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The purpose of the research report is to delve into the notion of accumulating data about consumers demographic, behaviours, motivations, and associations for CommonWealth Bank Australia to attract and retain customers. The recent findings by the Royal Commission into the misconduct by banking industries has tainted CommonWealth Bank Australia which has led to consumer trust. In addition, fintech is on the rise where automation is slowly progressively replacing human interaction. To explore this, the report revolved around 6 but 3 focal research objectives where it was supported by qualitative and quantitative research catered to our target market of 18-45-yearold. The qualitative research consisted of all 8 members in the group to conduct an in-depth interview where a total of 15 questions were asked. This was followed up by quantitative research, where our questionnaire was designed on Google Forms consisting of 21 questions. A total of 75 respondents provided quantifiable data that allowed the group to present data and recommendations for CommonWealth Bank. These data reflected our 3 main research objectives and included: 97.4% respondents preferred online banking rather than visiting a bank branch, 83% respondents agreed that ethical polices were moderately toe extremely important and 66.6% respondents are concerned with he safety with online banking. As a result of this, 3 recommendations are proposed for Commonwealth Bank to regain and attract consumers trust, and allow the industry to adjust to the automation of face-to-face services. The first recommendation is holding workshops where it can educate consumers on using “Netbank” to its full potential. This workshop can also educate consumers on protecting themselves from online banking. The second recommendation is aimed at regaining consumers trust. Commonwealth Bank can provide social responsibility programs for millennials to engage in where they can help the community as many young individuals align themselves with values of helping others. The final recommendation is to design a new ad campaign by using opinion leaders that can cater and attract young millennials. Limitations were also met during our qualitative and quantitative research. These included a low number of 75 respondents that made up of mostly university students, time constraint limited our potential of reaching more respondents, some finding mays have been interpreted incorrectly and other statistical analyses that may have been useful were not included into the report. Group 3 were able to collaborate effectively, despite being faced with the challenge of transitioning into a face-to-face environment to online as a result the COVID-19 pandemic.

This was only possible due to effective communications skills and strong team cohesion, as there were many hurdles to overcome. These hurdles included reduced collaborative teamwork, differing day-to-day schedules and adapting to new learning changes. However, through these hurdles that was thought to restrict the group, it instead established strong team foundation as each individual understood the importance of their roles, creating an emphasis on dedication and communication which played a key role in completing this assignment. My roles were responsible for researching in identifying CommonWealth Bank’s brand awareness and associations in research objectives, designing the questionnaire and cover letter with 3 other team members, and providing recommendations. As mentioned above, Group 3 was faced with hurdles that were needed to overcome to achieve a satisfying end results of completing the report. Members that attended the first Market Research class were able to create a messenger group. However, 2 members were missing which required me to contact them via student email where they were able to provide me their profile link which allowed me to add them into the group. In addition, a total of 8 members were part of the group where there were conflicting time schedules due to work schedules and availability. To combat this, we communicated through messenger and established a google doc with each roles/task that needed to be completed. Those members that were available to complete the task that required more than one person were split up into 2 different groups. This is evident where me and 3 other group members designed the questionnaire and those that didn’t make it were responsible for interpreting the data through SPSS. Furthermore, by communicating through messenger and google docs, we were able to see progress of the work completed by each individual and provide feedback. This was especially important during the lead up to the presentation where we had to finalise our report and presentation slides by the 27th. Overall, Group 3 were able to overcome hurdles and work coherently to complete the assignment effectively. Although, we were able to work effectively to complete the assignment, I would approach the assignment differently if given another chance. For example, the majority of our respondents shared similar traits of a young demographic of students. I believe if we started earlier, we would have reached more of our target market of those 23-38, which might have provided more insights as their perspectives differ from the 18-22 bracket. By also being able to reach more of our target market, it would have deterred limitations of a low number of respondents that shared similar traits. In addition, I would have also asked more questions in regarding to

cyber security to further reinforce our hypothesis. I would of added questions in relation to their knowledge of cyber security and the perception on how banks protect consumers with it....