2.1 Examine the Strategic Change and Needs for the Organization
DFCC Bank Plc. (2016) is the only Licensed Commercial Bank in Sri Lanka to conduct all its operations under the principles of banking and the only bank in the country which is fully disengaged from interest based transactions and is one of the undisputed market leaders in the Sri Lankan banking industry (Morrison, 2010)
This takes account of the centralized processing of transactions and a customer centric and performance driven business culture. In this concern, human capital is of critical importance. The bank has taken steps to cultivate a process mind-set in our employees with a view to continuously improve the business processes and increase the bank‟s operating efficiency (Jeff, 2004)
The …show more content…
Since DFCC Bank Plc. has entered the market recently it will have to fund and make the required changes to adopt and thrive (DFCC Bank Plc., 2016).
Since DFCC Bank Plc. has already covered the savings product scheme which goes par with the other bank. Bringing in the debit and credit card scheme would indeed benefit the customers and the bank. Presently transactions are restricted only to banking hours and customers will not be able to withdraw afterwards (Morrison, 2010)
This change in introducing DFCC Bank Classic Debit Card will have a major impact on the operations side of the bank. Many internal changes will have to take place such as new monitoring system, the present real time banking system will have to accommodate transaction relating to the card scheme, the ATM machines will have to be implemented
Since DFCC Bank Plc. does not have a wide branch network. A suggestion would be to link the DFCC Bank Plc. Debit/Credit card to other banks so that customers can use teller machines of other banks to withdraw money from their DFCC Bank Plc. Account (DFCC
Bank Plc., 2016).
STRATEGIC CHANGE MANAGEMENT Page 11
2.2 Assess the factors that are driving the need for strategic change in DFCC Bank
DFCC Bank Plc. (2016) is the only Licensed Commercial Bank in Sri Lanka to conduct all its operations under the principles of banking and the only bank in the country which is fully disengaged from interest based transactions and is one of the undisputed market leaders in the Sri Lankan banking industry (Morrison, 2010)
This takes account of the centralized processing of transactions and a customer centric and performance driven business culture. In this concern, human capital is of critical importance. The bank has taken steps to cultivate a process mind-set in our employees with a view to continuously improve the business processes and increase the bank‟s operating efficiency (Jeff, 2004)
The …show more content…
Since DFCC Bank Plc. has entered the market recently it will have to fund and make the required changes to adopt and thrive (DFCC Bank Plc., 2016).
Since DFCC Bank Plc. has already covered the savings product scheme which goes par with the other bank. Bringing in the debit and credit card scheme would indeed benefit the customers and the bank. Presently transactions are restricted only to banking hours and customers will not be able to withdraw afterwards (Morrison, 2010)
This change in introducing DFCC Bank Classic Debit Card will have a major impact on the operations side of the bank. Many internal changes will have to take place such as new monitoring system, the present real time banking system will have to accommodate transaction relating to the card scheme, the ATM machines will have to be implemented
Since DFCC Bank Plc. does not have a wide branch network. A suggestion would be to link the DFCC Bank Plc. Debit/Credit card to other banks so that customers can use teller machines of other banks to withdraw money from their DFCC Bank Plc. Account (DFCC
Bank Plc., 2016).
STRATEGIC CHANGE MANAGEMENT Page 11
2.2 Assess the factors that are driving the need for strategic change in DFCC Bank