In the present competitive business environment, every organization are trying to remain in competition by implementing new strategies and change in the organization. Change in significant inn every business organization to let staff to acquire novel skills, discover novel opportunities and finally benefits the corporation over the new plan and upsurged commitment. This report is examining the need of change in the Fidelity bank of Nigeria as bank is facing declined in growth and profits. This report is examining to introduce new change in which manager is planning to introduce new customer relationship management system (CRM). This report is examining how this new change can be implemented in the organization and its impact on organization and also on stakeholders.
Key focal issue of the change
As Fidelity bank has faced declined in growth due to declined profits in the year 2020, the main reason of the slow growth of the bank is due to it non effective customer service which is leading to decreased customer retention rate (Nwachukwu, 2021). Moreover, bank has also faced the decline in sales due to having slow lead conversion rate. The company is lacking behind in achieving a significant number of sales. However, the company is offering many financial products and services to its customers but still it is lacking behind in achieving a remarkable sale. The bank needs to adopt effective marketing and customer services strategies so that it can earn a significant amount of profit and growth in the market. Thus, introducing the CRM as a change can help bank in increased their growth and profits. Introduction of CRM in the organization will help the both top level management and bottom level employees. Same as the other business sector like retail or business, in banking, CRM recognised as Customer Relationship Management. A CRM solution in banking field will support banks in handling the customers and better recognise their requirements in direction to deliver the correct solutions, rapidly. There are numerous precise advantages of CRM in banking (Sharma, Shastri and Rathore, 2020).
Moreover, introducing the CRM help Fidelity bank in tracking their customer data across the bank, comprising the service or loan origination division of the bank. With CRM banking technology, each department can access the same information across all customer profiles, while also setting up individual triggers for offering additional services. Employees can look up rich customer profiles compiled from marketing, sales, and service data to identify new opportunities to convert leads. Thus, to improve the profits and growth of Fidelity bank, launching of new CRM system in the organization will the most effective change management practices (Nandeesha and Venkatesh, 2019).
Introducing the change by implementing the CRM in the organization some of the key challenges comprise are convincing the top management and also the employees to adopt the changes, managing data security, challenges of shifting from old software to new CRM, identifying the correct CRM for your corporate needs and budget, and many other. Introducing the change in the organization has many resistances such as while introducing the change of implementing CRM will be the trouble by the people of organization. While, few people will hold innovation and change, some people will resist. While a CRM system can support in break down mistakes in your corporation, the simple proposal of renovating how everything is done in your promotion, sales, and customer service teams might really cause separations between your employees. Few of the staff members might be concern that their profession is under threat or lament that the corporation is losing its human touch, while others might harbour worries regarding getting to holds with the novel technology (Shimoni, 2017).
The other resistance to change while introducing the CRM in the banking is getting the approval from the senior management. Receiving the approval from senior management is one of the major challenges of CRM execution. The sales team might reflect the business will advantage from stirring to a fully combined CRM system, but the senior management such as CEO might require few convincing. Finally, they’ll partake the authority to make it occur, but their worries about technology, costing, or vast disturbances to the current corporate procedures will require to be discoursed first (Grama and Todericiu, 2016).
While implementing the change, being a manager of the bank, my style of intervention will be Facilitative style is typical of laissez-faire leader that recognise the strengths and weaknesses of their separate team members and recognise that they can depend on every individual to manage their tasks proficiently and to an advance standard. Most frequently, the cause that employees struggle with shift to cloud-based technology solutions is that the corporation doesn’t have a strong described approach for the changes ahead. For a having a successful transformation, it is the responsibility of the leader to enhance a culture of learning and digital innovation. This required to be fortified from the top-down. By learning as a team to support one another upskill on the novel procedures and CRM functionalities, our corporation can move frontward together (Kontak, 2019).
To implement the change being a manger of the organization I will adopt the some of the following methods:
Be clear and honest when communicating the change to staffs -While implementing the change, leader have to be clear and transparent about everything related to the change since any kind of spin, sugar-coating or jargon will be considered as an effort to hide something. Leader will achieve staff’s faith if you use simple, up-front language, and are totally truthful regarding what’s changing and reason (Tanner and Otto, 2016).
Will tell employee about what in it for them – It is a traditional approach in which explaining the advantages of the change and what workforces can suppose While knowing that the things will be different which have to be acknowledged. Moreover, I will highlight the benefits to employees of launching the CRM in the bank as they can manage their tasks and also their leads. As in every bank employee has some sales target thus to manage their leads CRM will help them in effective manner. To receive the approval from senior management, I will highlight them the major benefits of CRM to the bank as CRM will improve the customer service of the bank which will finally increase the profits (Li et al, 2021).
The main targeted value of implementing the change is to improve the customer service of the fidelity bank. As implementing the CRM will help organization in managing their all the contacts and collects significant client data such as demographics, buying records and earlier messages crossways all networks and makes it effortlessly available to anybody in your corporation who requires it. This safeguards that your staffs have all they need to recognise regarding the client at their fingertips and can deliver an improved client experience, which inclines to increase customer base (Aljawarneh et al. 2020).
Belief behind this change is that it will help business in increase their sales and also improve their customer retention. A CRM system can support business in modernise your sales procedure, build a sales pipeline, automate key responsibilities and analyse all of your sales information in one central place, possibly growing sales and output.
While, considering the timeline of implementing the change it has been stated that while time differs significantly general for CRM execution, for a mid-market producer who requires to provide the training between 40 and 100 people on the novel system, the procedure takes around 11 months to a year. But CRM can be used form the very first day of its installation and the main thing which take time is the training time which make employees talented to use the software’s effectively and effectively (Dean, 2021).
Lewin’s change management model is the utmost widespread accepted and efficient change management models. This model will help the Fidelity bank in effectively introduce the change in the organization. This model will support organization in effectively recognise the organizational and structural change. This model comprises of 3 key phases which are unfreeze, change and refreeze. All these three phases will be used in implementing the change in Fidelity bank (Tang, 2019).
Unfreeze – It is the preparation phase where managers should get ready and organised for the change. The vital step here is to improve open worker communication describing why change is essential. The objective is to overcome workers’ resistance to change as ample as conceivable. In this phase being a manager, I will communicate about the slow growth of the organization and decreasing profits due to the ineffective customer service, slow lead generation and customer engagement. Thus, in this phase both requirement of the change and benefit of the change will be communicated to the employees and stakeholders. Previously a change can be executed, it should go over the primary step of unfreezing. Since numerous persons will logically resist change, the objective throughout the unfreezing phase is to generate an awareness of how the position quo, or present level of suitability, is hindering the corporation in a few manners. Old behaviours, manner of thinking, procedures, persons and organizational structures should all be carefully observed to display staffs how essential a change is for the corporation to make or uphold a competitive benefit in the market (Galli, 2018).
Change – This is the phase in which change gets executed. On-going on the primary phase, good leadership and efficient worker communications are vital here. Lewin identified that change is a procedure where the corporation should change or move into this novel state of being. This shifting phase, also denoted to as ‘transitioning’ or ‘moving,’ is noticeable by the execution of the change. This is when the change comes in real. It’s also the period which maximum of the people fight with the novel certainty. It is a time noticeable with doubt and fear, making it the toughest phase to overcome. Throughout the changing phase persons start to learn the novel behaviours, procedures and methods of thinking. The extra prepared they are for this phase, the relaxed it is to finish. For this cause, education, communication, help and time are critical for workforces as they turn out to be aware with the change (Cummings, Bridgeman and Brwon, 2016).
Refreeze – It is the phase in which change is accepted and staffs go back to their normal work. This phase must be measured as nearly ever-going. Leaders must make certain that changes are accepted and must be active even afterward the change management purposes have been attained. Lewin named the last phase of his change model as freezing, but numerous denote to it as refreezing to represent the action of reinforcing, steadying and hardening the novel state afterward of the change. The changes done to organizational procedures, aims, structure, products or individuals are recognized and refrozen as the novel standard or status quo. Lewin originate the refreezing stage to be particularly significant to safeguard that individual do not return back to their old conducts of thinking or doing previous to the execution of the change (Harrison et al. 2021).
Conclusion
This report has examined the change requirement in the fidelity bank of Nigeria. This report has concluded that change management is the principle which directs how we prepare, train and help persons to positively accept change in direction to drive organizational achievement and results. This report has concluded that Fidelity bank has facing the challenges of decreasing growth and profits due to low customer engagement, ineffective customer service and ineffective customer retention. This report has concluded change manage plan for the organization how the Fidelity bank can successfully implement the change through Kurt Lewin’s change model.
References
Aljawarneh, N.M., Sokiyna, M., Obeidat, A.M., Alomari, K.A.K., Alradaideh, A.T. and Alomari, Z.S., 2020. The Role of CRM fog computing on innovation and customer service quality: An empirical study.
Cummings, S., Bridgman, T. and Brown, K.G., 2016. Unfreezing change as three steps: Rethinking Kurt Lewin’s legacy for change management. Human relations, 69(1), pp.33-60.
Dean, K., 2021. CRM Implementation Timeline. [Online] https://www.manobyte.com/growth-strategy/crm-implementation-timeline-manufacturing#:~:text=While%20time%20varies%20considerably%20overall,11%20months%20to%20a%20year. [Accessed 01/03/2022].
Galli, B.J., 2018. Change management models: A comparative analysis and concerns. IEEE Engineering Management Review, 46(3), pp.124-132.
Grama, B. and Todericiu, R., 2016. Change, resistance to change and organizational cynicism. Studies in business and Economics, 11(3), pp.47-54.
Harrison, R., Fischer, S., Walpola, R.L., Chauhan, A., Babalola, T., Mears, S. and Le-Dao, H., 2021. Where do models for change management, improvement and implementation meet? A systematic review of the applications of change management models in healthcare. Journal of healthcare leadership, 13, p.85.
Kontak, J.S., 2019, March. Facilitative teaching style: benefits & challenges. In Society for Information Technology & Teacher Education International Conference (pp. 1898-1901). Association for the Advancement of Computing in Education (AACE).
Li, J.Y., Sun, R., Tao, W. and Lee, Y., 2021. Employee coping with organizational change in the face of a pandemic: The role of transparent internal communication. Public Relations Review, 47(1), p.101984.
Nandeesha, H.G. and Venkatesh, S., 2019. CRITICAL SUCCESS FACTORS IN IMPLEMENTATION OF CRM IN RURAL BANKING SECTOR. CLEAR International Journal of Research in Commerce & Management, 10(1).
Nwachukwu, A., 2021. Fidelity Bank FY2020 Results: Marginal Fall in Profit Amidst a Pandemic. [Online] https://www.proshareng.com/news/STOCK%20&%20ANALYST%20UPDATES/Fidelity-Bank-FY2020-Results–Marginal-Fall-in-Profit-Amidst-a-Pandemic/55725 [Accessed 01/03/2022].
Sharma, R., Shastri, S. and Rathore, J.S., 2020. Exploring E-CRM in Indian banking sector. International Journal of Public Sector Performance Management, 6(5), pp.653-663.
Shimoni, B., 2017. What is resistance to change? A habitus-oriented approach. Academy of Management Perspectives, 31(4), pp.257-270.
Tang, K.N., 2019. Change management. In Leadership and change management (pp. 47-55). Springer, Singapore.
Tanner, G. and Otto, K., 2016. Superior–subordinate communication during organizational change: under which conditions does high-quality communication become important?. The International Journal of Human Resource Management, 27(19), pp.2183-2201.
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