Making New Ways of Working (NWOW) Happen Now

If we think about it, it is quite clear that the progress made in information and technology hasn’t reflected in our industrial operations. We still use two hundred-year-old hierarchical command system at organisations in this era of self-employed entrepreneurs and well-networked individuals.
However, those days are finally getting over. Today, we are facing the change we need, the “New Ways of Working” in our industries. This blog elaborates further on how to speed up this process of change in our organisations.

What is meant by New Ways of Working?

New ways of Working is a transformational approach to our existing work system backed by digitalisation. Technological innovations are integrated into the daily activities to make this possible. Employees get to decide when they work, which communication medium they use and where they work. This way, the workers get more flexibility and improve their productivity. To achieve this model, various drivers can be managed such as physical workplace and management practices. The past management styles and barriers are removed to enable coordination of multigeneration workforces.

Requirements for NWoW

For an organisation to implement NWoW and become agile, it requires to pull apart the traditional silos and operational techniques. The goal of this new system is to create a positive employee experience through empowering and enabling them. To make this possible, a transformation is required on how people think, how people act and what they do and deliver.

Change in How People Think

An adaptive mindset is one of the primary requirement for a truly agile capability. In this way, we should be open to all the possibilities, continuous learning and new methods. Rather than having a fixed mindset towards growth, NWoW emphasis on individuals with a mindset to explore new options. These kinds of thinking evolve and adapt to meet challenges on this fast-changing conditions.

Change in How People Act

Agile capabilities of a team or person rely on their ability to collaborate, ability to adapt, willingness to work outside the area of expertise and openness towards feedback. In a group, the mindsets of the whole members should be towards adaptive thinking. With such teams, adaptive practices such as enterprise social networking, working out loud and visual management can be comfortably carried out. It will help to promote co-creation and deep engagement further.

Change in What You Do and Deliver

After putting agile mindsets and behaviour together, New Ways of Working requires embedding of these new ways to the organisational culture. The leaders of the organisation should be keen to model and reward the proper behaviours. Recruiting the right people will make things easier because agile practices work best when all the team members demonstrate agile behaviour and thinking.
The changes required in an organisation to utilise New Ways of Working are not very unreasonable. If we think about the shift in power, we know that conventional hierarchical power models are failing to motivate people. Connection and collaboration are replacing the command and control system. Sooner or later we will find ourselves in workplaces that are catching up with this new model. For quicker adaptation, we will be required of an agile mindset, behaviour and practice.

Bank Merger of Dena, Vijaya and Bank of Baroda – What does this move say about the future of the Indian Banking Sector?

Several banks, majorly owned by the government, doing the same business have been competing with each other. Naturally, it has resulted in a lower return of capital employed by the government. The well-needed consolidation process of private sector banks is finally taking place. Our central government recently announced the merger of Bank of Baroda, Dena Bank and Vijaya Bank. Together they will form the third largest bank in India with a business of ₹14.82 Lakh crore.

Benefits of This Merger

This merger can deliver several positive outcomes not just to these banks but also to the whole sector and indirectly to the Indian economy. Few of the direct benefits of this merger is listed below.

  • Financially the weakest of these three, Dena Bank is in urgent need of the capital infusion. By merging it with healthier banks ( BoB and Vijaya Bank), this urgent need can be eliminated.
  • A larger bank in place of three smaller ones means more efficient and resilient banking sector. The larger banks always offer better characteristics.
  • The governance challenge for the government is reduced. Two fewer CEOs to find, two fewer entities to audit and two fewer boards to appoint.
  • The financial inclusion and broadening geographical reach of the banking is achieved better.
  • The increased customer base and business will result in international recognition and better ratings.
  • Most importantly, the cost of operations can be reduced mainly by the merger.

However, all the problem-related with PSBs are not going to be solved with mergers. The NPA issues need fixing of more profound institutional vulnerabilities.

The Intention

The government of India has hinted about the future of the Indian banking sector through the recent actions. The merger of banks is aimed at growing a few large banks to cater the international needs. According to a recent discussion paper by RBI, the consolidation of commercial banks by voluntary initiatives are appreciated by the government.
The government’s intention to re-orient the banking structure is well reflected in these re-occurring mergers. The new orientation of banking structure comprises of four tiers. In the first tier, there would be three or four large banks with international and domestic presence. The second tier is for mid-sized banks including niche banks with extensive presence over the economy. In the third tier, you will find the Regional Rural banks and Old Private Sector Banks. The last tier is for the cooperative banks and small privately owned local banks. The merger of state-owned banks can be seen as the stepping stone to this reorienting process.

The Future

The government identifies this reorientation process of our banking structure as a view to addressing various issues. These targeted issues include enhancing competition in the banking sector, improving financial inclusion, financing higher growth and providing specialised services. The need for flexibility and dynamism in our current structure is recognised, and the new construction is expected to impart these qualities. However, all these changes should be made without hurting the current resilient feature of our system.
 

5 Things Nobody Told You About Fintech

In this modern era, financial technology or Fintech has turned out to be extremely remarkable, which is considered to be an application of technology in the world of bank and finance.  Anything that helps make the universe of finance simpler and better is most likely due to FinTech. It has helped conquer any hindrance between the banking industry and its clients.
Presently, there is a great deal of innovative new businesses and FinTech organisations that have come up. These organisations centre on making new FinTech meaning products for providing more assistance to the general client base. These services are adapted towards customised services, better interest rates with amazing financial technology and lesser processing charges with the goal that everybody can profit from it.

What is fintech?

The term “Fintech” is a compound of words – “finance” and “technology”. It is what compels the unconventional finance sector. It has helped to link the gap between the banking industry and its clients.  But, do you know, what is fintech exactly is? Of course, there are a few significant things that Nobody Told You about Fintech! So here we have gathered five stuff about fintech meaning you might never be aware of, and that will undoubtedly facilitate you get a better perceptive of this fast-expanding industry.

Millennials are forcing the FinTech development

Millennials are significantly affecting the growth of the FinTech business. This not merely adjusting to the more up to date developments in the market yet additionally contributing to making that interest. Purchasers are changing to Fintech because 43% of Millenials believe it’s anything but difficult to set up, 15% trust FinTech offers more alluring rates and expense structure and around 12 % think they have shifted choices and access to various brands and services.

30% of Clients appreciate FinTech

While numerous consumers are inflexible to new techniques of payment and personal fund, a substantial section of the populace are early users of FinTech.
PwC reports that 30 per cent of the present clients intend to build their utilisation of nontraditional methods for payments, financial exchanges, credits, and saving. By understanding the classification your clients fall into, firms can give the correct sorts of conventional or nontraditional financial tools

Provision of Social Happiness

FinTech is helping a ton of networks that don’t have the right of entry to proper banking. These days, banking is not the matter of comfort. Instead, it is a need. Financial exclusion is a problem that needs to be addressed in a ton of developer and underdeveloped nations. For individuals living in local regions and those who are not linked to any official banking network, these people can profit significantly. Individuals can securely send and get cash utilising their smartphones. Actuality, a lot of services, doesn’t require mobiles. All they need is a smartphone fit for accepting SMS-es.

The more significant part of Executives Are apprehensive

An ongoing report from Pricewaterhouse Cooper (PwC) uncovered that a stunning 80 per cent of officials all-inclusive feel their business is in danger because of the rate of advancement in the FinTech circle.
The regions of business saw as most in danger are payments, exchanging assets, and personal finance. This says associations see themselves at a point where they have to pick between receiving new financial technology advancements and losing clients to troublesome startups. So it might be an ideal opportunity to adjust.

Cryptocurrency and Blockchain – a transparent method of financial transaction

Financial technology has gone to such a degree, to the point that it has made its currency. Bitcoins, Ethereum, and so forth are necessary digital forms of money that we continue finding out about these days. But, all of this employs on one kind of tech called blockchain. The blockchain is only digital records that give a straightforward technique for the financial transaction. Every one of the blocks is anchored and it can prospective to utterly destroy the banking system on the off chance it grabs on.