ipl-logo

Commonwealth Bank Of Australia Case Study

1617 Words7 Pages

The Commonwealth Bank of Australia (CBA) began the change of removing the need for a person to hunt down their own bank’s ATM to avoid a two-dollar fee to withdraw their cash. Why has the change been made now of all the years there has been a fee? There were more than two-hundred and fifty million withdrawals across all Australian banks by non-customers last financial year, this means that $500 million dollars were made over the course of one financial year (Hawk 2017). CBA began the decision to ditch ATM fees charged to customers of other institutions, Westpac Banking Corporation taking the leap soon after, with Australia and New Zealand Banking Group Limited (ANZ) right behind them. National Australia Bank (NAB) was the last of the big four …show more content…

Banks have claimed their returns from the machines are dwindling as they are spending more money on maintenance for the ATMs which are being used less every year as the country inevitably continues to a cashless economy (Snow 2017). Since the announcement was made, CBA has seen a 24% increase in non-customers using its machines (Chung 2017). This may positively affect the profits of the business as the use of ATMs grows from the fee removal. Showing that the agent (CBA management) have acted in the interest of its principal …show more content…

They will begin to be accepted in the Australian society which is one of the primary focuses of a business (Pitroff 2014). Due to the CBA being the first company to make the change in the Banking industry and removing the ATM foreign fees, this will be one of the reasons an existing or new customer may consider joining Commonwealth Bank of Australia as they will be seen as the business who are the pioneers in making changes which benefit Australians. As the business is viewed as a bank that is superior in terms of meeting society’s demands, this can lead to consumers of other banks making the move to a community friendly bank. In terms of the legitimacy theory, there is a positive impact on an organisation when there is an objective to meet social expectations (Chen 2010). This spontaneous decision made by the Commonwealth Bank of Australia will lead to an improvement in their ATM usage, corporate social responsibility and media

Show More
Related

Mr. Stephen Barker Case: Commonwealth Bank Of Australia

135 Words | 1 Pages

3. The respondent, Mr Stephen Barker, had been employed by the appellant, Commonwealth Bank of Australia, for a number of years before being made redundant in March 2009 as a result of the bank restructuring the Corporation Financial Services (“CFS”) teams throughout the bank. He was informed that his employment with the bank would be terminated if he wasn’t redeployed within four weeks, but in the meantime had to turn in keys, mobile phone, and his access to his company email account, voicemail, and intranet was cut off and as such he did not receive any of the numerous emails that were sent to him about different openings for redeployment. His employment with the bank was terminated after the four week (plus an extra week for being over the

Read More

Hi Guys Problem Statement

116 Words | 1 Pages

This has resulted in customer frustration at the need to visit the branch. The existing process is expensive and costs the bank 4MM in faxing and branch employee capacity."

Read More

Legal Theft By Alex Nym

364 Words | 2 Pages

Nym states that high ATM fees discourage people from using ATMs and them spending their money which is bad for businesses and consumers. From an

Read More

Commonwealth Bank Of Australia Case Study

1478 Words | 6 Pages

The Commonwealth Bank of Australia (CBA) is one of the biggest banks in Australia with nationally having over 4300 ATM’s, 3700 Australian post agencies and 1100 branches resulting in the CBA operating the largest of financial services distribution network in the country. The CBA also have over 4.6 million online customers and are the first bank in Australia along with one of the first few banks in the world to be able to transact at any hour in real time. The CBA was established in 1911 by an act of parliament called ‘The Commonwealth Bank act’ and began operations in 1912. When first established, there was only one bank which was located at 317 Collins Street Melbourne.

Read More

Suncorp Group: Superannuation In Australia And New Zealand

151 Words | 1 Pages

Suncorp Group can be known as a Corporation operating in finance, banking, insurance and superannuation in Australia and New Zealand. Suncorp’s fundamental commercial functions focus on Personal Insurance, Commercial Insurance, Vero New Zealand, Suncorp Bank and Suncorp Life. The business strategy of the Corporation is to build up a strong portfolio of marketing-leading brands to strengthen associations with customers and generate profits from the economies of scale attainable as a large organization (Suncorp Annual Review 2014/15, p. 1). As the purpose of the report, the banking business of Suncorp Group will be discussed mostly.

Read More

What Is Westpac Bank In Australia

178 Words | 1 Pages

Westpac bank is a transnational financial service company that was found in 1817; it is one of the four major banks in Australia. Its retail banking sector provides transaction account, saving and cheque account, credit card and mortgage loan. It also supplies investment products, insurance products and annuity in business banking service. In addition, it provides investment management, mortgage loan, broking products, life insurance and annuity to customers nowadays as one part of wealth management sectors. In December 2008, Westpac merger St George with $ 18.6 billion, and become the largest bank in Australia.

Read More

What Is Westpac Bank In Australia

1162 Words | 5 Pages

In Australia, there are four biggest banks such as Commonwealth Bank of Australia (CBA), National Australia Bank (NAB), Westpac Banking Corporation (Westpac), and Australia and New Zealand Banking Group (ANZ) which hold more than eighty percent of loans. Westpac, the oldest bank among the big four banks in Australia, currently faces the regulatory capital requirements by reserve bank of Australia, competitive environment and raised criticism of how clients have been treated. In order to response with these changes, the Westpac’s management concentrates on productivity, building trust, efficiency of capital, leadership strategy, customer satisfaction, wealth controlling system, and refinement of business models that can provide a competitive advantage in the long term. Westpac, which has been the oldest bank among big four Australia banks, was established in 1817 under the name “Bank of New South Wales”.

Read More

Libor Case Study

944 Words | 4 Pages

In several articles, and for one on the Bloomberg in September 2007, which titled “Barclays takes a money beating”, firstly, the journalists observations was that Barclays was submitting USD Libor rates consistently higher than other banks and lastly, that Barclays had approached the bank of England for overnight funds, a number of times in the previous night. This was of course, so that they could use the Libor calculation process to signal to the market that their operating costs are lower (healthier) than they really were. The inquiry into Libor manipulation at Barclays (CFTC Barclays, 2012) noted that, after senior management discussions, Senior Barclays Treasury managers instructed the USD Libor submitters and the supervisor to lower Barclays Libor submissions, so that they were closer in range to the submitted rates by other banks but not so high as to attract media attention. Although such an order won’t comply with the BBA rules for submitting Libor rates, it would be expected such a rule would be a normality at Barclays, as one of its senior managers sat on the BBAFX&MMC committee at the time. Over the next few months, Barclays lowered its Libor submissions, not only in USD but also other currencies, and titled it as strategy called “no head above the parapet” also referred to as “low-balling” (FSA Audit 2013).

Read More

Annotated Collaborative Research

1119 Words | 5 Pages

The banking industry is experiencing a significant transformation due to changes in customer needs, activities, behavior, and knowledge caused by the development of technology. Many graduates want to work in the banks; however, not everyone perceives the ways technology changes our banks in our modern society. It is exigent to research the impact of technology on the banking industry to make the audience, especially graduates who will work in the banking industry, understand how technology has affected every part of banking from the way banks operate to how customers access different banking services. The purpose of this paper is to provide our audience with an expansive review of relevant literature, aiming to illustrate the meaningful effects

Read More

Legal Theft: How Financial Service Fees Inhibit Capitalism

634 Words | 3 Pages

It can be very irritating to have to pay a fee to simply withdraw the paper money form of your own money from an ATM. The author also mentions, “consumers don’t have the time to explore every ATM in an area and find the best deal,” (Nym). Sometimes, consumers may find themselves in a situation where their only option is withdrawing cash via an ATM. For example, there are some towing companies that only accept cash payment on site when they come to tow your car if you happen to break down. If the driver needing a tow does not have enough cash on them they will have to get to an ATM and pay the corresponding ATM fee because they simply have no other option.

Read More

Case Study Wells Fargo

476 Words | 2 Pages

Wells Fargo’s “Gutless Leadership” Wells Fargo is one of the largest banks in the United States, with “…more than 8,600 locations [and] 13,000 ATMs” (Wells Fargo Today). Millions of Americans trust them with their finances. However, after a federal investigation, Wells Fargo has admitted to opening up to two million accounts without customers’ permission. While this had financial implications for many customers, this scandal most heavily affected Wells Fargo’s low-level employees.

Read More

Bank Of America Mobile Banking Case Study

1764 Words | 8 Pages

And was meant as an extension to already rapidly growing online banking with the added benefits like accessibility, where consumers could access their bank accounts on the move from their mobile devices. For many banks, that was yet another channel to attract and retain new customers and to increase their income. While online banking is still the most used banking method in the USA, mobile banking has increased its popularity by 7% and is preferred by 12% of consumers, according to a recent survey by the American Bankers Association. Having that in mind, let’s discuss the actual benefits consumers can gain from using mobile banking

Read More

Jp Morgan Chase Bank Case Study

1520 Words | 7 Pages

JP MORGAN CHASE JP Morgan Chase bank is the largest bank in United States by assets with its total assets valued at $2.515 trillion. Its hedge fund unit is the second largest in U.S. Its headquarters are Located in Manhattan in New York. Its stock forms part of the SP500 index and the Dow Jones. JP Morgan Chase bank is a subsidiary to the holding business JP Morgan Chase & Company.

Read More

Unit 407: International Business Strategy Of ANZ Banking Corporation

3578 Words | 15 Pages

Name: Stephen Catterall Student ID: 864309 Unit 407 – International Business Strategy (Blended MBA, 2014) Assignment Report for senior management evaluating how well ANZ Banking Corporation, is currently performing, and recommending how it can improve its international business performance with a view to its further expansion into the China (PRC) market. Chair: Dr. Vanaja Karagiannidis Date: 25th August 2014 Word Count: 2,649   Table of Contents 1 Executive Summary 4 1.1 Project Summary 4 1.2 Procedures Used 4 1.3 Problems Identified 4 1.4 Results 4 1.5 Recommendations 4 2 Introduction 6

Read More

Pestel Analysis Of Banking Industry

1748 Words | 7 Pages

2.0 SITUATION ANALYSIS Below are Malaysian banking industry’s external environment assessment using Porter’s 5 Forces Analysis. For the purpose of this assessment, 3 top-in-the-league existing domestic banking groups in terms of asset size have been chosen i.e. Maybank, CIMB, and PublicBank. All 8 domestic banking groups have operations in all the 3 segments of banking businesses namely Commercial, Islamic, and Investment bank. Upon analyzing and assessing their immediate surroundings, the banking groups recognize the following important factors that would impact on their competitiveness. THREAT OF RIVALRY AMONG EXISTING BANKS • Too many players in the industry; Each banking group has to contend with 7 other domestic banking groups and 30 other banking intermediaries both local and foreign, comprising 19 Commercial, 8 Islamic, and 3 Investment banks.

Read More

More about Commonwealth Bank Of Australia Case Study

Related Topics

Open Document