Question

Citizen Bank employees shows little trust for its management team and it is aware that information is not shared and communication within the organization is insufficient.

Chris Korr, was given the task by one of his managers to select and implement an investment management software at the Citizen Bank.

This software is to be used to eliminate the use of paper and beef up departmental transactions. The department that responded to the software change were audit, compliance, investment and wealth departments. The team selected for implementing the software comprised primarily of personnel from the wealth management department.

The software selected by Mr. Korr along with the project team is now being adapted and used by the organization. Many employees complained that the software is not as user friendly as the previous one that was used, even if a surveyed was done, the eventual choice was not the best and cost millions of dollars.

The software that was chosen was the leading brand in many developed countries, used by many banks. However, employees have indicated that the software was not user friendly and has many deficiencies and in returned the software prevents employees from fulfilling critical job functions. An employee from the Compliance Department stated that “the software did not take into consideration the peculiarities of the Caribbean and assumed that one size fits all.”

The wealth management team that were responsible for implementation have all left the organization.

1. What are some characteristics that would be necessary for a change agent to succeed at the bank? Implement strategies to ensure a successful transition of the change agent.
2. Provide 5 Recommend polices or measures to foster innovation at the Bank.

Kindly provide answer to the question posted above in no less than 700 words

Your help will be greatly appreciated.

Answer 1

Answer :

1. In a world driven by technology, globalization, and rising consumer demands, change is inevitable. Change agents in recent years have changed from specialization to a higher level of leadership that affects the way businesses and teams respond to evolving conditions and carry out daily operations. Change agents have to rely on imaginative intuition to find new ways for a business to develop and take advantage of opportunities. This involves linking individuals and backgrounds to obtain a more detailed understanding of viewpoints, perceptions, and personalities. People are the root of the greatest uncertainty in handling transition. People are going to be tough. Know that.-Know that. Worth this. Enjoy it. Confident with this. Be confident about this. Then determine how this resistance can slowly be chipped away. First of all, identify your allies. Frequent and clear dream contact is one of the main tactics to help you erode the opposition you face further. Never can you and your allies talk too much of the idea. These are must-win battles that determine success or failure and aim to improve the performance of the company on the market. This simplifies decision making and provides a clear view of how the organization aims to meet objectives. Successful agents of change will identify opportunities and evaluate them while looking for solutions. This will help to make a difference; people want to know like other people are listening to their ideas. Those who do this will develop stronger relations by gaining confidence with their people.

2. The only constant for many of us – people and organizations – is changing. Change, however, is important for growth and when properly used, leads us to be more productive and our ability to be maximized. This is why the transition needs to be a successful agent of change. The success of your change depends on having the appropriate agents who have the right skills, characteristics, and characteristics to work with their sponsors in an established changing structure. Not only the expertise in the subject! We need people who are interpersonal in the development of relationships and who also dare to face difficult situations that are inevitable in complex change. First, Treat agents as targets. Identify the scope of the change at an early stage and emphasize the organizational effects. Change Agents will give early insights on where the most resistance can be anticipated. Note that the bonuses will be in the recipient's benchmark. Agents need to be reinforced, too. In our changing management consulting work, one of the most common and fundamental errors we see is when sponsors choose individuals who are technical experts rather than consider the entire package. Sponsors must be approached by successful agents for adjustments. Informal communication helps to build a confidence relationship. At the end of the day, that is what clients care about for a Change Agent. There are different qualifications and experience required, even though agents have the right personal characteristics. Agents, for example, should have access to resistance management tactics and sponsoring strategy. The investment in inappropriate change management training will reward the current changes and future changes. Apart from developing a change structure which includes the identification of Agents in all areas of the organization that are to be affected by the change, one thing we are doing with our Change agents.

3. The worldwide banking sector is strategically focused more and more as well as making enormous technological progress. Innovation should be an important business priority for any bank institution. This enables them to meet customer requirements while also protecting their market share against growing competition. Disruptive innovation is essential to understand that many industries are currently experiencing more radical transformations than having taken place in recent decades. As the digital services economy arrives, banks will change and affect other industries, economies, and societies. Examples like Wells Fargo have made us aware that large companies with a rich history will constantly evolve, adapt themselves to evolving conditions, and work together to renovate themselves. Open banking APIs improve creativity and cooperation. Because customers' support is a vital part of open banking policy, increased attention is put on the proposal for value for customers with companies delivering creative solutions that are the winners. Predictive banking is one of the most exciting innovations that citizens' bank can promote. The banking industry consolidates for the first time both domestic and external data and establishes in real-time consumer predictive profiles. The financial institutions know their clients very well and can guide the future with rich, reliable, and financially viable customer data while improving safety and performance. Nonetheless, if management is successful in fostering an innovative and open climate, creativity will take place in natural ways. The cycle of convergence of feedback to a single concept takes place faster than when only key personnel is involved in the process when the whole company storms. By creating a strong corporate culture, each employee can innovate. Citizen Bank also can test applications that enable customers to gain more control over how third-parties use their data. For consumers to sell their details, many creative financial companies are setting up ways. Cardless banking allows customers to collect cash, pay bills, request checkbooks, ask for balance, and request a mini declaration. It contributes to rising banking ecosystems to make the lifestyle of a customer better than financial services. Innovative company management structures tend to be flat, offer open communication possibilities, and promote trust. Recognition is one of the most important methods for improving worker creativity and innovation. This is a practice that can bring tremendous benefits to the organization, and people want to be recognized and honored for their ideas and initiatives.

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