HYPOTHESIS: EFFECTS OF INTERNAL AND ORGANISATIONAL ENVIRONMENT CHANGES; CASE STUDY: IMPERIAL BANK LTD
Management may be defined as the process of using organization resources to achieve the organization goals by planning, organizing, controlling and leading. An organization may be defined as people working together and coordinating their actions to achieve specific goals.
This paper will attempt to discuss the effects of some of the internal, external and technological factors affecting Imperial Bank Ltd, and their impact on the organization’s ratings, performance and strategy. These factors include but are not limited to the organizations policies, procedures and rules, budget adjustments, personnel, reorganization, management, and products and services in internal factors, and legal barriers, taxes, interest, social, demographic trends and competition and globalization in external factors, and machines and processes, automation, computers, quality standards in technological factors.
External and technological factors constitute part of the organizational environment. They shall therefore be merged, for purpose of this discussion, in order to clearly illustrate their effects on the organization.
Internal environment may be defined as forces within an organization directly impacting it. These forces affect the policies, protocols and procedures as well as resources an organization may adopt and/or use periodically to achieve its goals Imperial Bank Ltd mission statement reads as follows; “to be a customer focused financial institution that offers innovative services and solutions to our customers, utilizing secure, and cutting edge delivery channels and well trained human resources.” The mission statement determines the organization’s planning and strategy endeavors. Imperial bank has values that aid in the formation of policies towards upholding integrity strength and stability, progressiveness, and commitment. This is evident in the responsibilities to stakeholders through promoting excellence in financial reporting, implementing sound risk management systems and the highest ideals incorporate governance and social responsibility, in growing the business and deliver a solid financial performance while offering innovative products and premium service to our customers, strive to offer the latest technology based solutions to our customers, in commitment to realize the full potential of our staff by putting in place robust procedures, providing friendly working environment, having an equitable reward system, engaging in open and flexible communications and investing in staff development through formal and internal training. Imperial bank is an equal opportunity employer.
Imperial Bank has reorganized various departments so as to achieve the various goals and targets the shareholders have set. For instance, the retail department was divided into, corporate and personal banking. The bank realized that that since personal banking is volume driven and corporate is value driven; it would only achieve its set targets by merging the two departments. The bank earns mainly from lending hence value is required, and account maintenance fees hence volume is required. The number of accounts opened generates a large amount of income from the maintenance and charges from certain products and services it offers. The introduction of new products and services, such as new account types to cater for different people in terms of age and monetary value and also for various financial needs and services, as well as the re-branding of existing accounts has brought in new customers to the banking halls. The bank is in the process of introducing a business club for our business accounts and high end personal accounts so that the...