The survey aims at understanding the Organizational Culture and its alliance to the key concern ends of Fidelity bank, Nigeria. The service supplier has emerged out to be as the fastest turning banker in the part. Their cardinal concern motivation is to supply incorporate banking solutions to their honored clients in a seamless mode.
In order to better aline the concern motivations with the organisational civilization, cardinal alterations have been suggested as an result of the survey. In order to get at these important alterations the research has been done by closely analysing the concern parametric quantities such as organisation ends, client demands, current organisation hierarchy and other parametric quantities such as socio-cultural parametric quantities.
After implementing the employee and client centric alterations, Fidelity Bank, Nigeria can break aline itself to its corporate vision. This will take to seamless and unparallel communicating amongst the internal and external stakeholders in a far better manner. The bottom line of the organisation excessively would increase incrementally during the span of clip. The disposed organisational civilization alterations would assist the banker in emerging out to be as the key participant in the fiscal services sphere.
About Fidelity Bank, Nigeria
Fidelity Bank is amongst the top 10 Bankss in Nigeria. It started its operations in 1988 as a merchandiser bank and transformed into a commercial bank in 1999. In 2001 it became the cosmopolitan bank. The banker has 168 subdivisions across all provinces and parts in Nigeria. Apart from seamless help desk support they besides provide existent clip on-line support to their clients on the spell. It is one of the premier bankers in Nigeria and has off shore coaction with bankers in New Zealand, UK, USA, South Arica and Middle East. It is a listed company in Nigeria and is a bluish bit stock in the banking index of the state. The shareholding of the bank is significant amongst corporate investors and venture capitalists excessively.
To do fiscal services easy and accessible. ( Fidelity Annual Report )
To be No. 1 in every market we serve and every branded merchandise we offer. ( Fidelity Annual Report )
The best in category fiscal merchandises are offered by the bank to its honored clients runing from nest egg histories, current histories and debt loans etc. The top merchandises which are offered by the banker include:
Young person Banking
MBA ( Multiple Benefits Account )
Apart from the supreme fiscal merchandises some of the really best in category services such as ace Internet Banking, Mobile Banking, ATM ‘s and other precedence banking services to corporate clients. The film editing border fiscal merchandises and services have made the banker one of the most respected in its industry section. Its focal point on presenting the best in strain merchandises have insured that they are able to register positive Numberss even during the toughest of fiscal times on the spell without any restraints whatsoever. It has a significant base of corporate, retail and specialised consumers who have been associated with the bank since early yearss.
Fidelity Bank, Nigeria hires its staff members from the really best of b-schools and alumnus colleges. The employee base of the banker is 4,065. A varied mix of organisational civilization exists in the bank as it besides hires its staff from abroad locations. The new joiners should measure up the ethos the TAC ethos, Talent for possessing the right positive attitude, Ambition of wining all odds and a redefining Fictional character to prolong unity at all times. The employees and members are cultured in a mode so as to maintain the clients involvement high, maintaining in head the corporate norms and rules of the banker.
The fiscal services industry section in which Fidelity bank operates is hyper competitory. The cut pharynx competition amongst the rivals on base involvement rates and cheaper serving cost can gnaw the bottom line of the banking service suppliers. The industry is driven with volume base as the borders are acquiring lowered by the twenty-four hours. The bankers can derive more by presenting newer merchandises and services such as Dematerialized portion trading, Commodities trading, Custom Insurance etc apart from the conventional banking and history maintaining services. The success of merchandises and services mostly depends if the organisation hierarchy is aligned as per the pulsation of the market.
ED – Executive Director
IT – Information Technology
BPA – Business Procedure Automation
CEO – Chief Executive Officer
HR – Human Resource
GM – General Manager
Board of Directors
ED, Business Banking
ED, INVESTMENT Banking
ED, SHARED SERVICES
Chief executive officer
ED, RISK MANAGEMENT
GM Corporate Banking
GM Public Sector
GM Risk Management
GM Shared Services
Head – Corporate Solutions
Head – Selling
Head – Conformity
Head – IT & A ; BPA
Head – Scheme
Head – Recognition Hazard
Head – Treasury
Head – Public Sector Operations
Organization Hierarchy Brief
Fidelity Bank operates in a streamlined organisation construction and pull its administration from the Board of Directors. The information is so passed on to CEO followed by the executive managers. General Managers so pull their KPI ‘s from the Executive Directors and go through it on to the caput of sections. The gross revenues docket, geting new concern and other scheme for concern continuity is so implemented by field specializers and workers. This helps the bank to accommodate to the environment and shows the strength of the organisational civilization of Fidelity.
ANALYSING THE ORGANIZATIONAL CULTURE
The current organisational civilization at Fidelity is a strong one which gives the employees a sense of individuality and makes them adaptable to the environment. We have an unfastened and inclusive civilization that encourages part and enables everyone to carry through his or her true potency. ( Fidelity, 2010 )
While it is noted that the organisational civilization is defined by the executive managers and leaders of Fidelity, the full work force is adding to the organisational civilization in a conducive behaviour. The employees follow the nucleus values of the Bankss organisational civilization which in bend translates into success and net incomes for the bank. Fidelity maintains a strong organisational civilization by supplying preparation and calling development to its employees who will assist them to develop and advancement.
The current civilization is driven through CREST values which are Customer First, Respect, Excellence, Shared Ambition and Tenacity. The fight and meritocracy in handling clients good and in deriving the market portion are the primary motivations amongst the employees. The formal organisation civilization helps the concern boosters in supplying a healthy environment at the work topographic point.
The organisational civilization has apt deepness in footings of work segregation nevertheless ; the information flow in such a competitory industry section must be smooth and chip. To guarantee this the apt IT and Business Process Automation support enables to guarantee that information is readily accessed by internal stakeholders on the spell.
The overall organisational civilization of Fidelity Bank, Nigeria fits in all necessary support for the merchandises and services that they are offering to their consumers. However, room for betterment exists for the banker for it to better aline itself with the market needs and wants. These will assist the banker in deriving from market possibilities excessively. Assorted conformity related issues and coverage is maintained on day-to-day footing and shared with disposed stakeholders in the organisational civilization.
Aligning Organizational Culture with Business Goals
Since it is really hard to alter the civilization of an organisation wholly, the better thing for an organisation is to aline its organisational civilization harmonizing to its concern ends and schemes. The fiscal service industry is dynamic in nature as the corporate conformity alterations, frequent legal and political alterations excessively have to be incorporated into the banking. Therefore, even the minor alteration can go forth a serious impact on the bottom line of the bank. Fidelity bank, Nigeria wishes to busy No. 1 topographic point in the merchandises and market they serve. For this it is suggested that the bank improves its civilization to spearhead in the industry section and aline itself to its ends. Apart from concentrating on civilization alterations, strict preparation is besides indispensable to convey internal stakeholders ( employees ) and external stakeholders ( clients ) up to rush. In order to accomplish the set out vision objectives the board members should believe out of the box and aline their current set up as per the demand of the hr.
Therefore, in order to aline the organisation civilization in a better manner with the organisation goals the most of import thing would be that senior direction should back up the cultural alteration so that others will follow them. They can make this by altering their behaviour harmonizing to the ends of the bank, one time they change their behaviour harmonizing to the cultural alteration needed others will follow. One of the most of import things is that senior executives invariably support the agreement. Another thing which will assist in altering the civilization harmonizing to ends is developing of the human resources so that they understand how precisely they are expected to execute. Apart from this effectual communicating amongst the work force is besides really of import for constructive cultural alteration to efficaciously take topographic point. This will guarantee success and committedness from the employees and they will work towards a common intent. Another major accomplishment would be reexamining the organisational construction as suggested. This will take to a stronger organisational civilization which is the chief purpose if the ends are to be achieved lucratively.
Key Benefits of realignment
Realigning the organisation civilization will take to better communicating at the bank which in bend will increase public presentation and profitableness of Fidelity. Their civilization would be streamlined to run into the corporate concern mission and vision on the spell. Some of the cardinal benefits that the organisation would recognize are as follows:
The organisation will be able to present high quality of merchandises and services to their clients. The new competitory organisation civilization will instill the positive attitude in the employees as they march towards doing their organisation as a productive entity on the spell in a unflawed mode.
The overall cost of running the concern would come down excessively. This would be achieved by outsourcing the conformity division to third party hearers. Besides, IT led mechanization will guarantee that the information ‘acts as one ‘ .
The resources excessively would be justly sourced by the HR section as all the functional sections such as Marketing, Finance, Credit Risk. , Corporate banking and Public Sector Banking etc would be closely sharing their staff demand information from clip and once more depending upon their enlargement schemes.
The organisation would go a extremely respected service supplier with the launch of finest installations such as Television banking which would let the clients in merchandising on their bank history with the simple remote control based bids. These would finally turn the client base for the banker. These would guarantee that the banker captures the Number 1 topographic point on the spell.
For constructing a stronger organisational civilization, the incorporation of developing division will authorise the internal stakeholders in understanding their ain services and merchandise alterations in deepness. By developing them harmonizing to the concern ends a strong organisational civilization can be developed in the bank. They would be able to acquire things First Time Right ( FTR ) while interacting with the clients. This would heighten the client satisfaction degrees on the spell without any restraints whatsoever. They can break understand their demands and propose merchandises or services based on the socio-cultural factors excessively. The full organisation civilization would illume up with positiveness all about. It is imperative that the fiscal services suppliers become procedure oriented in order to streamline their concern operations at all times without any restraints whatsoever. Employees would be exposed to newer preparation schemes and fiscal merchandises.
Organization ‘s Operational Eventuality
The contingent and dynamic environment regulations the fiscal sphere. Fidelity Bank, Nigeria is chiefly governed by external and internal factors which affect their line of concern services and merchandise launches. The concern leaders should adhere to these cultural norms and factors while seeking to derive more pie in the competitory market infinite.
The internal stakeholders chiefly the employees, board of managers and CEO comprise of internal factors in the organisations civilization. They should move in tandem and guarantee their concern aims are aligned to their mission. Some of the cardinal internal contingent factors are as follows:
CEO – The counsel and the scheme of implementing newer services or merchandises should follow from the CEO. He or she should guarantee that reappraisals with GM and caputs are conducted seasonably. The clear retrospective and cardinal deliverables should be defined by the CEO in order to scrutinize those internally.
Marketing – In order to determine that Fidelity Bank is able to perforate newer markets, introduce cutting border fiscal merchandises and derive more market portion the selling squad should move proactively. They should be involved with all other nucleus maps of the organisation such as Risk Management, Corporate Banking and Public Sector Banking etc. Besides in order to showcase the image of the banker as the best in category employer of its ain sort, the HR related runs excessively should be launched from clip and once more.
Core Functions – Hazard Management, Treasury, Corporate Banking and Public Sector Banking etc. are the nucleus maps for Fidelity Bank, Nigeria. The division should guarantee to follow with the political, societal and cultural demands while seeking to implement the merchandises or services in the market. They should guarantee that the back land cheques are conducted in entireness and besides the certification refering to the designation of the clients and their reference cogent evidence etc. are in order. It is imperative that the nucleus commission and members stay interested in the preparations and newer schemes at all times. This can supply an all new manner for the organisation to aline itself with the concern ends at all times in a unflawed mode on the spell.
The external factors are even more ambitious for Fidelity Bank. They have to steer their attempts in an effectual mode when compared to their rivals. In order to better understand the external factors in item, following points are deserving noting:
Socio-Cultural Impact – The banker operates in Nigeria which is a developing state and is marked with alone cultural traits. The focal point of a retail purchaser is more towards trustiness and a joint household oriented civilization exists amongst the subjects. The consciousness runs and ads should maintain the facet in head while seeking to flip for newer merchandises or services in the market. The more closer the bank gets to the bosom portion and head portion of their clients through socio-cultural ties the better would be their opportunities of doing an impact in the market.
Economic Policies – Financial sector is pretty vulnerable to the altering economic policies. The repo rate, CRR ( Cash reserve ratio ) and other fiscal jussive moods maintain altering from clip and once more. Fidelity Bank, Nigeria should non trust excessively much on their existing policies and should be willing to accommodate quicker as the environment all around alterations.
Political Environment – The outgrowth of a new power in the Political sphere can be seen in a positive or negative manner by the people and other external factors such as international bureaus. Some of the investors might retreat their investings from the bank in instance an ailment policy shaper comes into power. The bank should present newer services and merchandises in order to cover with all such uncertainnesss. The organisation should be become mature and guarantee that their line of concern corsets intact even when there are structural alterations taking topographic point in the political scenario of the state.
Market Risk A- As per AllAfrica.com ‘s study the per capita income of Nigeria is $ 2,748. There lies huge potency for the Bank to present newer services such as Common Funds, Insurance Products and other Micro funding undertakings to hike their gross revenues Numberss in the competitory market infinite. The borders in the industry are traveling down hence ; the bank will hold to play on the higher figure of volumes. Best in category services can guarantee that the clients stay interested in the merchandise lines and services at all times.
Fidelity Bank, Nigeria has been turning at a steady rate in the merchandise and services landscape that it has launched for its consumer base. However, in order to guarantee that it is able to spearhead the competition the bank needs to integrate suggested organisation degree cultural and structural alterations.
With sustained positive attitudes amongst the employees the growing oriented organisation civilization can be instilled. The bank will be able to please its internal stakeholders and external clients with its best in category civilization, disposed construction and the ardor to supply merely the best merchandises.
Powered with advanced merchandises, newer districts and trained staff the bank can go the Number 1 service supplier in its section, therefore recognizing its vision end in seamless mode.
The best in category cultural alteration steps will guarantee that the overall fight of the organisation stays in order even during the toughest of fiscal or economic times. The delighted employees and external stakeholders can work closely with each other on the spell. The organisational civilization alliance alterations along with structural alterations should ideally be implemented in one large knock attack in order to avoid the ripple consequence on the spell.
Evolve IT systems and whirl off a separate division for pull offing the IT administration. The hazard factors can be automated and rhythm clip can be reduced in a seamless mode. As per Capgemini ‘s study on World Retail Banking Report – the turning Bankss biggest challenge remains on how to present advanced merchandises leveraging from IT ‘s power. Some of the advanced enterprises such as Television banking systems and iPhone or iPad centric banking applications can make involvement amongst consumers on the spell. These smarter enterprises can assist in hiking gross revenues Numberss and guarantee the top place for the banker excessively in a seamless mode.
It is imperative that the employees of Fidelity Bank, Nigeria understand the pulsation of their clients in order to function them in a better mode. At the same clip they should be good versed with the recent fiscal ordinance alteration and the socio-cultural deductions. Therefore, a dedicated preparation section should work closely with the HR squad. They should maintain in head the alterations and research their merchandises and services. The ready to use developing stuff should be published to internal stakeholders and distributed amongst the clients excessively.
The leaders in fiscal spheres are non merely advanced but are besides leveraging from modern communicating watercourses to educate their consumers. The scheme division should work closely with Board of Directors. There should be monthly reappraisals with BOD in order to portion their ideas and inputs on the cardinal strategic enterprises that can be planned to up the ante for the banker in the market.
The selling division should besides be created as separate dedicated section with specialised executive manager. The vision of the organisation is to go a No.1 service supplier in the merchandises they offer to their consumer base. In order to carry through this, strict selling runs to traverse sell similar merchandises to the clients should be high on docket. In fact IT and selling or gross revenues sections can work closely and launch gross revenues runs. They can mensurate the hit ratio of their enterprises vis-a-vis provisioning of services from the clients. At present at that place seems to be silos as selling is pass oning with the shared services. In an ideal state of affairs selling should take proactive steps to guarantee that they are able to respond as per the concern demands of merchandise demands. For case, sing that there is a high potency in the Insurance watercourse, the insurance related runs should be launched more than other services.
Fidelity Bank, Nigeria has been supplying cutting border integrated banking solutions to one and all. They operate in a volume driven industry where new merchandises should be launched quiet frequently so that the top line and bottom line grow at a steady gait if non exponentially. Therefore, integrating a Market Research division under CEO ‘s close observation can assist them in deriving from the market goaded possibilities and newer merchandise or services launch in an effectual mode.
In order to adhere to the conformity the Audits and fiscal conformity division can be outsourced to third party fiscal hearers such as Deloitte, KPMG or Ernst & A ; Young etc. Bank can concentrate on their nucleus services and invention while the seamless auditing or fiscal conformity can good be managed by 3rd party fiscal advisers. This will assist the organisation in right sizing itself by extinguishing the division from internal hierarchy on the spell. The leaders in banking and fiscal industry infinite have already gained infinitely from the professional and timely services.
It is imperative that the clear communicating and information should flux from top to bottom and vice-versa excessively in order to supply healthy civilization of feedback mechanism amongst the employees. Employees should be empowered for sharing their ideas.
HR division should look to present 360 grade of assessment mechanism in which both subsidiaries and equals can acquire to portion their feedbacks for the person. This can better transparence amongst the employees excessively.