Analyzing Technology's Impact on Commonwealth Bank's Strategy

This report analyzes the role of technology in addressing business challenges from the perspective of the Commonwealth Bank. It explores the bank's strategic use of technology, including improvements to ATM systems, customer service enhancements, and the implementation of an ERP system. The report emphasizes how technology facilitates strategic planning, digital marketing, and the integration of new strategic assets. It also examines the impact of consumer feedback in the context of digital disruption and the bank's approach to reusing and modifying existing systems. The analysis highlights how technology enables the bank to overcome business and communication challenges, supporting its overall strategic goals and operational efficiency.

ROLE OF
TECHNOLOGY
TO ADDRESS
THE
CHALLENGES
From the perspective of
Commonwealth Bank

THE ABILITY OF EMPLOYEES TO LEARN
QUICKLY AND TO BUILD NEW
STRATEGIC ASSETS.
The Commonwealth Bank has
implemented new technology for the
improvement of the banking system.
However, for the proper implementation
of the selected technology there is a
need for the new strategy (Wydra 2015).
It can be said that the implementation of
the new technology is making the
employees in the Commonwealth ?Bank
capable to make new strategies those
are innovative in the banking sector.

STRATEGY PLANNING OF THE
BANK
There are certain innovations those are
strategically important for the Commonwealth
Bank are driven by the technology. These are-
 Improvised ATM system: Earlier the
Commonwealth bank card holders can use the
ATM only by the Commonwealth Bank. After the
reformation those card holders can use any bank’s
ATM for the transaction. This increases flexibility.

CONT..
 Improving the customer care service:
Commonwealth Bank has set up a new
customer care service where the
consumers can let then bank know
about their problems regarding the
service.
 Implementation of ERP system:
Implementation of ERP system by
Commonwealth Bank has increased the
possibility of internal strategy making
more flexible and accurate.

THE INTEGRATION OF THESE NEW STRATEGIC ASSETS,
INCLUDING CAPABILITY, TECHNOLOGY AND CUSTOMER
 Integration between the implemented strategy can
be done technically so that all the implemented
components are present in the system.
 Commonwealth bank has implemented some of
the strategies and those can be reflected and
integrated through the use of technology. In this
context, the marketing and the investment by the
bank can be mentioned.

CONT..
 Recently, the bank has started digital marketing
policy which can be considered as a leap in the
marketing for the bank (Hashem et al. 2016). It
has been seen that this bank is not very much up to
the marketing. However, the use of the internet and
the social media platform as well as the digital
advertisement platforms like Google Adds is
helping this organization to reach to the more
consumers

CONT..
 Apart from that with the implementation of the
ERP system for the internal functionalities of the
bank, the bank has achieved the proper
synchronization between the functionalities of the
different departments in the organization. This is
providing the bank positive feedback.

IMPACT OF CONSUMER FEEDBACK
 It can be said that there are certain affect regarding
the consumer feedback for the bank. The feedback
after the digital disruption in the bank has
increased the positivity in the feedbacks from the
consumers (Voulvoulis and Burgman 2019).
Apart from that the feedback is positive for the
bank as it is providing the flexible and the standard
services to the consumers. The use of the
technology in Commonwealth Bank is removing
the barriers of the constraint in the communication
between the bank and the consumer.

THE TRANSFORMATION OR REUSE OF
EXISTING ASSETS WHICH HAVE DEPRECIATED.
 During the course of digital disruption, the bank
has used the existing system. In most of the cases
it has been seen that the existing systems are
reused to a new system. This implies that the
proper modifications and the improvisations are
carried out in the Commonwealth bank using the
digital disruption.

CONT..
 There are certain advantages of using the existing
system after modifying it. This will keep the
structure of the bank contact, however, along with
that changes are also achieved (Turnheim et al.
2015). Moreover, the employees will partially
understand the functioning of the system after the
digital disruption as the main structure of the bank
is same as previous.

TAKE AWAY
 It can be said that the technology can help any
organization to overcome different business and
communication challenges. However, the
implementation of the technology is needed to be
done in a proper way. In this context, the example
of Commonwealth Bank can be taken.

REFERENCES
 Turnheim, B., Berkhout, F., Geels, F., Hof, A., McMeekin, A.,
Nykvist, B. and van Vuuren, D., 2015. Evaluating
sustainability transitions pathways: Bridging analytical
approaches to address governance challenges. Global
Environmental Change, 35, pp.239-253.
 Voulvoulis, N. and Burgman, M.A., 2019. The contrasting
roles of science and technology in environmental
challenges. Critical Reviews in Environmental Science and
Technology, pp.1-28.
 Hashem, I.A.T., Chang, V., Anuar, N.B., Adewole, K.,
Yaqoob, I., Gani, A., Ahmed, E. and Chiroma, H., 2016. The
role of big data in smart city. International Journal of
Information Management, 36(5), pp.748-758.
 Wydra, S., 2015. Challenges for technology diffusion
policy to achieve socio-economic goals. Technology in
Society, 41, pp.76-90.