E-Journal Reflection: Applied Professional Practice in Banking

This e-journal entry provides a critical reflection on applied professional practice within the banking sector. It explores key themes including work styles and innovative behavior, emphasizing the importance of open innovation and its impact on profitability. The journal discusses ethics and decision-making, highlighting the need for ethical conduct and its influence on productivity. Cultural diversity is examined through Hofstede's model, underscoring its role in fostering collaboration and understanding. The reflection also delves into entrepreneurial mindsets, emphasizing the role of innovation in overcoming challenges and promoting economic growth, as well as the importance of collaborative leadership. The author shares personal experiences and observations to illustrate the application of these concepts within the banking industry, referencing relevant academic sources to support the analysis. The journal underscores the importance of adaptability, ethical decision-making, and collaborative leadership in navigating the dynamic landscape of the banking sector.

APPLIED PROFESSIONAL
PRACTICE E-JOURNAL

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Work style and innovative behaviour .........................................................................................1
Ethics and decision making.........................................................................................................1
Culture and Cultural diversity......................................................................................................2
Entrepreneurial mindsets.............................................................................................................3
Collaborative Leadership ............................................................................................................3
REFERENCES................................................................................................................................5

INTRODUCTION
E journals are in demand due to easy accessibility and convenience for the readers.
Herein, a critical reflective is considered to understand the work style and the innovative
behaviour in the banking sector.
MAIN BODY
Work style and innovative behaviour
According to Jackson,Nicoll and Roy, (2018) open innovation is one of the most complex
and dynamic processes at professional levels when adopted by organizations. The management
must have an overall understanding of both the opportunities and challenges before
implementing the open style of innovation. It has been done to gain profits in the marketplaces
and fulfil the architecture and systems of the entire taskforce. There is a great deal in laying the
foundation of innovation and leadership that focuses on social organizational working. However,
it is also important to know that there are two types namely outbound and inbound open
innovation. For instance, the banking sector is working on the inbound nature of open innovation
and has been sustaining the competition through outside in part. This clearly infers that now
banking sector is opened up to all forms of external contributions and assist the company in
establishing the business model to explore the possibilities in regard to the industry practice.
It is important to understand that leadership is an integral part for gaining profitability for
banking, which is the backbone of a country's economy and must have a structured pattern of
working style. For this, innovation must be applied and it must be used for both public and non
profit organizations. I personally feel that innovative behaviour must be encouraged to bring
more productivity and effectiveness at the workplace. It gave me a perspective to work in a team
by discussing and understanding viewpoints of each other.
Ethics and decision making
Decision making is crucial in making profitability and productivity as well. For this, an
individual must be ethically sound and must follow code of conduct. The enterprises are hiring
people on the basis of these two parameters for maintaining the betterment of people
(Drumwright, Prentice and Biasucci, 2015). However, the challenging part is that sometimes the
diffusion between two elements do not cross in organized manner and thus, it impacted in
negative aspects. I follow my principles on my sleeves and when attending any interview or
recruitment processes, use all my resources in terms of talent and overall potential.
1

In recent times, globalization and onset of digital technologies have paved the path of a
sudden rise of open innovation in the work styles of banking. This gave an opportunity to
understand the science behind solving issues and maintain the prosperity and productivity as
well. Along with, it helped me to harness my energies in a more constructive manner by using
the available data and using information and communication technologies (ICTs).Additionally,
this gives a false hope of positivism and must not be promoted since the impact on the growth of
banks and financial institutions are in high levels of instability and ambiguity. For example,
when I go to work, I personally felt that digitalization has handicapped us and we have become
dependent on it completely. I am unable to gain knowledge about the complete productivity and
its related statistics.
Culture and Cultural diversity
Hofstede's Model is the framework to understand the dimensionalizing cultures in the
organizational contexts. It is based on understanding the six dimensions of the Hofstede's mode
and involving Power Distance, Uncertainty Avoidance, Individualism/Collectivism,
Masculinity/Femininity, Long/Short Term Orientation, and Indulgence/Restraint (Hofstede,
2011). There is a need to interconnect the dimensions to gain knowledge about the level of
aggression to hold a position of national importance among all the countries of the world. I felt
that culture is an integral component that led to bring people from different backgrounds and
ethnicity or religion under one roof and working for a common goal and objective. This aspect of
cultural dimensions is directly related to the national or societal levels where an individual
acquire a sense of responsibility.
In regard to the same, several studies have been demonstrated that human action is
connected to the five variables to choose from in order to achieve the objectives. These consists
of self orientation versus collectivity-orientation, universalism versus particularism, affectivity
versus affective neutrality, specificity vs diffuseness and ascription versus achievement. These
assist individuals to take choices at the social levels and bring innovation with appropriate
cultural norms to operate and maintain the operational activities. However, it is also important to
implement the empirical approaches and the six dimensions of this model to bring feasibility
while conducting the innovative planning in terms of using values and the real sentiments of the
people involved in fulfilling the demands required to sustain the competition at both local ad
global levels.
2

Entrepreneurial mindsets
Innovation has influenced the entrepreneurial skills which assist in generation of results
in a fair or equal order. This gives clarity of mindsets to overcome the situational challenges for
both the people and the employers. I also felt that open innovation might act as both hindrance
and assistance. In order to reach a wider scale and take assistance, such mindset must be applied
to reap benefits and enhance the economic growth. A good leader not only support but also
encourage to do better things with the available resources (Secundo, Vecchio and Passiante,
2015). With collaboration, the firms can aid in developing training sessions or adopt some
mechanisms to understand the several aspects of the technological domains to help the leaders
for smooth running of operational activities. I also gained skills and knowledge when attending
the training sessions and helped me to communicate my queries more openly.
Additionally, this brings a balance between the complexities of regulating the policies
and application of innovative concepts efficiently. I feel that this entrepreneurial ability might be
possible when the leaders use both organizational and functional boundaries. They know how to
shape the performance management and bring ultimate insights to adopt the several features in
the working styles of organizations. For e.g. open innovation maintain the cordial relationships
between the regulatory bodies of banking sector, governmental bodies and the national
authorities such as economists, auditing commissioner etc. This has helped me to know the
differences between the strengths and weaknesses of the finance sector and made me understand
about the risks as well.
Collaborative Leadership
In regard to the above, it has been elucidated by several studies that has shown that this
openness has brought more benefits. During both the World Wars, it triggered the feelings of
protectionism and nationalism but led to wide levels of destructions in both economic and socio-
cultural aspects. This forced the countries to think differently and adopt the essence of three
opens such as open science, open innovation and open to the world. However, the conceptual
framework of mixing the elements of innovation with collaborative leadership has opened up
new opportunities for the people all around the world. The banking and financial sector was
constrained and was restricted to people with means, however with time, it has been opened up
for people from all walks of life (Bogers, Chesbrough and Moedas, 2018). This has become
possible only due to openness and brought healthy competition and better outlooks to garner
3

better results. For instance, when I was working into sales and marketing department and
interacted with the customers, I realized that they have knowledge about the basics and are ready
to take risks.
This was possible due to the collaborative approaches that has shown the people to trust
banks as the only source to keep their money with proper safety and security. I also gained
knowledge that this has been made possible only because of effectual leaders who are
visionaries. I have worked under professionals who were ethically aware and followed code of
conduct in the most profound manner.
4

REFERENCES
Bogers,M., Chesbrough,H. and Moedas,C., 2018. Open innovation. [Online]. Available
through:<https://journals.sagepub.com/doi/pdf/10.1177/0008125617745086>.
Drumwright, M., Prentice, R. and Biasucci, C., 2015. Behavioral ethics and teaching ethical
decision making. Decision Sciences Journal of Innovative Education.13(3). pp.431-458.
Hofstede,G., 2011. Dimensionalizing Cultures: The Hofstede Model in Context. [Pdf]. Available
through:<https://scholarworks.gvsu.edu/cgi/viewcontent.cgi?
article=1014&context=orpc>.
Jackson, B., Nicoll, M. and Roy, M.J., 2018. The distinctive challenges and opportunities for
creating leadership within social enterprises. Social Enterprise Journal.14(1). pp.71-91.
Secundo, G., Vecchio, P.D. and Passiante, G., 2015. Creating innovative entrepreneurial
mindsets as a lever for knowledge-based regional development. International Journal of
Knowledge-Based Development.6(4). pp.276-298.
5

6

7

8