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The global pandemic outbreak of the corona virus hit millions of people globally. The lockdown imposed by the government in different countries forced businesses to shut down. The banking sector increases the digital transformation process in the time of Covid-19 to continue the business process and customer service. The digital transformation of the banking sector has been started years ago, as almost all the banks shifted to its core business process in the digital mode through online banking, mobile banking, internet banking, etc. But in the pandemic situation employees of different areas of banking system started working remotely. This process has many advantages and disadvantages. The banking sector is also disrupted in that situation. This research proposal is about to find the strategies required for the digital transformation of remote work in the banking sector, the required tools for the monitoring and productivity of the remote work are also discussed in this research.
The Corona virus outbreak is one of the major problems the banking services sector has faced in a generation. The COVID-19 consequence on financial services would be a significantly decreased income, drop in demand, and production slowdowns, all of which will have a negative consequence on bank operations. Staff shortfalls, insufficient digital readiness, and dependence on the existing infrastructure intensify the problem as enterprises struggle to comply with the effect of COVID-19 on banking institutions. The banking sector has its hands busy as a result of the unusual corona virus pandemic. The banking industry are facing job losses, lower revenue, and reduced profitability as the Corona virus spreads throughout the world (Salonen, et al,2021). Working remotely is becoming a standard workplace practice. It reduces commute time, expenses, and the required resources for physical office administration. Work practice in all industries where services, productivity, and solutions may be handled without the need for physical presence. Working remotely enhances attracts talent and corporate outcomes, and a committed staff produces the greatest financial results. But at the same, there are different issues that have been faced in remote working such as cyber security issues and requirements for the advanced technology.
The key aim of this study is to identify the digital transformation strategy that needs to work remotely in the banking sector along with monitoring tools and key security concerts in this system.
The objectives of this research are mentioned below:
H: It is possible to find the strategies for the digital transformation to work remotely in the banking sector.
H0: It is not possible to find the strategies for the digital transformation to work remotely in the banking sector.
H2: It is possible to find the products and monitoring tools required to work remotely in the banking sector.
H0: It is not possible to find the products and monitoring tools required to work remotely in the banking sector.
H3: It is possible to find the key security concerns that the workforce and industry faced while working remotely in the banking sector.
H0: It is not possible to find the key security concerns that the workforce and industry faced while working remotely in the banking sector.
The banking sector is an important sector for the financial operation of individuals as well as for the industry. To continue the operation during the Covid-19 different bank has taken the initiative of remote working for its employee in that situation. Remote working enables the sector to provide service to their customer as well as helps to continue the business process. But there are different concerns related to the remote working facility in the banking sector (Putra et al,2020). Productivity and the performance of the employee in the remote working, the requirements of advanced technology, and the key cyber security concern in working remotely for the banking sector are the main concerning issue in this system.
Figure 1: Ability to telework in different sectors
According to Chanias et al 2019, a digital transformation strategy of implementation and formulation has become an important issue for many pre-digital banking sectors. The most impact digital transformation strategy could be generated remains an open question. It is utilized interpretive in-depth on case study research in banking services has implemented and formulated a digital transformation system. Digital technology can transform net banking sectors services, business models, financial services, and operations. Digital transformation strategy has collected many resources and data collection or sources that documented observation from regular visits onsite during the research period in digital transformation. The data analysis was nonlinear and emergent. Digital transformation strategy, implementation and formulation in banking sectors. All the models show that creating a significant dynamic procedure involves iterating between learning for pre-digital transformative.
According to Tskhadadze (2019), the important area of banking sector development in the modern condition's the development of a remote banking sector services system with an increase in the level of banking sectors. The modern condition of remote banking sectors is provided a service a rapid growth of the retail sector required effective and affordable for customer bank. Remote technology provided many clients with maximum and use banking for convenience are required minimum time and financial costs. A bank client can get information about his account and financial in terms on manage by performances in bank operations. The growth of contribution to the banking sector of its performances indicated, decreases in product quality, most important, and a reduction in costs without a decrease in customer banking competitive banking sectors. This research of technology in banking sectors included the many processes like internet banking, banking via telephone, remote banking in the world, remote banking modern services for all services maintained in banking sectors.
According to Setiawan et al, 2021, intelligence programs are used in the bank for managing financial performances. The primary goal is to ensure that the banks from artificial intelligence programs cannot integrate a large influent with a long-term effect on bank probability. In the management given to review for banking services, develop in growth and benefits and risks in economic data factors. The study is improved the positive and importance of this transformation in the remote banking sectors. Hence, performances in inventory management and success management are interpreted and investigated. Management is performances for the arrangement of identifying collecting, Disseminating, appropriate data, and analyzing to measures of decisions undertaken and operations. This study of inventory management and big analytics presents business environment prospects and challenges for banking management. Data-driven management for support in decision-making improves customers' and improves users' sensitivity. The key performances are useful to study inventory management in banking for the performance of an organization, and the coordination of analysis capacities in banking sectors. The research on study materials included data treatment, innovation ambidexterity, and data collection for all related monitoring tools for remote working in banking sectors.
According to Prasad et al, 2020, implementation in remote working has become essential in management. The work banking sectors are solutions, products, and services that can be managed to be physical technology all gotten information about the banking sectors. To manages is not possible belong workforces in unorganized and unskilled sectors, it is expected that someone people mentioned in community tools to several irrespective of the sector convenes. The results were responses based on the factors knowledge in employment and banking managers are analyzing the growth of the economy. Remote working can improve employment for creativity, morale, and productivity perfectly planned in many sectors. Management organizations are developing an implementation strategy for organizational expertise in remote work in banking sectors. Therefore, psychological well-being research worker depends on social aspects and missing outcomes variable for the banking management.
According to Soni et al. 2020, the largely dependent banking management is on the work depending for the employees. Corona virus (COVID-19) unmatched outbreak for the companies working for their employees. The digital marketing transformation is mainly included in the banking transformation about prepared for their situation. Hence, the employees were fully prepared for their situation for marketing in banking purposes (Nurse et al. 2021). This makes lives convenient. In the securities issues on personal network and devices uses in the companies organizations. The employer’s requirement for home network devices is concerned with securities issues and personal networks. That is the reasons have a large surface to get their duty on a time. Hence, the holistic view of securities issues and challenges for the employees is controlled in remote work progress in the paradigmatic situation (Nahar et al, 2021). The cyber securities thread has an emergency for this situation. The work presents the challenges faced by the employees at the times.
In the research about the remote working in the banking sector, the adopted research method will be the mixed method where both secondary and primary research will be conducted. In the secondary research method, research data has been collected from the existing data sources. And for the primary research process data has been collected first time by the researchers. For the secondary research methods, various existing literature published on this topic will be reviewed to find answers to the research question of this research proposal. For the primary research, the researchers will use questionnaires to arrange an interview to find the answer to the research questions.
Pragmatism research philosophy will be conducted in the research of remote working in the banking sector. The pragmatism research philosophy supports the actions and this philosophy is applicable to the mixed method of research. Since in this research both secondary and primary research methods will be conducted, then this research philosophy will be suitable for this research (Zwelling and Opoku-Ahene, 2019). In this research, the philosophy research question is very important and this is also suitable for both data analysis methods that will be conducted in this research.
The deductive research approach will be used for the research of remote working in the banking sector (Woiceshyn and Daellenbach, 2018). In this research, the approach hypothesis is developed on the basis of existing theories to design the research strategy, and then the research strategy help to test the hypothesis.
The data collection methods for the data collection of the research topic about the remote working in the banking sector will be mixed methods of data collection where both primary and secondary data will be collected (Kitsios, et al, 2021). The secondary data required for this research will be collected from the existing data sources such as different literature published in various journals, online articles, websites of research organizations, and websites of central banks of different countries. The primary data will be collected by interviewing different people who are working remotely in the banking sector during the pandemic situation; this will help to get unbiased results of the research questions. Along with the interview, an online survey will be conducted with the same questionnaires to get a greater number of participants.
In this research, both quantitative and qualitative data analysis methods will be performed to analyze collected data. In the qualitative data analysis method, non-numeric data such as notes, audio, video recordings, and interview transcripts will be analyzed. The qualitative data analysis will be conducted through three processes -
The quantitative data will be analyzed through the statistical data analysis of the collected numeric data. The statistical analysis includes the “calculation of differences between variables, and frequencies of variables”. The quantitative data analysis can be performed with the help of different tools such as MS Excel, and SPSS. MS Excel is more affordable and flexible for data analysis because is a free data analysis tool offered by Microsoft Office, whereas the SPSS is a paid software offered by IBM.
Figure 2: Project timeline
(Source: Project Libre)
Chanias, S., Myers, M.D. and Hess, T., 2019. Digital transformation strategy making in pre-digital organizations: The case of a financial services provider. The Journal of Strategic Information Systems, 28(1), pp.17-33.
Setiawan, R., Cavaliere, L.P.L., KartikeyKoti, G.A.O., Jalil, N.A., Chakravarthi, M.K., Rajest, S.S., Regin, R. and Singh, S., 2021. The Artificial Intelligence and Inventory Effect on Banking Industrial Performance. Turkish Online Journal of Qualitative Inquiry, 12(6), pp.8100-8125.
Prasad, D.K., Mangipudi, D.M.R., Vaidya, D.R. and Muralidhar, B., 2020. Organizational climate, opportunities, challenges and psychological wellbeing of the remote working employees during COVID-19 pandemic: a general linear model approach with reference to information technology industry in hyderabad. International Journal of Advanced Research in Engineering and Technology (IJARET), 11(4).
Putra, K.C., Pratama, T.A., Linggautama, R.A. and Prasetyaningtyas, S.W., 2020. The Impact of Flexible Working Hours, Remote Working, and Work Life Balance to Employee Satisfaction in Banking Industry during Covid-19 Pandemic Period. Journal of Business and Management Review, 1(5), pp.341-353.
Salonen, S., 2021. Creating a Remote Leadership Concept in the Banking Industry.
Nahar, S., Meero, A., Rahman, A.A.A., Hasan, K.R., Islam, K.A., Zayed, N.M. and Faisal-E-Alam, M., 2021. Analysis on the marketing strategy and competitive advantage of banking industry in bangladesh: an entrepreneurial case study of hsbc bank. Academy of Entrepreneurship Journal, 27(4), pp.1-7.
Zwelling, M. and Opoku-Ahene, A.R., Leadership Strategies and Decision Support Systems Based AI in the Developing Economies: Perspectives from Ghanaian Banking Sector.
Kitsios, F., Giatsidis, I. and Kamariotou, M., 2021. Digital Transformation and Strategy in the Banking Sector: Evaluating the Acceptance Rate of E-Services. Journal of Open Innovation: Technology, Market, and Complexity, 7(3), p.204.
Buallay, A., 2018. Is sustainability reporting (ESG) associated with performance? Evidence from the European banking sector. Management of Environmental Quality: An International Journal.
Lowe, A., Norris, A.C., Farris, A.J. and Babbage, D.R., 2018. Quantifying thematic saturation in qualitative data analysis. Field methods, 30(3), pp.191-207.
Hameed, H., 2020. Quantitative and qualitative research methods: Considerations and issues in qualitative research.
Tskhadadze, N., 2019, February. Use of Remote Banking Technology. In International Conference Communicative Strategies of Information Society (CSIS 2018) (pp. 108-111). Atlantis Press.
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