This chapter develops and underlines the concept of continuous improvement teamworking approach in a major banking organization. It is not a complete explanation of the continuous improvement teamworking approach but rather an illustration of the emergence of a new form and type of teamwork approach especially with banking organization becoming virtual organization and more competitive. With virtual meetings and interactive electronic communication, people at work above their normal face-to-face teamworking activities are having meetings, communication and sharing of information through a modernized continuous improvement teamwork approach with or without necessarily being in the immediate place of work but physically apart working across space, time, and organizational offices linked with Webs of digital collaborative communication technologies. The continuous improvement teamworking model is developed by the researcher using a deductive reasoning approach with 15 years of practical experience working with teams in a continuous improvement and change environment coupled with phenomenological methodology of ethnography (moderate participant observation as the method of collecting data) in the retail banking sector. This study has been done for nearly nine months, which represents about 190 hours spent in the major Australian retail bank. The model is a virtuous CTIO circle, which reflects the concern (issue)—task (action)—interaction (involvement and connection)—outcome (result) phases. It illustrates the new evolving consultative, participative, and interactive virtuous teamworking approach. The finding from the participant observation study has shown that synchronous conferencing, internet online functional services, continuous improvement, and team meetings form the essential four core elements of the CTIO model. The adoption of a continuous improvement teamworking approach is assisting in better running of retail banking operational activities and in achieving better performance. This chapter is important to senior managers and managers in improving the operational activities of their businesses to be more competitive.