was found that about
75% of the businesses have achieved tremendous results using effective communication and the
productivity between various department have also increased along with coordination and
cooperation.
It is very important for Staples Bank to adopt effective communication strategy because
despite having such a large scale operation the bank is not having effective communication
strategies to target the audiences the specific information. The bank is using strategies which are
not sufficient for it and must introduce more strategies in order to do effective communication
(Choe, A.Y. and et.al., 2019). By not using the effective communication strategies Staple Bank
has faced Ethical challenges, in spite of having all clear information the Bank failed to deliver
the information to the users which resulted in unnecessary ethical issues in which the Financial
Service authority agreed that the bank is greedy and acted for the purpose of making more and
more profit without caring of the public. Bank also do not disclosed full information to the users
and hide the information which was necessary for the users.
Effective communication is very much necessary if used earlier by the bank may have
resulted in no penalty in the future. The must has provided the information that is true and in
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detail which covers all the aspect. The information should have contained benefits of investing
along with the loopholes of investing.
Effective communication is also very important for providing the right information to
right users. If the communication is external then the information must be provided effectively
by using appropriate channel for examples if there is a need for a job then the message must be
posted in the career page and not in general (Chandrasegaran, A. and Singh, M., 2019). B to B
or B to C messages must be delivered to the customers, businesses, stakeholders and all the
external parties in which social media can be used by the Staples Bank. But if the information is
internal then the internal medium of communication must be used by the Bank in which the
social media must be avoided. The message provided by the Bank must be clear and easy to
understand and technical jargon must be avoided. Effective communication is very much
important to make company profitable, gain more customers and satisfaction of the customers.
2. Suitable model.
Staples Bank is required to use suitable model which fits in all communication channels
and also meets the needs of the users. As per the article written in The Guardian 40% of the
business fails due to not having proper model for communication. Hierarchy in the
communication is must in which the message can be delivered to everyone easily. The model
which is best suited for Staples Bank is the BERLO's model of communication which fits in all
aspect including multicultural aspect, ethical aspect, internal as well as external aspect, etc.
Mainly BERLO is having four aspects of communication in which encoding and
decoding is done before the message is sent and received.
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The four components are sender, message, channel and the receiver and the same is
explained in detail.
Sender
Sender is a person who sends the message to the receiver, sender is a person from whom
the source of the message is originated. Staple Bank must have specific Sender of the message
for the specific purpose for example if the message is to be sent the employees which are for
multicultural background then the message must not be sent by the one who deals in sending
unofficial messages of the Bank (Soundar, S., Micro Macro Assets LLC, 2019). The person must
have skills such as communication skills, knowledge, attitude, culture etc.
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I
llustration 1: Encoding and Decoding of message

Message
It is a substance which is sent to the receiver by sender. Staples Bank must use elements
including signs and gestures, structure in which the important information must be written in the
first paragraph and code.
Channel
Channels are the medium or way which are used to send the message. Staples Bank must
use effective channels such as internet and mobile phones in which the message can be delivered
by hearing, seeing, touching and even smelling effectively.
Receiver
Receiver is the one who receives the message, to have the maximum effect of the
message the sender and the receiver must have similar mentality (Kanki, B.G., 2019). Staples
Bank in order to make the receiver successfully understand the message should provide them
with headphone, must take feedback to order to understand that whether the receiver of the
message have understood the message appropriately or not.
3. Methods used by Staples Bank.
There are various methods which are used by the Staples Bank and the same are
explained below:
Multiple channels
Bank uses multiple channels which ensures the clarity of the message in order to reduce
the barrier of communication. There is formal as well as informal communication which are used
for official as well as non official purposes. Staples Bank uses various communication forms
such as written, E-mail, oral, face to face, call on the telephone and TV.
Internal communication
Again Multichannel approach is used by Staples Bank in order to communicate its
employees in which the Pivot and system which is information based which is used to
communicate the employees which are spread across all over the world. In which the company
uses email services in order to deliver the message successfully and in large-scale. Letters are
used for delivering the messages related to company's information like name of managing
director, number of employees, etc.
External communication
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In the internal communication Staples Bank uses B2B and B2C in which the B2B is used
for the ones who require financial services and B2C is required for the ones who are having the
needs for finance. This channel is used in the event of new launch of a product and client
management.
4. Modern technologies.
There are various modern technologies which Staples Bank can use in order to make
effective communication and five of them are as follows:
Social Media-Message Direct
Social media can be used for messaging directly to the user without knowing the mobile
number of the user. This is the best way to gather information about the user. Some messaging
tools are Facebook messenger, Instagram, etc (Colwell, C.B., 2019). If the customer or the
employee is not satisfied with the company or want to know more about the launch or any
information then the same can contact directly to Staples Bank using Direct message.
Email marketing
It is one of the most beneficial tool for conveying the message in today world on which
the return on investment is very high. The tool can be used for various purposes such as brand
awareness, pushing of the products and delivering different messages to variety of audiences.
This will make connection of the old and well as new clients.
Video marketing
Video marketing is also a very effective tool using which the Staples Bank can make
short video and share link in the video for the detailed information. This will make aware more
and more audience about the product and also if the Bank wants to post any job opening the
same can be very much effective and a innovative way. This method is having wide reach and
the best way to influence large number of audiences.
Live chat support
This tool is very useful in which using Artificial Intelligence the Bank will save lot of
cost because in live chat support there is no need of the employee. This tool is helpful for
automatic live support to the customers in which auto message is sent to the customers which are
asking any question. Live time response is given to the customers or the users.
Blogging
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Blogging is a innovative and new way using which Staples Bank can do content
marketing. News, knowledge and any other kind of information related to any specific product
can be published using blogging. It is the best communication tool which can be used for content
marketing (Greenway, T.L., and et.al., 2019). As per the report in Liverpool Daily post in 2020
the users over blogs will grow around 30%. From the report it was also found that blog post is
the best way to make people understand better.
All these are the most effective and efficient tools using which Staple Bank can promote
the business and can generate higher revenue. It is must keep in mind by the Bank that it must
provide information which is right and which is fair in order to avoid any liabilities in the future.
Providing fair and right information which also help the company for long term existence and
building goodwill among the customers.
5. Addressing key issues which are ethical by using communication strategies.
There were various ethical issues such as in 2012 Staples Bank was found doing
misconduct by providing information which was false to Libor System in which wrong interest
rates used to set on loans and mortgage. Financial Service Authority after doing investigation
found that 290 million pond involvement was there of the bank. The Staples bank was very
greedy and focused more towards making profits (Stevens, M.N and et.al., 2019). Bank was not
making full disclosure of the information by providing misleading information and also acting
not in the good will. Focus of the bank was to gather more and more investments irrespective of
the benefits of the customers.
All these issues can be corrected by the Bank by using appropriate authority or individual
for the separate issue. It is a four way process which involves sender of the information, filter of
the information and receiver of the information. Sender will sender the information to the filter
person and that person will check whether the information is correct or not, if the information is
not correct then the Bank must focus on correcting the information and then the corrected
information is sent to the receiver. In the last step feedback must be taken from the customers in
which proper information must be asked from them and if there is any issue then the same must
be corrected.
Bank must focus on providing right and fair information irrespective of the greed of the
company. If the bank provide information which is right and correct for example correct interest
rates on loan and investments. Staples must also not completely focused towards making profits
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but should also take care of the customers, because “customer is the king”. Bank should make
profit but by portraying the customers right picture of the business (Setiawan, A.R., Koimah, S.
and Ath-Thullab, P.P., 2019). The bank must clear all the terms and conditions of the business
along with policies of the business. As per the article written in Daily express it is found that
90% of the business have succeeded because of fair information and the same are also successful
in retaining the customers.
CONCLUSION
As per the study it is concluded that effective communication plays a major role in
effective and efficient performance of the company. Staples Bank must focus on new method in
order to get the best results. Ethics must be respected by the bank in order to achieve better
results for long period. There are also various modern platforms such as blogging, messenger etc.
which must be used by the company.
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REFERANCES
Arnold, E.C. and Boggs, K.U., 2019. Interpersonal Relationships E-Book: Professional
Communication Skills for Nurses. Elsevier Health Sciences.
Yang, H., 2019. A critical reflection on improving effective team communication. Frontiers of
Nursing. 6(1). pp.13-18.
Choe, A.Y. and et.al., 2019. Inpatient Communication Barriers and Drivers When Caring for
Limited English Proficiency Children. Journal of hospital medicine. 14. pp.E1-E7.
Chandrasegaran, A. and Singh, M., 2019. Utilizing Principles of Clinical Hypnosis for an
Effective Communication with Patients in Managing Chronic Pain. Sleep and
Hypnosis. 21(2). pp.117-122.
Soundar, S., Micro Macro Assets LLC, 2019. Repetition of communication attempts based on
communication outcome for effective sales and marketing engagement. U.S. Patent
Application 10/284,721.
Kanki, B.G., 2019. Communication and crew resource management. In Crew resource
management (pp. 103-137). Academic Press.
Colwell, C.B., 2019. 1 6 Media Communication. Communication in Emergency Medicine.
Greenway, T.L., and et.al., 2019. Barriers to Communication in a PICU: A Qualitative
Investigation of Family and Provider Perceptions. Pediatric Critical Care Medicine, 20(9),
pp.e415-e422.
Stevens, M.N and et.al., 2019. Communication and healthcare: Self-reports of people with
hearing loss in primary care settings. Clinical gerontologist. 42(5). pp.485-494.
Setiawan, A.R., Koimah, S. and Ath-Thullab, P.P., 2019. Effective learning and teaching. world.
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