Leading through Digital Disruption Assignment Sample

Introduction Of Leading through Digital Disruption

In the age of digital disruption planning and an in-depth understanding of modern technology along with its effects on businesses are necessary for leading over rivals. This report analyses the essential components of Meezan Bank's modernization journey and offers suggestions to foster visionary leadership to effectively manage this transition. The report begins by outlining three aspects of Meezan Bank, client experience, operational efficiency and competitiveness, which are being affected by digital disruptions. For the purpose of promoting the bank's digitization, it then provides important possibilities for the chief information officer (CIO), to use digital technology and activities. The report provides guidance to Meezan Bank to establish a digital-ready culture by prioritizing customers. It also entails an atmosphere of collaboration & culture of innovation that can be fostered within banking institutions through the means of digitization. The paper also offers ways and strategies and encourages the implementation of Daniel Goleman's innovative management style.

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Task 1: Change Analysis And Opportunities

Introduction of Meezan Bank

One of the top Islamic banks in the nation of Pakistan, Meezan Bank works in compliance with the laws of Shariah. The bank, which began operations in 1997, has expanded to become the most significant Islamic bank in the nation. Meezan Bank, which has its corporate office in Karachi, is one of the biggest players in the banking sector and has a network of more than 800 offices spread over 240 localities in Pakistan.

Meezan Bank is an Islamic bank offering a variety of financial services and products that adhere to the rules of Shariah. In order to meet the different financial requirements of individuals, and organizations it offers retail, business, and investment banking solutions (Meezan Bank Overview, 2023). Along with this, possibilities in relation to lending include house, auto and private loans. Financial institution offers a range of bank accounts, including checking accounts, savings, and term deposits. The bank has won several awards and recognition locally as well as globally for its dedication to complying with Shariah and ethical banking practices.

Critically evaluate three areas of the organization that are being impacted by digital disruption

The following three facets of Meezan Bank have been affected by digital interruption such as:

• Customer experience: The way consumers engage with banks has undergone a significant shift as a result of digital disruptions. Customers today desire simple and effortless digital experiences as mobile and internet banking has become more popular. The bank has made investments in digital channels in response to this trend with the goal to improve client experience.
• Payments and transactions: Traditional payment methods have been affected by the introduction of electronic means of payment like peer-to-peer monetary applications and mobile wallets (Janelle B. Hill, 2017). Nowadays, customers select speedy and safe digital transactions over those using cash or conventional banking methods. In reaction to this interruption, Meezan Bank now provides a separate banking mobile app along with online payment methods.
• Financial advising services: The traditional paradigm for financial advising services has been challenged by the accessibility of online resources and robo-advisors (Bag, et. al. 2022). Customers now are privy to automated advising services and online platforms that provide inexpensive investment options. To accommodate the shifting tastes of customers, Meezan Bank has to adapt its advising services by incorporating digital tools and offering customized, data-driven advice.

Key opportunities that the CIO can take to successfully digitally transform the organization

To effectively transform Meezan Bank digitally, the CIO may take benefit of the following major opportunities:

• Adopt emerging technologies: By undertaking modern technologies like AI, machine learning, the blockchain, and the cloud could enhance client experiences, speed up business processes, and spur imagination within the bank.
• Strengthen cyber security processes and systems: To preserve client information and protect against online attacks, fostering confidence and trust in the online banking ecosystem.
• Encourage an environment of innovation: Support cross-functional cooperation, testing, and continual learning inside the company with the goal of promoting an agile & flexible attitude.
• Create strategic alliances: Work together with fintech firms, tech suppliers, and startups to make use of their expertise, get access to new methods, and promote digital innovation (Dohaney, et. al. 2020).
• Prioritize consumer wants and preferences: Byutilizingdata analytics and customer feedback to tailor services, better user experiences, and provide cutting-edge digital solutions that live up to customer expectations.

Task 2: Digital Business Agility

Provide initiatives and digital technologies used by the company to gain Digital Business Agility

Meezan Bank can apply the methodology created by the Global Centre of Digital Business Transformation (DBT Centre) that focuses on the following elements: hyperawareness, making educated decisions, and executing swiftly, to increase its digital company agility. Meezan Bank can efficiently identify market changes by integrating pertinent digital technology, and it are able to alter its business strategy to match changing customer demands.

Hyperawareness

The capacity to track and comprehend the digital world, including trends in the market, customer behaviour, and the latest innovations, is referred to as hyperawareness. Meezan Bank could make use of cutting-edge technology like machine learning as well as artificial intelligence (AI) to improve hyperawareness (Ivanov, et. al. 2021). Here is an idea for using such technologies at the Bank:

• Machine learning:Meezan Bank may use machine learningto analyze vast amounts of information from multiple sources by utilizing machine learning techniques. The bank may acquire real-time insights into client preferences, market conditions, and new developments by compiling information gathered from consumer transactions, market trends, online platforms, and other relevant sources. In order to assist the bank make educated decisions using accurate and recent data, machine learning models may be trained to spot correlations, trends, and irregularities in the data.
• Artificial intelligence: the bank may automate data analysis and provide deeper insights through the use of AI technologies. Chatbots that are AI-powered are able to interact with consumers, ascertain their requirements and provide tailored recommendations (Grillitsch and Sotarauta, 2020). The bank may identify possible areas for improvement and quickly resolve consumer issues by using natural language processing (NLP) methods to help in sentiment analysis and feedback from client's analysis.

Making Well-Informed judgments

Making well-informed decisions entails using hyperawareness-derived insight to direct operational and strategic choices. The technologies listed below might be utilized by the bank to help decision-making procedures:

• Predictive analytics: Thisis a technique that Meezan Bank may use to predict client behavior, market trends, and possible risks. The bank can find trends and make accurate projections by utilizing machine learning algorithms to analyze previous information. Predictive models, for example, can help a bank calculate client demand for certain goods or services, enabling it to actively modify its line of goods and services to satisfy future market requirements.
• Big data analytics:Meezan Bank is able to analyze and examine significant quantities of data that is structured as well as unstructured (Bhople, 2019). The bank may acquire comprehensive knowledge about customer habits, market trends and competitive landscapes through the integration of data from many sources, such as client actions, social networking sites, and market analysis. The decision-making processes in a variety of areas, such as the creation of products, advertising tactics, handling risks, and resource allocation, can be informed by this data-driven approach.

Quick execution

Quick implementation refers to the capacity to respond to market advances and carry out essential activities. Meezan Bank might want to think about the following technologies to facilitate quick execution:

• IoT (Internet of Things): Meezan Bank may streamline and enhance internal operations by using IoT devices, improving productivity and removing obstacles. IoT sensors may be used to track real-time data on transaction volumes, ATM usage, and bank foot traffic (Bordeleau and Felden, 2019). This information may be utilized to plan resource allocation, predict periods of high demand, and guarantee rapid response. IoT devices may also be included into the bank's supply chain oversight, providing real-time inventory tracking and aiding quicker customer response.
• Virtual/Augmented Reality (VR/AR): The bank may make use of VR/AR technology to provide customers with realistic and engaging experiences. Virtual branch trips using VR/AR can be used to let consumer's tour financial institutions from far away (Vives, 2019). By giving customers real-time information and direction, such as customized product suggestions or self-service assistance, AR may improve the in-branch experiences. By offering simulated experiences and situations to help employees develop their abilities and expertise, these technologies can be used as well to improve training programs for staff.

Meezan Bank can also investigate the use of virtual reality in the area of financial education. The bank may provide customers with interesting and informative information, such as budgeting tools, investing simulations, or interactive lessons on Islamic banking concepts, by creating augmented reality or interactive platforms. Through these efforts, not only is the customer experience improved, but customers are additionally provided with the information they need to make sound financial choices.

Task 3: Creating A Digital-Ready Culture

Recommending an innovative approach which assists in indulging a digital-ready culture

The following innovative techniques can be used at Meezan Bank in order to foster a culture that is ready for the digital age and to encourage its digital transformation:

• Prioritizing consumers: Meezan Bank must focus on comprehending consumers' wants, preferences, and pain areas so as to put first customers in its digital transformation journey. The following strategies can be used to accomplish this:
• Customer-Centric Design: Apply design thinking addresses to create intuitive, intuitive, and customer-aligned digital solutions. Obtain input, conduct user research, and improve goods and services in accordance with client feedback.
• Personalization: Use data analysis and artificial intelligence technology to provide customers with bespoke financial solutions and personalized experiences (Vrettakis, et. al. 2019). Utilize client data to forecast requirements and make pertinent advice or offers.
• Omnichannel experience: Verify that all touchpoints, including the website, mobile app, and in-branch encounters, offer smooth and uniform experiences. Give customers the option to switch across platforms without losing their place, and give them a consistent view of all their financial transactions.
• Fostering a Collaborative Culture: the bank can put the following plans into action to encourage cooperation and cross-functional teamwork:
• Use agile methodologies by using agile practices to encourage communication, transparency, and adaptability. To promote continuous growth and learning, encourage cross-functional teams to collaborate, eliminate divisions, and deliver projects in iteration cycles.
• Establish platforms and routes for employees to exchange their knowledge, perceptions, and best practices in relation to the digital change (Machado, et. al. 2021). Through internal seminars, webinars, and online forums, promote cooperation and learning.
• Encouraging staff from many departments to work together on digital projects, helping to build a feeling of shared ownership and a comprehensive grasp of the company's digital objectives.
• Fostering an Innovative Culture: The strategies that follow can be used to promote innovation at Meezan Bank:
• Innovation laboratories make groups or venues specifically for creativity and experimentation. Give staff members the time, cash, and tools they need to research and create creative ideas.
• Ideation contests and hackathons Organize internal hackathons or ideation contests to motivate staff to come up with creative solutions to particular company issues (Mihardjo, et. al. 2019). Encourage a culture that supports and celebrates innovation by promoting and recognizing original thinking.
• External collaborations encourage partnerships with outside innovation centers, new businesses, and fintech firms to benefit from their knowledge, study their methods, and look into prospects for joint creation of fresh digital solutions.
• Being a Digital Champion: The Meezan Bank should concentrate on the following projects to develop into a digital champion:
• Invest in educational and upskilling programs to provide staff members with the needed digital know-how and abilities. Give them the chance to gain knowledge about new technology, internet trends, and business best practices.
• Leadership Support ensures that efforts for digital transformation have strong leadership support. Motivate CEO's to support digital efforts, articulate the objective, and offer support and resources for effective execution (Karakose, et. al. 2021).

Task 4: Developing Digital Leadership

Assessing leadership style which supports digital disruption of Meezan bank

Leaders could encourage Meezan Bank's digital transformation by promoting the "Visionary" style of leadership outlined by Daniel Goleman. This style of leadership entails establishing a distinct and motivating vision for the business, directing teams in that direction, and encouraging innovation and change. The following strategies and tactics, particularly the GROW model, can be utilized to help Meezan Bank's leaders adopt a visionary leadership style:

Creating a Clear Vision:

By defining an organization's goals and creating an inspiring vision, executives at Meenaz bank can build a visionary leadership style. Thereby bank would become able to motivate personnel towards digitization or for its digital transformation. Hence, by using frequent pathways, such as town hall discussions, newsletters, and digital platforms, to remind and reinforce the goal with the staff.

Promoting Innovation and Change:

By developing a culture that promotes innovation, change, and testing, leaders can encourage both of these (Sheninger, 2019). Encourage employees to come up with new ideas, question the current status quo, and take determined risks. Assisting and enabling groups to investigate novel technology, approaches, and models for business. Promote cross-functional cooperation and give funding to projects that promote innovation.

Creating the GROW Model:

The GROW framework is a powerful training strategy that can be utilised to create a visionary leadership style. Here is a demonstration of how to use each GROW model step:

• Objective: Assist leaders in setting specific objectives for refining a visionary leadership style, like expressing an enticing goal, encouraging innovation, or accepting change.
• Reality: Encourage leaders to evaluate their present principles of leadership and skills in terms of vision, creativity, and change (Wu, et. al. 2020). Assess the advantages and room for development.
• Options: Examine several tactics and techniques that leaders can employ to improve their innovative management style. Give them access to materials including articles, books, workshops, and mentoring initiatives.
• The way forward: Define clear actions that leaders may take to put a visionary style of leadership into practice.

Increasing emotional intelligence:

For leaders with vision, emotional intelligence development is important. This comprises:

• Self-Awareness: Motivate leaders to be aware of their own ethics, flaws, and strengths. Help them understand how their actions and conduct affect other people.
• Empathy: Empower leaders to comprehend and empathise with the points of view and experiences of stakeholders, customers, and workers. Promote attentive listening and discovering different points of view.
• Relationship Building: Assist leaders in establishing solid bonds that include mutual respect, open communication of ideas, and collaboration. Encourage changes like networking, coaching, and coaching to enhance their relationship-building abilities.

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Conclusion

Meezan Bank is continuing to make a substantial contribution to Pakistan's Islamic banking sector's development and expansion. The bank must embrace digital disruption, seek ongoing creativity modify its tactics to satisfy shifting customer demands and maintain its standing as a leader in the area of online banking. The Meezan Bank may present itself as a digitally adaptable company that is able to recognize change, adjust swiftly and adapt to the changing demands of its clients in the fast-paced environment of online banking. Meezan Bank may develop a culture that is technologically capable and values customer focus, collaboration, creativity, and digital leadership. Meezan Bank may develop leaders who are capable of successfully leading the road towards digital transformation by putting a strong emphasis on developing a visionary management style, implementing the GROW model, and promoting emotional intelligence.

References

Books and Journals

• Bag, S., Srivastava, G., Bashir, M.M.A., Kumari, S., Giannakis, M. and Chowdhury, A.H., 2022. Journey of customers in this digital era: Understanding the role of artificial intelligence technologies in user engagement and conversion.Benchmarking: An International Journal. 29(7), pp.2074-2098.
• Bhopal, N., 2019.How to Kill Your B/oss and Get Away with It: A Step-by-Step Guide to Digitally Transforming Your Organization. Notion Press.
• Bordeleau, F.È. and Felden, C., 2019. Digitally transforming organisations: a review of change models of industry 4.0.
• Dohaney, J., de Róiste, M., Salmon, R.A. and Sutherland, K., 2020. Benefits, barriers, and incentives for improved resilience to disruption in university teaching.International Journal of Disaster Risk Reduction.50, p.101691.
• Grillitsch, M. and Sotarauta, M., 2020. Trinity of change agency, regional development paths and opportunity spaces.Progress in human geography.44(4), pp.704-723.
• Ivanov, D., Tang, C.S., Dolgui, A., Battini, D. and Das, A., 2021. Researchers' perspectives on Industry 4.0: multi-disciplinary analysis and opportunities for operations management.International Journal of Production Research.59(7), pp.2055-2078.
• Karakose, T., Polat, H. and Papadakis, S., 2021. Examining teachers' perspectives on school principals' digital leadership roles and technology capabilities during the COVID-19 pandemic.Sustainability.13(23), p.13448.
• Machado, C.G., Winroth, M., Almström, P., Ericson Öberg, A., Kurdve, M. and AlMashalah, S., 2021. Digital organisational readiness: experiences from manufacturing companies.Journal of Manufacturing Technology Management.32(9), pp.167-182.
• Mihardjo, L., Sasmoko, S., Alamsjah, F. and Elidjen, E., 2019. Digital leadership role in developing business model innovation and customer experience orientation in Industry 4.0.Management Science Letters,9(11), pp.1749-1762.
• Sheninger, E., 2019.Digital leadership: Changing paradigms for changing times. Corwin Press.
• Vives, X., 2019. Digital disruption in banking.Annual Review of Financial Economics.11, pp.243-272.
• Vrettakis, E., Kourtis, V., Katifori, A., Karvounis, M., Lougiakis, C. and Ioannidis, Y., 2019. Narrative–Creating and experiencing mobile digital storytelling in cultural heritage.Digital Applications in Archaeology and Cultural Heritage.15, p.e00114.
• Wu, K., Darcet, D., Wang, Q. and Sornette, D., 2020. Generalized logistic growth modelling of the COVID-19 outbreak: comparing the dynamics in the 29 provinces in China and in the rest of the world.Nonlinear dynamics,101(3). pp.1561-1581.

Online

• Janelle B. Hill, 2017. Leading Through Digital Disruption. [Online]. [Available on]. :< https://www.gartner.com/imagesrv/books/digital-disruption/pdf/digital_disruption_ebook.pdf>.
• Meezan Bank Overview. 2023. Online. Available through: <https://pitchbook.com/profiles/company/100252-00#overview>.