Content Analysis of Banking Web Site Commonwealth Bank in Australia essay

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Banking Website

This report is providing customers with ideas and insights about the financial industry. However, the writer should not be held accountable for the conclusions and recommendations that are made.

Letter of Transmittal

In this research project we are focusing on the changes that are taking place inside the financial industry. This is accomplished by carefully examining the websites of Commonwealth Bank Australia with NAB. We then compare the two with one another by looking at various marketing strategies that are used in a literature review and analyzing the findings with one another. What we determined is that both financial institutions are using similar tools to target specific demographics of customers.

Table of Contents

Introduction

Problem Definition

Methodology

Data Analysis

Results and Discussion

Limitations and Future Research

Conclusions and Recommendations

Exhibits

Reference List

Appendices

Table 1: Top Financial Institutions

Bank

Total Assets

BNP

$2.69 billion

Deutsch Bank

$2.5 billion

HSBC

$2.4 billion

Barclays

$2.3 billion

RBS

$2.75 billion

Bank America

$2.26 billion

Credit Argicole

$2.1 billion

JP Morgan

$2.1 billion

ICBC

$2.03 billion

Citigroup

$1.9 billion

(World's 50 Biggest Banks 2011)

Introduction

For any business, marketing is a critical component that is used to effectively reach out to customers and inform them about new products or services that are available. In the last several years the strategies that are being utilized by firms have been continually changing. This is because more people are using the Internet as a way to learn about the kinds of products and services that are provided by a business. In the case of Australia, a similar trend has been taking place with a large percentage of the population using the Internet on a regular basis to stay informed about new products or services. Evidence of this can be seen by looking no further than the total number of people who are using this form of medium on regular basis. According to two studies that were conducted by Neilson and UTI, they found that the total number of Australians using the Internet has risen exponentially. As these amounts have grown from 6.6 million people in 2000 (33.8% of the population) to 17.03 million in 2010 (80.1% of the populace). (Australia 2010) These figures are important, because they are showing how the majority of Australians are going online as a way to learn about new products and services. As a result, a transformation has taken place in the way many firms are marketing themselves and their products / services. To fully understand this we will conduct a content analysis of banking websites. This will be accomplished by looking at the website of Commonwealth Bank Australia and comparing it with NAB Bank. Once this occurs is when we can offer specific insights that will highlight how these firms are increasingly utilizing the Internet as a way to effectively market themselves to consumers and inform the public about what they have to offer.

Problem Definition

For any organization, having an effective marketing strategy is one of the most important elements that are necessary in reaching out customers. This is because the ability of an organization to promote itself will help to keep them ahead of what competitors are doing by allowing them to adjust to changes that are happening in the market place. A good example of this can be seen with observations from Ferrell (2011). He found that those firms that have an effective marketing strategy can be able to identify the products that are most in demand. This is when they can create solutions that are customized to address these needs. At the same time, this focus helps companies to be able to adapt to the changes that are occurring inside the marketplace. Over the course of time, this allows a firm to maintain their competitive advantage by effectively reaching out to customers in comparison with others inside the sector. (Ferrell 2011, pp. 1 -- 5)

In the financial industry, globalization has been having an impact on the way banks are operating. This is because of the reduction in trade barriers and improved communication through the Internet, have allowed many firms to be able to offer more products / services around the globe. Evidence of this can be seen by looking no further than some of the top banks in the world (which is illustrated in the below table).

Table 1: Top Financial Institutions

Bank

Total Assets

BNP

$2.69 billion

Deutsch Bank

$2.5 billion

HSBC

$2.4 billion

Barclays

$2.3 billion

RBS

$2.75 billion

Bank America

$2.26 billion

Credit Argicole

$2.1 billion

JP Morgan

$2.1 billion

ICBC

$2.03 billion

Citigroup

$1.9 billion

(World's 50 Biggest Banks 2011)

Further down the list (i.e. numbers 36 / 37) are National Bank of Australia (NAB) and Commonwealth Bank of Australia. These firms have assets of $664.1 million (for NAB) and $600.2 million (for Commonwealth Bank of Australia). (World's 50 Biggest Banks 2011) This is significant, because it is illustrating how these two companies have been using a host of marketing strategies to be able to remain competitive. In an environment that has become increasingly dominated by large financial conglomerates.

As a result, both firms have been forced to use more effective tactics to contend with some of the larger organizations. One of the best ways that they are able to achieve these objectives is to use the Internet as a way to effectively reach out to a wide variety of customers. Over the course of time, this has given these banks the ability remain economically viable institutions. This is despite the shifts that have been taking place throughout the industry.

Methodology

The methodology that we will be using is known as the quantitative approach. This is when we are going to be looking at different sources that will identify various aspects of the banking industry that are important to marketing. The way that we will accomplish this, is to look at the actual websites of the banks themselves and then we will focus on various sources of literature that can support the ideas presented.

Once this occurs, is when we utilize comparative analysis to focus on various aspects of the project and the impact that they are having on both Commonwealth Bank of Australia and NAB. Anything that is going against the basic trends that are determined will be discarded as an anomaly. While all the facts that are supporting the patterns from the research itself will be used as a part of the methodology and analysis that will be conducted. This will ensure that we are taking an objective and accurate approach. When looking at: the underlying situation and the long-term impact that it is having on both firms.

Research Questions

To focus the research we will concentrate on several different questions. Below is what we will be looking at during the course of this study.

What basic marketing techniques are being utilized by Commonwealth Bank Australia to reach out to consumers in a very competitive global marketplace?

What tactics are being utilized by NAB in comparison with Commonwealth Bank Australia?

How have the different approaches helped both financial institutions to remain competitive?

How are these marketing strategies changing for both firms to reflect increased communication online and through globalization?

These different questions are important, because they will help us to focus the research on specific areas that will determine how both firms have adapted to the changing marketplace. Once this occurs, is when we will be able to see what specific marketing strategies are being utilized and how this helped them to remain competitive.

Data Analysis

To understand what marketing principals are being applied to Commonwealth Bank and NAB's websites we will examine a number of different sources. This will be accomplished by conducting a literature review of a host of ideas and how they apply to both firms. However prior to doing this, our concentration will be on the two websites and the kinds of products they have to offer. This is when we will be able to see what principals are applied and how they are impacting the way these organizations are reaching out to customers.

Literature Review

In the first source titled Commonwealth Bank (2012), it is providing information about the various products and services that are offered by the firm. This is divided into three different categories to include: personal, business and corporate banking. Personal banking is providing customers with a number of services including: bank accounts, savings accounts, credit cards, home / personal loans, financial planning and wealth management. While business banking is focused on several different areas to include: merchant services, accounts / credit cards, vehicle / equipment financing, management risk, agribusiness and international trade. In the case of corporate banking, there are number of products / services that the firm is concentrating on these include: financial markets, raising new working capital, research, structural finance, industry expertise and research. (Commonwealth Bank 2012)

At the same time, the bank is offering customers the ability to log into their accounts online 24…[continue]

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