Online Banking for Commonwealth Bank- myassignmenthelp.com

Question: Discuss about theOnline Banking for Commonwealth Bank. Answer: Introduction: In this assignment, I need to prepare a report on any business after and before digital disruption. Most important for this report is to prepare work centered analysis. This analysis includes customers, products and services, and business activities. After that I need to make analysis from the reading about that business. Moreover need to provide some recommendations to the company that can manage their business in better way in this modern era. After that, need to provide an implementation plan based on recommendation and also helps to minimize the negative effects of digital disruption on that company. Introduction to the case Background: Online banking is a part of banking innovation. Commonwealth bank of Australia was founded in 1911, and started its business in 1912 by first governor MR. Denison Miller. This bank was established for saving and general banking business purposes. After World War 1, this bank provided some authorities like war loans and shipping fleet. As time passed, commonwealth bank changes its several organization structures. From 1997 to 2003, it launched two business strategies. In this period, they became aware about internet and other IT performance support systems that helped for improvements in IT innovation, performance and other cost control business. In 2006, Australian bank operates its largest financial distribution network in Australia and opens more than 1000 branches, 135000 EFTPOS terminals. It helps to increase more than 2.5 million customers as they start internet banking services. After that, from 2006 to 2011, new CIO saw that technology and baking both are running in separate direction. He found there was more duplication, high errors and there is lack between interactions with customers. Thus, they launch new required technology that was good in speed and quality of services, minimum cost projects to be run. They replace all older banking system with SAP. This provided a new evolution in cloud computing and access to digitization by an internet cloud. Moreover, they start customer interaction system at bank, net banking and mobile banking as well that help to reach 6 million registered users. This digital innovations continuous building up and increase its customers up to 53% and these customers are online registered customers. Commonwealth bank provides a secure online business to banking solution. WCA before digital description event WCA after the digital description event Problem identification from the case The commonwealth bank worlds number one bank that provides integrated financial services. These services are retailing in banking, business in banking share broking products and services. Digital innovation enters into commonwealth bank system after 1997; it was a big challenge for CIOs to charge and managed those advancements in this system. The biggest challenge was to update IT strategy, technology and application. These three steps were going to change the needs of that business. Another challenge was about security and securing strategy. This strategy might be for single or multiple suppliers and users. This is possible after 1997, when commonwealth bank adopts cloud computing. Next challenge was to develop capabilities that used to deliver the business, It and security strategies. These all things implemented in 2001 to 2006 (Willcocks Reynolds, 2014). Another challenge was It governance and its structure. For this change CIO, s made new It governance strategies and also recon structs IT structures of the company according to demand of IT business functions. Last challenge is use of those changes and need to make better than commonwealth competitors. For this they launched many projects with use of digital innovation and cloud computing to leading banking sector. After all these implementation commonwealth become top ranking bank in Australia. Net banking leads the market and increase customers and business partners. 6 million people use net banking and become online customers. For security purpose CommBiz came into market of commonwealth bank. It helps to provide secure and investment information and other transaction records to the customers database (Willcocks Reynolds, 2014). For the future investments technology, its important that banks needs to move towards commerce platform that connect different ways of transaction and data analytics (Mint, 2015). For this reason common wealth bank has establish a significant pattern of investment on products, services and also meet all small and big business requirements (PR Newswire, 1998). Recommendations to the company In this report, from all case studied used we can suggest that Commonwealth bank needs to provide better customers outputs. Moreover they need to provide better product pricing and offers. As studies shows it increases its customers at a high rate so, they need to launch some new products and that have better quality and speed. Commonwealth bank also need to aware about customers relationship with bank and new products entries. For all these things to happen they need to provide extra training and organize some seminar towards new rules and strategies. Lastly, they need to provide some better plans for international students that make ease for them. An implementation plan based on the recommendations Commonwealth need to build strong relationship between international students, because 50 to 70% of students in Australia are international students. So commonwealth needs to start a new project about international students that can help international students to manage their fees and other funds while sitting in their home country. Moreover need to provide some health insurance services, so that they can feel more secure. Conclusions In this study, commonwealth bank moves towards innovation in 1997 and Net bank goes live. After that, in 1999 Net bank is available to all its customers. Now they can use bank from their home and office. These services increase its customers up to 1 million in 2001. In 2005, some big changes were made like international money transfer while sitting at home, Net Bank email updates and alerts. In 2007, it improves its security system like two factor authentication system. In 2010, real time transaction across all channels of Net bank and net code also provides into ore inbox if we change something into our account. This helped to maintain security into our account. Moreover it also add video conferencing and Skype a lender. This is Australia first updating in bank that a customer can talk face to face with expert lenders from their home or office. Now commonwealth bank has $3 trillion Net bank transactions, 75% of logins on mobile, 32000 financial health checks in branch per week. More over, 5.8 million of customers are using digital that means 53% of customers using online digital transactions. This report describes digital resolution came into commonwealth bank and what challenges faced by management to approved and implement that all plans. List of References Commonwealth Bank Creates global Innovation Network (2016, Jan 19).Targeted News Services from https://search.proquest.com/docview/450009003?accountid=28745 Commonwealth Bank Expands its Commercial Banking Team. (1998, June 22).PR Newswirefrom https://search.proquest.com/docview/450009003?accountid=28745 Crosman, P. (2012). Innovation down under.Bank Technology News,25(12), 16-n/a. Retrieved from https://search-proquest-com.ezproxy.usc.edu.au/docview/1221263723?accountid=28745 Time to bank on technology. (2015, May 05).MintRetrieved from https://search-proquest-com.ezproxy.usc.edu.au/docview/1678219925?accountid=28745 Willcocks, L., Reynolds, P. (2015). The commonwealth bank of australia - strategizing from outsourcing to the cloud part 1: Perennial challenges amidst turbulent technology.Journal of Information Technology Teaching Cases,4(2), 86-98.