12/8/2022 0 Comments The go getters from sweden![]() It is recognised as having the most clearly articulated e-commerce strategy in the banking industry. The bank also has NetBank, an Internet telephone banking service and an electronic-commerce division working on other developments. It is hoped that when customers want home loans or other high-value services they will choose CBA. Debit and credit transactions earn reward points and there are no account-keeping fees. #The go getters from sweden freeIt is encouraging customers who require low-value transaction services to use Woolworths outlets by offering 50 free electronic transactions a month. The bank's Ezy Banking strategy is a clever one. This gives the bank a huge, low-cost distribution network for basic banking services. In August, it took a key step with the launch of a retail banking alliance, with Woolworths, called Ezy Banking. Under chief executive David Murray, 50, CBA has shown initiative in developing alternative products and distribution channels. Getting the balance right is no easy thing, as the often strong anti-bank sentiment in the community shows. It has been able to satisfy shareholders by bringing down costs and improving returns, while continuing to provide customers with accessible and reasonably priced services. CommSec, which was launched four years ago and has offered an Internet service for the past two years, accounts for more than 7% of all Australian Stock Exchange transactions.ĬBA's leadership in low-cost broking is indicative of its success in dealing with the challenges facing bankers in the 1990s. The name that has become synonymous with low-cost, telephone and Internet broking services is Commonwealth Securities, a division of Commonwealth Bank (CBA). The growth of share ownership in Australia has elevated stockbroking to the status of a core financial service. They have matched the developments of the new participants and used their size to gain distribution advantages. But the established institutions have not been left behind. Many innovative new groups have entered the financial services industry, putting pressure on the profit margins of banks and life companies. The established institutions, particularly the banks, would have to fight a rearguard action to hold market share and maintain profitability. The future was in the hands of the mortgage originators, investment managers and intermediaries opening shops on the Internet that were unencumbered by expensive branch networks, old-fashioned management practices and demands on them to meet community needs. The judges were struck by the quality of the finalists, and the difficulty of separating them. Six judges determined the winners: Dennis Eck, chief executive of Coles Myer Graham Kraehe, managing director and chief executive of Southcorp Heather Ridout, public policy director of the Australian Industry Group Wendy Simpson, vice-president, corporate communications (Asia Pacific), at Alcatel Alan Tooth, managing director of Dairy Farmers and Neil Shoebridge, editor of BRW. The winners emerged from 18 finalists, which were selected after a review of hundreds of businesses, using information supplied by companies and gathered by BRW journalists. More importantly, they highlight the critical importance of innovation, tenacity, customer service and aggression in building a successful business. Commonwealth Bank, LookSmart, Austal Ships, Newcrest Mining, Brazin and Qantas turned in strong financial results over the past year. The winners have done more than survive they have prospered. All six have had to struggle to maintain, let alone increase, sales and profits. Of the winners have been through a market downturn in recent years as customers have reined in their spending or turned to alternatives. All six companies operate in highly competitive industries, where any number of local and global rivals are ready to steal their business. The six winners of the 1999 BRW Alcatel Business Awards highlight how tough life can be in the business world of the late 1990s. ![]() ![]() This year's winners show the importance of tenacity, innovation and a global attitude. ![]()
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