Essay On National Australia Bank Digital Enterprise

 

National Australia Bank is one of the most well known banking organisation and digital banking company in the world. The company has established itself as one of the most innovative company in the world at the same time is a market leader in banking industry (KHurshidbek et al 2022). National Australia Bank incorporated has developed and provide services in multiple fields including digital based banking products and services to their customers. The company do not have any efficient or applicable digital marketing plan or strategy. The organization has their own official website and other social media handles but the organization has a very poor social media and digital media management strategy. According to the current needs and requirements it is necessary to integrate the operations of the organization with the digital platforms in order to effectively engage as well as reach out to the customers (Zeller and Dahdal 2021). The paper would be conducting a thorough analysis of the current use of digital enterprise and e-business of National Australia Bank at the same time it would evaluate market position effectiveness of the digital enterprise. Following that the paper would go through various areas of improvement and provide various recommendations and suggestions that would help the organization to effectively utilise to expand their business and increase the efficiency. The paper would also include a post implementation evaluation which would provide a great detail about the success the paper would be evaluating and recommending different strategies that would help the digital enterprise of National Australia Bank to grow further and provide the organization with a greater competitive advantage. 

 

National Australia Bank being one of the giants in the Banking industry has a huge impact in the finance and banking industry. The company has got multiple digital banking products such as the online loans (Laplante and Kshetri 2021) , net banking facility  business banking, online credit or debit facilities and many more. The software of the company are one of the best in the industry as well as the company also owns and very effective website through which they sale their various digital banking products and services. The company has been constantly renovating and evaluating the products both digital platforms and customer service. However as far as the digital marketing and promotional strategy of the company is concerned the company utilizes digital platforms very meagrely (Bhasin and Rajesh2021). The strategies of the company mainly focuses on product innovation and development rather than promotion. The digital presence of the company is very low as the current status of the company did not focus on expanding their products reach through digital platform or through any kind of media platforms. However the digital products of the company have a very wide reach but the services are limited to the very meager number of people who have physically opened an account in the bank . The company do not provide any net banking or digital banking services to individuals who do not own any physical account in any branch of the organization (Argus, and Samson2021). As a matter of fact the organization tends to have complete control over the consumers regarding their digital activities using the company software. In the modern age where it is very much necessary for the organizations to collaborate and increase the digital compatibility of their products it is a well known fact that National Australia Bank digital products are highly incompatible with the other products. The digital enterprise of the company have a very efficient supporting system for the consumer electronic products that provides instant solution to the customer grievances. Apart from that the organization also utilizes various chatbots to support the business activities (Nguyen et al 2021). 

 

 

The company provides complete free access to all the digital platforms after an individual has opened an account  within the company. A claim has been also made by other partners of the organization the business partners could not effectively conduct businesses through various restrictions put in by the National Australia Bank on their digital platforms. The intra organizational communication through the utilization of this digital enterprise by National Australia Bank is very efficient. The organization follows a very strong chain of communication. In order to maintain the internal operations of the organization the organization has installed an effective and efficient human resource management software along with a strong CRM software. The organization doesn't focus on establishing or creating a strong Internet presence rather it believes in marketing and targeting loyal set of customers and serving them with new and innovative products (Shukhratovna 2021). However the company has dedicated chatbots that provides to establish relationship with their customers and engaging them in terms of any query but those initiatives are not efficient enough to engage the customers of consumers in terms of product promotion and sales. 

 

National Australia Bank’s performance in the digital platform in comparison to the current industry standards and norms. Compared to the performances of its competitors such as Westpac and Commonwealth Bank the organization has a very poor digital promotional strategy as well as a digital presence. Westpac and Commonwealth Bank constantly engages in various social media advertisement such as personalise video creation, specify target marketing, affiliate marketing social media influencing strategies. Apart from that the organization also establish strong relationship with the consumers and customers through providing concept updates of the new product development and innovation through the social media platforms which increases the organizations visibility to their target customers (Jhuremalani et al 2022). On the other hand National Australia Bank does not focus much on advertising strategies which often leads to the poor performance of the organization in terms of expanding itself engaging their customers. According to the latest trends in the digital marketing industry it is expected that the organization would not only engage the loyal customers but also help in attracting prospective future customers as well. Before any product launch the other competitors in the same industry ensures they create a buzz through constant post sharing at video creating at the same time providing personalised messages to the customers and consumers (Dimitrova and Öhman 2021).

 

Apart from the weaknesses of the organization the National Australia Bank has also got very efficient and strong customer management and human resource management softwares and services. The organization digital products such as home loan and other business to customer services has been proven to be very effective and also ensure that they effectively engage the customers and consumers. According to the current needs and requirements of the digital banking environment it is very important for various organisations to provide various digital solutions and products. The digital banking products in terms of business to business framework of the company includes business home accounts, business bank accounts and finance and loans. Through the utilization of digital banking facilities of the company the transactions have become more efficient and smooth at the same time due to the effective customer management and relationship management systems the organization has been able to maintain a strong relationship with their customers and consumers. As far as the relationship with the various business organization is concerned the tank has maintained very strong relationship with various business clients due to their smooth and quick online transaction and international and foreign exchange facilities. Apart from that the digital platform of this organization also includes various industry specific banking facilities which is very unique to this bank which ensures a greater competitive advantage. Despite the bank with not having an efficient digital marketing strategy the digital platform and enterprise of the organization has been established and position in a very strong manner in the market which becomes a pet advantage for the organization. The digital platform of the organization has also allowed the banks to cooperate and synchronise their strategies with very small businesses providing various mortgage and other facilities. 

 

 

As far as the security of the softwares and the digital enterprise of the organization is concerned National Australia Bank is known for their high security softwares and programs. National Australia Bank has a very strong security features which could not be hacked easily or the privacy of the organization could not be breached so easily (Azmi et al 2021). The company has so strong image about the security and privacy features that it has become one of their USP to sell their products and services. 

 

 

The digital enterprise of National Australia Bank has a lot of opportunities in areas of improvement as the organization has a very weak presence throughout the digital media and platforms. The very first strategy that the organization needs to improve upon is there social media engagement strategies. As the organization does not have any effective strategy to engage the consumers or customers the company needs to develop and collaborate with different social media influences in order to improve their social media marketing strategies. The digital enterprise of the organization needs to focus more on reaching out towards their target customers and audience through the utilization of social media influences (Sun 2021). The company could provide various incentives to various business organisation and the individuals with frequent transactions on the e-commerce platforms. This would ensure that the organization reaches out to as much people as possible. Apart from that the organization could also develop and establish various engaging post such as interactive videos, various social media contents and develop various trends.

 

The organization could capitalise on the current social media strategy of the company through effectively engaging their customers with it. The company could announce that Utilizing their credit cards are there digital payment methods  could win a prize such as one month free service or various gift vouchers on the next purchase of the new products from the any digital platforms. This strategies would effectively engage and attract more customers towards the company at the same time it would also ensure that the organization improves the visibility towards the target customers (Akther and Tariq 2021).

 

Moreover the organization could also participate in sponsored advertising on various social media platforms which would ensure and provide the organization with a fixed number of customer reach each day. As the organization has a huge customer base the organization could collaborate with various business organisations and ecommerce websites such as Amazon and provide various lucrative incentives and discounts on purchases made on the platform by the utilization of the bank payment methods. This would ensure that they company gets more and more customers engaged in their services efficiently. This would also help the bank to identify the banking habits and help the organization to provide a more personalised credit and loan services to the customers (Maharaj, and Pooe 2021). This would help the organization to effectively understand the needs and requirements of the customers and consumers as well as ensure that the new products that is being developed by the organization are in alignment with the needs and requirements of the market. Moreover this would also ensure a greater amount of innovation within the organization allowing the company to be more effective and engaging with the consumers.

 

The organization also needs to work upon their organic marketing strategies. The organic marketing strategy of the company would include utilization of various hashtags and keywords in order to ensure a greater visibility of the products. The company would encourage their customers and consumers to share Andrey share their posts so that it reaches to maximum number of like minded people increasing the companies reach as well as the visibility (Shakuto and Yeoh 2022). 

 

It is very important for the organization to evaluate the different strategies and improvement plans better executed by the management or by the organization similarly suggestion would also require an evaluation plan in order to evaluate the success of the strategies as well as to identify the presence of the organization on digital and social media platforms (Tsindeliani et al 2021). The very first evaluation criteria would be the customer engagement and visibility. The customer engagement and visibility of the organization could be easily access through the evaluation and calculation of the increase in the number of followers on the social media platforms. The increasing number of followers and page visits clearly demarcates the reach of the organization through their digital and social media strategies. At the same time each and every post engagement would also be evaluated through the number of lights and comments each of the posts have received on a monthly basis. This would help the company evaluate the effectiveness of each and every course as well as to calculate the reach of the posts created by the organization. This would also increase the visibility of the company on the different digital enterprises and platforms (Khan 2021). Moreover a qualitative analysis of all the comments should also be done in order to identify the reaction of the customers towards the posts. Hence the organization would identify how well the social media posts as with the target audience and how effectively they have been able to attract the attention of the audience. For qualitative analysis and evaluation of the comments as well as the reactions achieved on the post the organization could utilise various automated feedback systems so that the company could get the extract of all the responses they have received.

 

As far as the open innovation strategy is concerned the company should evaluate the same by the number of participants participating in the innovative drive as well as the number of responses each and every day the organization is receiving. Moreover the organization could also calculate the number of repeated comments as well as repeated users providing responses to the innovative drive (Anthony 2022). This would provide and project the data of employee engagement and customer engagement of the organization through various digital and social media platforms. Apart from that another evaluation strategy would be to evaluate the number of visitors on the official website of the company along with the number of orders placed through the digital platforms. By calculating the viewership as well as the number of orders placed the company would be easily able to identify the effectiveness of their social media strategy and digital strategy. 

 

 

From the above discussion it could be easily concluded that the current strategy followed by National Australia Bank is not very effective in engaging the customers as well as it has a very poor social media presence. Harvard according to the current needs and demands of the market is very important for any organization or company to integrate them marketing strategy with a digital enterprise any business so that they could expand their reach and improve upon their customer engagement strategies. Tells a lot of suggestions and evaluative techniques have been suggested to the organization such as an open innovation strategy and effective affiliate and social media influencing strategies show that the organization court effectively engaged and reach out to the customers along with understanding there needs and demands.

 

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