Answer :
For improving Commbank's services, comparing it with local banks and focusing on innovations in customer service, increasing interest rates on deposits, reducing fees, and adopting advanced digital banking.
Technologies can enhance convenience and satisfaction, which academic research supports as effective strategies in the banking sector.
To design a better service for Commbank, we can look at the competitive landscape by comparing it to two other banks in the area based on a variety of criteria such as services, fees, convenience, and reputation.
To justify the improvements, academic research suggests genuine customer-centric innovations are key to staying competitive in the banking sector. For instance, research shows that banks which focus on user experience and employ technologies that facilitate easier banking tend to retain customers better.
As for fees, adopting policies that offer higher interest rates on deposits and lower service charges can attract more customers. For convenience, minimizing long wait times at ATMs or expanding the number of available machines can improve the customer service experience.
To conclude, the implementation of customer-oriented service design and the integration of digital banking technologies are justified improvements that align with current consumer needs and preferences in the financial services industry.
