Business Communication Process in Commertial Bank

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Letter of Transmittal

December 13, 2010

Ms. Afrins Farid
Faculty, School of Business Administration
University of Information Technology & Science
Motijheel Campus,

Dear Madam,

In connection of our practical orientation in IFIC Bank Ltd, we would like to submit our report to you.

We have prepared this report on the basis of our practical exposure of business communication system at IFIC Bank Ltd., Head Office, Motijheel, Dhaka.

It is great pleasure for us to present this report. IFIC Bank provides various communication systems in banking under the various departments and for this they communicate in different ways. We acknowledge our shortcomings but we have given our maximum efforts to gather as much relevant information as possible and present it in more representative way.

We shall be very glad if the report can serve its actual purpose and we are ready to explain any things to you if necessary.

Sincerely yours

Md. Kamruzzaman
Md. Shamim Ahmed
M. M. Arif Pasha
Ms. Halima Jahan

1.1 Introduction
“The meaning of your communication is the response you get”-an NPL presupposition. Communication is neither transmission of message nor message itself. It is the mutual exchange of understanding, originating with the receiver. Communication needs to be effective in business. Communication is essence of management. The basic function of management (planning, organizing, staffing directing and controlling) cannot be performed well without effective communication.

Business communication is any communication use to build partnership, intellectual resources, to promote an idea, a product, service or an organization-with the objective of creating value for your business. Business communication involves constant flow of information. Feedback is integral part of business communication. Organizations these days are verily large. It involves number of people. There are various level of hierarchy in an organization. Greater the number of levels, the more difficult is the job of managing the organization. Communication here plays a very important role in process of directing and controlling the people in the organization. Immediate feedback can be obtained and misunderstandings if any can be avoided. There should be effective communication between superiors and subordinated in an organization, between organization and society at large (for example between management and trade unions). It is essential for success and growth of an organization. Communication gaps should not occur in any organization.

Business communication is goal oriented. The rules, regulations and policies of a company have to be communicated to people within and outside the organization. Business communication is regulated by certain rules and norms. In early times, business communication was limited to paper-work telephone calls etc. But now with advent of technology, we have cell phones, video conferencing, emails and satellite communication to support business communication. Effective business communication helps in building goodwill of an organization.

Economic history shows that development has started everywhere with the Banking system and its contribution towards financial development of a country is the highest in the initial stage. Schumpeter (1933) regarded the Banking system as one of the two main agents (other being entrepreneurship) in the whole process of development. Keynes also emphasized the role of banking services in the process of economic development of a country.

Modern Banking system plays a vital role for a nation’s economic development. Over the last few years the Banking world has been undergoing a lot of change due to deregulation, technological innovations, globalization etc. These changes in the Banking system also brought revolutionary changes in a country’s economy. Present world is changing rapidly to face the challenge of competitive free market economy. It...
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