MANGEMENT

Customer service activities of common wealth bank

Customer service activities of common wealth bank

Q1

The organization selected for this assignment is Commonwealth Bank Australia. As a market leader, common wealth bank is one of the largest capital organization listed on the Australian Securities Exchange. It is also a part of the Morgan Stanley Capital Global Index. Since its incorporation in Australia it has not only provided innovative financial products and solutions to about one million local Australian consumers but it has also provided a range of financial products and solutions to about one thousand Australian small and large corporate consumers and the Australian government.

As a market leader, commonwealth bank has provided a range of diversified financial services and products, these include, retail and premium banking, corporate and institutional banking, investment management and solutions, insurance solutions, and share broking products and services. With such a large scale of operations in Australia, common wealth bank has been a strong and dominant domestic player in the banking and financial service industry of Australia. It not only has largest customer but is also operates the largest financial services distribution network in the country (commonwealth bank Australia, (1991), pp 97-142).

Establishing the needs of its potential customers

Common wealth bank strives to provide market leading and innovative financial products to consumers and therefore common wealth bank take rigorous steps in order to identify specific needs and demands of potential customers. Common wealth bank performs a continuous feedback mechanism which targets its current and potential retail and corporate customers. This feedback mechanism has helped common wealth bank in achieving a five star CANNEX rating for all of it s products.

Feature and benefits of products

Common wealth bank incorporates customer's needs and demand into its financial products and solutions. Some of the key examples are given below

The Financial Health Check of common wealth bank insures that its customers have the accurate products which can easily meet their needs. It therefore, helps in maximizing their investment and eventually resulting in reduced associated cost with these plans (COMMONWEALTH BANK OF AUSTRALIA,, 1958, pp 104-107).

Similarly, the Mortgage Check of common wealth bank helps in evaluating the home loan required by customers. It precisely confirms that its customers have the exact option which matches their financial capabilities.

In order to continuously improve their branch operations, common wealth bank recently introduced Foreign exchange booths in their some of the busiest branches so that its current customers can conduct their foreign exchange transactions as quick as possible, thereby helping them in saving their precious time.

Common wealth published customer service policy

Common wealth bank dreams of becoming Australia's premium financial services organization, and therefore strives to achieve this aim through standing out in customer services. It has therefore, implemented a range of programs and policies in order to maintain a high level of commitment which is given to all present customers of the Commonwealth Bank.

Some of the policies and programs implemented by common wealth bank include the following

Determined focus on services

Common wealth bank strives to provide best possible ...