The importance of effective communication
A Building Societies Association case study

Page 1: Introduction

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The Building Societies Association (BSA) is the trade association for all the UK's building societies. A building society is a financial institution that offers savings accounts and mortgages as its main business. About 15 million adults have building society saving accounts whilst over 2.9 million adults are currently buying homes with the help of a mortgage. The UK has 54 building societies...
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Page 2: The communication process

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Effective communication is vital to all businesses. The communication process involves: If the right message does not get to the right person, in the right format, then this could affect the overall efficiency of the business. Worse still, the wrong messages might be passed on to the wrong people. This could actually harm the business. There are a number of parts to any communication. For...
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Page 3: Communication media

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A business will need to provide messages in different formats or media. This depends on the individual needs of different stakeholders and whether the message is internal or external. Internal communications take place within the organisation. The BSA communicates internally with its members using detailed policy briefs and updates, as well as a monthly newsletter and quarterly magazine. The...
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Page 4: Communication networks

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There are a number of ways to organise communications networks, each with different advantages.  Networks of communications may be: centralised - where a leader directs the flow of communication decentralised - each member of the group has access to the ideas of all other members. To communicate appropriately the BSA sometimes acts as a 'hub', providing information to government...
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Page 5: Barriers to communication

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Barriers can get in the way of effective communication. This is known as 'noise'. Noise makes communication less efficient and less cost-effective. For example, if a change occurred to legislation, such as changes to deposit protection, the message explaining this to building society staff would be different to that for its customers. Each version would need to be written and presented to...
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Page 6: Conclusion

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The Building Societies Association represents the interests of its member building societies. In turn, these building societies serve the interests of their own members who are also their customers. The BSA and societies need to convey clearly the benefits of mutuality to member customers, as well as to potential new customers. Mutuality brings positive impacts to both customers and...
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