Change is the only constant in the banking sector in an era marked by our changing financial and banking landscape, rapid technological advancements, and evolving customer expectations. It holds especially true for Ghana’s banking industry, which is navigating through a period of significant transformation. While some may view this change as a challenge, it presents an opportunity for banks to survive and thrive.
How change management positions banks
The key to seizing this opportunity lies in effective change management. But change management isn’t merely about weathering economic storms; it’s about positioning banks for future success and growth. To illustrate this point, let’s look at some examples from around the world.
Firstly, consider the case of DBS Bank in Singapore. Recognising the disruptive potential of digital technology early on, DBS embarked on a comprehensive digital transformation journey. They didn’t just adopt new technologies; they fundamentally changed their organisational culture, processes and mindset. Today, DBS is recognised as a global leader in digital banking, demonstrating how proactive change management can drive innovation and growth.
Next, let’s look at BBVA, a multinational Spanish banking group. With the financial crisis 2008 and the rise of digital technology, BBVA recognised the need for a radical change. They introduced a new strategic plan focused on digital transformation, involving not just the implementation of new technologies but also a change in their internal culture and structure to foster innovation. Today, BBVA is recognised as one of the leading digital banks worldwide, showcasing how change management can transform challenges into opportunities for growth.
Back home in Ghana, HFC Bank, now Republic Bank (Ghana) PLC, provided a noteworthy example. The bank was awarded the Most Successful Change Management Program at the HR Star Awards in 2017. Their approach to change management involved:
- Engaging employees.
- Fostering a culture of continuous learning.
- Adapting quickly to market changes.
This recognition underlines the potential of effective change management to propel banks into a prosperous future.
What zero-change capability does
However, change management in Ghana’s banking sector has challenges. As the records show, some banks collapsed due to poor optimisation and diversification. This means the bank lacked the change capability to make it agile in times of uncertainty. Change is managed poorly in cases when the capability is weak. There is zero progress during the change process due to poor employee engagement and communication, among other factors. It underlines the importance of maintaining supervisor-subordinate solid relationships and commitment to change processes.
As these examples demonstrate, change management is about growth and prosperity. For Ghana’s banks to seize the opportunities presented by the economic churn and transformations in the banking and financial sectors, they must embrace change management as a strategic tool for driving innovation, enhancing customer experience, and fostering a continuous learning and adaptation culture.
By doing so, they can position themselves for a prosperous future, transforming challenges into opportunities for growth. Indeed, for Ghana’s banking sector, change is not just a storm but a wind that can set them sailing toward a brighter future.
The writer is the Founder of Nimdier, a change management company, Ex-Global Board Member, ACMP
Email: [email protected]
Website: nimdier.com
