Paper on Banking Industry- Bank of Singapore

Added on - 16 Sep 2019

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Table of ContentsIntroduction................................................................................................................................................1Section 1....................................................................................................................................................1Company Profile....................................................................................................................................1Industry Background.............................................................................................................................2Significant Drivers and Trends of Change.........................................................................................2Key Areas..............................................................................................................................................5Section 2....................................................................................................................................................6Legal Aspects........................................................................................................................................6Change Models.....................................................................................................................................6How to facilitate the change to be better...........................................................................................9How to prepare leaders/Managers for the Change........................................................................10Section 3..................................................................................................................................................11Qualities and Skills required for managing change........................................................................11How to Lead and Manage Change...................................................................................................12Conclusion...............................................................................................................................................13References..............................................................................................................................................15
IntroductionIn this paper, we will study about the Banking industry. This has been done by studyingthe Bank of Singapore. It is a popular bank of the Singapore which has its own image inthe mind of the people. Here, we will discuss the experience of change within the Bankof Singapore. It faces a huge number of changes in its life circle such as thereplacement of physical token with the digital token. This change will bring a largenumber of challenges in front of the organization. Apart of this, various ways of leadingchange also suggested to the organization. This has been done under the light ofcertain change model and theories. These give us a significant direction in which weneed to move. On the basis of these models, the change experience of Bank ofSingapore is turned on the positive side. Apart of this, the main focus of this assignmentis change within the Banking industry of Singapore. On the basis of industry study, wecan recommend a better solution for managing change. Therefore, it can be said thatchange management is crucial not only for the Bank of Singapore but for the wholeindustry.Section 1Company ProfileBank of Singapore is known as the global private bank of the Asia. The headquarters ofthe bank is situated in Singapore. It is operating in the strong and open economy. Itmainly offers assured and unrivalled security and stability to its customers. It hasestablished its brand image on the basis of its high quality and secured services. It hasits own research team which highly involves in producing best financial services for the
clients. It offers a large range of commercial and consumer banking solutions likeinsurance, brokerage services, and financing.Industry BackgroundThe Banking industry of the Singapore is considered a hub of the banking facilities andservices. It is such a powerful hub that does provide not only the domestic financesolutions but also a monetary activity of the whole Asia Pacific (Ashkenas, 2013). Thebanking industry of Singapore is highly heartened by the stable economic and politicalclimate, law enforcement against money crimes and fraud, efficient taxation andlegislations. The banking industry of Singapore is the combination of 6 local and 117Asian financial centres that provides a large range of services from consumer credit toinsurance, and investment operations (Cameron, 2015). The banking industry of theSingapore contains commercial, consumer, and private banks that offer a wide range offinancial benefits to different customers.Significant Drivers and Trends of ChangeThe significant drivers and trends of change within the banking industry of theSingapore are following:The Dominance of Foreign BanksIt is an important trend of change in the banking industry of Singapore. This trend drewSingapore into the scene of the global banking which makes it more competitive playerthan prior (Clegg, 2015). This trend will enhance the level of constant competition whichfurther encourages the development of the different financial products and effectiveconductive pricing policies. Apart of this, the dominance of foreign banks trend also
motivates the banking organizations towards merger. It is because the merger has thefull potential of help local banks in the way that they want.Liberalization in Banking SectorThe second and essential trend of change in today's banking industry of Singapore isliberalization. It has placed in the banking industry of Singapore during 1999 (Coleman,2016). Such liberalization comes with a large number of benefits for the banking sector.Some of them are banking licenses to foreign banks, reconsidering corporategovernance, enhancing the limit of foreign shareholding in local banks, and offeringmore freedom to offshore banks. Liberalized banking trend enhance the level ofcompetition within the banking industry of the Singapore.Competitive investment hubNowadays, Singapore turned into a competitive investment hub due to the presence ofhuge government efforts, the success of Singapore exchange, and approved bonds thatlured hordes of overseas organizations (Hallegatte, 2015). A large number ofinvestment banks demands investors through meditating, and underwriting between theinvestor and the issuer, or corporate re-organization services. Therefore, all suchinitiatives enhance the competitiveness by promoting mergers, and acquisitions.Attention towards SME sectorAnother trend of today’s Singapore banking industry is that the banks mainly focus moretowards SME sector. This has been done by the banking firms of Singapore to win therepute of reliable business partners (Hill, 2014). Generally, the SME sector in Singaporehas access to premium bespoke financial, investment, insurance, and loan products.
The attention of banking firms towards these SME sectors helps them in launchingcomfortable schemes for upgrading and expanding their financial operations.Deposit and Capital gain TaxesAnother important trend that plays an important role in the success of Singaporebanking industry is a deposit and capital gain taxes (Komives, 2016). The governmentof the country frees its banking sector firms from paying the capital gain and deposittaxes from incomes earned abroad.The presence of all of these trends makes the whole industry challenging and attractivefor other investors. Such trends will bring positive as well as negative impacts for Bankof Singapore. Therefore, it can be said that Singapore banking industry is fulfilled withmore growth opportunities that can easily grasp by taking an active initiative.Purpose of ChangeThe main purpose behind changes in the Banking industry is to enhance itsattractiveness and efficiency. More change will come with high difficulties which theexisting organizations need to face to survive themselves in the target market. On theother hand, the change also brings improvement in existing or traditional workingsystem of banking by launching innovative financial products (Van der Voet, 2014). So,the purpose behind the change is positive that will prove beneficial for the company aswell as target customers.Impact of Changes in Banking Industry on Bank of Singapore
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