CHANGE MANAGEMENT - REQUISITE OF MODERN DAY BANK MANAGEMENT

Nothing is Permanent except change, as it is rightly said, with the advent of technology and innovation, Dynamism had become the essence of Bank Management in almost all the facets of Banking Industry. Moreover Present era of Covid has taught us how to cope up with unexpected new normal.

- Abhinav Jain

With the increase in competition and ever increasing expectations of customer in recent times the management of Bank has become a mammoth task, that can't be handled by Static Policies, Procedures or Operations. Adapting and managing the change in every facet of modern day banking had become an inadvertent task that needs to be addressed in continuous manner. The framework of change management should be created in such a manner that all past, present and future issues along with key functionalities of various departments are taken into account with due consideration. This framework needs to be reflected in policies, guidelines and strategic recommendations of the bank.

Just providing Routine products and service to the customers, for that very matter is not going to suffice the purpose of survival or growth in banking industry. It needs to be complemented by exceptional customized catalogue of Banking and other financial products along with timely delivery of service is something that is inevitable for customer delight, which in turn will help in strong Customer Relationship Management (CRM), i.e. the need of the hour is not just to be banker to the customer, but to be a complete financial planner to the customer.

Needless to mention with ever-changing technology like innovative software solutions for Customer Relationship Management, Digital Platforms for providing service the paradigm shift has already happened in terms of expectation by customers in terms of traditional services to overall financial solutions to cater all financial needs of customer in a speedy, hassle free manner as a one stop solution.

Before coming to the attributes that are needed in staff and usage of technology as innovative change manager let us first understand change management process.

Change Management Process