Adaptive Change Management in the Banking Sector: Insights from the COVID-19 Pandemic

DOI: https://doie.org/10.10399/APER.2025935374

Authors:

Dr. Ramandeep Kaur, Dr. Priti Sambhalwal

Keywords:

banking, leadership, communication, COVID-19, transparency, empathy, adaptability, organizational change management, human resources, resistance to change

Abstract:

Amidst the ever-evolving landscape of the banking industry, especially during the unprecedented challenges brought about by the global COVID-19 pandemic, this comprehensive literature review explores the intricacies of change management within the banking industry, worldwide. The study synthesized a wealth of scholarly articles, research papers, and reports, providing valuable insights into the multifaceted dimensions of change management within the banking sector during these tumultuous times. Key drivers necessitating change within the banking sector, such as the sudden shift to remote work, changing customer expectations, regulatory adjustments, and the well-being of employees and customers, are highlighted. The review delves into the diverse strategies employed by banks to manage these transitions effectively, including digital transformation, risk mitigation, crisis communication, and adaptable leadership. This review underscores the banking industry's capacity to evolve and innovate in the face of adversity. It highlights the interconnectedness of leadership, technology, regulatory compliance, and customer-centricity in driving successful change management. By synthesizing existing literature, this research paper aims to offer a comprehensive overview of the strategies, challenges, and outcomes associated with change management in the banking sector amid the COVID-19 pandemic. It contributes valuable insights to both academia and banking professionals as they navigate future uncertainties, fostering organizational resilience and adaptability in times of crisis. Looking ahead, the lessons learned from this period of upheaval should serve as a foundation for future resilience and adaptability.

PDF