Commbank leverages the values and benefits of Social Technology

Written on Friday, 16 August 2013 by Chris Vo

A study in McKinsey’s report identified the benefits and values associated with organizations implementing Enterprise 2.0 using the 10 Social Technology value levers (as shown below). These levers are present in multiple functional areas of the business (also known as the business value chain).

Image by Mckinsey


Last week we discussed how the Wikinomics business model principles applied to businesses using enterprise 2.0 technology such as Starbucks and StacksOverflow. Today we look at how Commonwealth Bank uses enterprise 2.0 tools to leverage the product development and customer service functions for their business.



Image by Newspaperworks

They’re SOCIAL on social media!


Like Starbucks, Commonwealth Bank (or commbank) has multiples modes of interaction between its customers and key staff members so they could achieve as much feedback and ideas for improvements on any particular product or area of service as possible. They’re connected to just about all social media channels that you could think of… from Facebook to Youtube to Google+ and their most recent, blogging.
More on Commbank’s social media strategy can be seen in this clip below.



1. Product development (Customers are the co-creators for products)


Commbank provides a livespace community forum, called IdeaBank where customers can post, vote or discuss with other customers within the community the ideas which could relate to existing products or products (or services in some cases) that they wish to see modified or developed in the future. Customers can vote on the likelihood in which they wish to see an idea come into action. This is the usual process for product development via social media interaction.



Image by Expounder with cheese

So in essence, Commbank listens to their customers and what they would like to see changed or developed and implemented.

2. Customer service

Similar to other facebook pages that you might find for businesses, Commonwealth bank sports a support community page for:
Ö        Real time search for addressing problems with customers
Ö        Community building, not just for selling their products but instead as a way for building a community-minded philosophy
Ö        As a method for interacting with bank customers about their products using this social media channel, and
Ö        Enabling transparency by allowing only key staff members, such as the bank manager, to answer questions directly to customers via a community page.

Image by Commbank


So I believe that Commbank has set the bar for other major banks to up their game when it comes to providing a strong community and a customer based support network or simply by reaping the priceless benefits and values of using social technology. A big thumbs up for Commbank!


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4 Comments

  1. danieljholman |

    Very nice article man. It's great to see a company so involved with their customers. I am personally sick of seeing business that totally ignore the thoughts and feedback of its consumers, it feels like they don't even care.

    Keep 'em coming

     
  2. aasmetz |

    Nice blog Chris. Very interesting read. However I would be interested to hear you opinion (and anyone elses) on something. It is true that Commonwealth bank does deliver quality service, but do you believe that they care for their customers past a business standpoint?

    I personally believe that their customer service is simply in place to keep their member base. I understand most people simply want good customer service and they don't really mind how genuine it is, but I simply think that Commonwealth and the other major banks simply use customer service as a competitive standpoint to maintain their market.

    I would be interested to hear your opinion on this.

     
  3. Olumayowa (David) Omotoso |

    It's worthy to note that organisations care about the personal satisfaction of it's customers. A very thoughtful approach to modern business

     
  4. Chris Vo |

    I concur with your opinion on this one. I would presume that Commonwealth bank and all other major banks focus primarily on delivering a high quality service to remain competitive and at the top of their game in the market against other banks.

     

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