Chnage Managment

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Contents

Changing business environment and to further analyse processes to manage the change        

Subject of study.        

A clear introduction of the industry.        

Discussion on the external causes of change and the internal elements of the industry.        

Looking into the details of the external causes of the change.        

Advancement of technology.        

Competition.        

Social pressure and economic pressure.        

Looking into the details of the internal elements of the industry.        

Looking into the details of how the banking industry of Maldives has, changed the internal elements.        

Change on people.        

Change on structure        

Change on technology.        

Introduction of the Bank of Maldives in financial sector of Maldives.        

BML vision        

Mission        

Major change component.        

Introduction of self service banking in bank of Maldives.        

Application of 3 step model in bank of Maldives.        

Unfreezing        

Moving        

Refreezing        

In Conclusion.        

Bibliography        

Changing business environment and to further analyse processes to manage the change.

Subject of study.

This assignment is about the changing business environment from external elements to internal elements of the banking industry in Maldives and how it has affected Bank of Maldives. Including, how the company implemented and practiced change with the help of three step model. This Assignment was done by interviewing Bank executives and information from different websites and Annual reports.

A clear introduction of the industry.

The financial sector of Maldives is very narrow, and is controlled by the banking industry. At Present there are seven banks working in the country of Maldives, which comprise one locally owned commercial bank, branches of four different foreign banks, one locally combined subsidiary of a foreign bank and an Islamic bank  (MMA, 2015).

The Non-bank financial institutes in the Maldives involve of a finance leasing corporations, a housing finance association, insurance firms, money services companies and securities market mediators. Totally all the non- banks institutions and the banks, except for the securities market mediators are authorized, licensed, controlled and directed by the Maldives Monetary Authority (MMA, 2015).

Discussion on the external causes of change and the internal elements of the industry.

The main reason of change or modification to the organization is to enhance the organization effectiveness and productivity. Normally organizations make changes due to the external factors. As like change in the government legislations, cultures etc. the main focus of the change is to the people, technology, innovations and structures.  

Looking into the banking industry of Maldives, it’s a very complex business and the impact of change to the organization is very high. Especially Maldives is a very small country with separated numbers of islands. Due to this organization is confronted on many daily basis challenges to make a change in the organization.

On the past few years, the world has experienced many changes on technologies, services and on products. Hence on this globalized world, Maldivians are very aware of the advancements. So to overcome those barriers the industry is trying to make new changes to keep up with the latest changes around the globe and within the country. Furthermore, banking industries is getting broad in the market, which leads to competition over organizations to organizations. Thus leads to make changes on the organizations to survive in the market.