Internal stakeholder perceptions of banking culture : the case of Standard Bank.
Molai, Lerato Agnes Tinashe.
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Globalisation and the intense competitiveness amongst businesses and countries has increased the importance of comparative stakeholder analysis and banks focusing on their corporate culture. Managers are now being required to look within their companies and are constantly seeking ways to move forward and grow their business. Banks have moved away from a financial motive to one focused on satisfying stakeholder wants and needs in order to satisfy needs externally. The aim of this thesis was to investigate and evaluate the cultural setting in which a bank in South Africa namely Standard Bank operates. Further, how this environment influences a stakeholder’s perspective, particularly employees and managers. Firstly, the thesis examines the literature that is separated into different parts. Initially, stakeholder theory and the needs and the motivations behind the different models adopted were analysed. Furthermore, in order to understand the interconnection between bank culture, stakeholder interests and perspectives, the different cultural dynamics at the site were studied and evaluated. This aided in developing a deeper understanding of conflicts arising from cultural issues, particularly in organisations with diverse cultures, such as Standard Bank. Secondly, a mixed methods approach was utilised in order to understand the interplay between the stakeholder perceptions and corporate culture. This approach facilitated the researcher in gaining richer insights and a broader perspective of the topic, further enhancing the study. Insights were drawn from visual diaries (5), questionnaires (35), in-depth interviews (2), and observations (1 day). This was done through combining the various elements of both quantitative and qualitative research methods. The study contributes to an understanding that, the unification of both managers and employees understanding of their cultural environment is instrumental to the success of an organisation. In order to do so, this starts with the way a company operates mainly its culture, values and belief systems within the organisation. Therefore, these values and beliefs affect how a company operates. Taking this into account helps to create a customer centred environment. These views may either be aligned or conflicting with organisational goals and values. Although, banks the world over have a unified banking system, each bank has its own value and belief systems in place which make it successful.