Managing Transformational Change Strategically in Banking Service Industry in Contemporary Scenario

The service industry has witnessed a technological boom, since globalization. The services in banking sector offered now, are technology driven, faster than ever before. By using segmentation strategies, the banking sector is not only trying to increase their balances through penetrating till roots, but also trying to handle each customer differently through customized services. The giant of Indian banking, the largest and oldest bank “SBI”, had been losing its market share gradually in contemporary scenario against tuff competition from private banks. Bank's market share from 18.72% in Mar 2004 out of total deposits, came down to 15.21% by Dec 2005.

Managing Change involves or requires a time bound, specific and realistic goals, along with strategies with proper planning to meet those goals. Managing Change can be a tumultuous or churning duration in the lifetime of an organization. Basically, oorganizations don't change, individuals do. No matter how large the project going to be, the success of the project ultimately lies with each employee doing their work differently, multiplied across all of the employees impacted by the change. Without an individual perspective, no idea or the goal or outcome can be efficiently achieved.

This research paper focuses on how effectively and effectively the management brought and implemented change in the services offered and day to day practices at SBI. How the lethargic attitude of employees at SBI changed to prompt and helping. How the new technologically driven service operations were taught using a strategic time bound plan to the employees. The research paper also focuses on the retail credit business figures of the bank of the financial years 2006–07 till 2010-11 duration. The primary data collected through survey using questionnaires reveals the satisfaction or dissatisfaction by the banking services and employee's promptness and attitude towards work.