Australian commonwealth Bank Research Paper Example | Topics and Well Written Essays - 1250 words

Australian commonwealth deposit - Research Paper ExampleThe rural area Bank was founded as per Commonwealth Bank Act during 1911 and finally, it started trading operations since 1912. This bank is also one of the oldest and the some trusted banks offered a number of corporate and retail monetary services. After the rapid development of globalisation and international trade, the bank experienced very rapid harvest-home and currently, there are 800,000 shareholders are associated with the banks with 52,000 employees in the global market place (Commonwealth Bank Group-1, 2011). Australian Commonwealth Bank basically, offers three types of banking and other pecuniary services for the personal, business and corporate. The financial service is one the most important sectors for the growth of economies as the financial institutions offers major requisite financial assistance to the population and attention of the economy. Like the other manufacturing and technology industries, the research and development is also important for the financial services sectors. In financial services, it is easier to develop a convergence but its viability is always questionable. Moreover, ineffective financial products are evil for the entire economy for example, the mortgage backed securities were one of the prime factors which had led to bring the U.S. mortgage crisis. Therefore, the financial institutions should develop their research and development forge for innovating viable and effective financial product and services (Financial serve Innovation Centre, 2009). One the key factors for the success of Australian Commonwealth Bank is its modernistic operational and product development process. The bank has realized the necessity of the innovation for gaining a sustainable competitive advantage in the global competitions. Innovation requires necessary resources including infrastructure and skilled employees. The banks is financial very stable and has invested significantl y to acquired necessary physical resources for infrastructural and technological development. Besides, its intangible resources exchangeable innovative and highly skilled employees are also zippy determinants for innovations in the organisation (Commonwealth Bank of Australia, 2008, p.6-7). The following diagram depicts the structure of Australian Commonwealth Bank that plays a key role in managing the innovation within the organisation. Figure 1 Value Chain constituent of Australian Commonwealth Bank (Source Commonwealth Bank of Australia, 2008, p.7) This bank has been constantly trying to bring innovative products and services to increase the value of its services and its business. Recently, the banks have brought a number of innovative process, services and products signifying the bump business performance. During 2010, it has launched a number of successful products and services and some of them are listed below. Introduced Core Banking by 10 million accounts. Launched a sav ings product with high interest bearing, called GoalSaver. Brought in the new premium products like Diamond Awards credit card. Better and user friendly technological development has led to increase its netbank users by 20%. Net banking trough mobile device has also been upgraded. It has also brought many new developments and intricacy in its School Banking programme for increasing financial literacy. Due to such successful product and process innovation, it has become of the pioneer in customer service satisfaction. These initiatives for innovations have offered the banks a number of