Importance Of Communication In Bank - 942 Words

Executive Summary Communication is a process of sending and receiving information among people. Humans communicate with others not only by face-to-face communication, but also by giving information via the Internet and printed products such as books and newspapers. It is believed that the significance of communication is like the importance of breathing. Indeed, communication facilitates the spread of knowledge and forms relationships Banking is the business activity of accepting and safeguarding money owned by other individuals and entities, and then lending out this money in order to earn a profit. It could be regarded as taking money from the Haves and giving it to the Haves not. For the banks to carry out its core functions, grow,†¦show more content†¦It will also recommend the various forms of digital communication systems the bank needs to adopt to remain relevant in the banking industry, its cost effectiveness and the benefits associated. 1.2 Problems Developing a proper communication strategy in a banking sector must be built in the context of the customers’ expectations. In the current time, banking organizations are no longer interested in developing better communication strategies that will serve their clients. This is because they are obsessed with making money, and maximizing on their profitability. Communication is an important element that determines the profitability and efficiency of a banking organization. A banking organization cannot attract and retain a wide customer base without initiating better and effective communication strategies. Despite these realities, banking organizations maintain poor communication strategies. One of the main reasons is their desire to maximize profits, at the expense of customer satisfaction. Banking cooperation s will lose customers and fail to retain their existing ones if there communication strategies in inefficient and poor. This will most likely lead to reduced profitability, emanating from the reduction of their sales revenue. This will affect the objectivity of the banking corporation, and therefore give an edge to its competitors in the banking sector. Poor communication strategies will also affect theShow MoreRelatedEssay on Mowak National Bank1168 Words   |  5 PagesMOHAWK NATIONAL BANK Question 1: How do you implement change in a bank? In a traditional organization of Mohawk National Bank, the main problem is that there is no communication and cooperation between departments due to absence of a project manager, who could act as focal point for the integration work. 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