Discussion:Ideal Strategies to Setting up Challenger Bank Successful (Case Study Sample)

Evaluation of the proposed strategy and operations to set up a Challenger Bank for an existing multinational bank
Words: 2000
Executive Summary
The purpose of this report is to discuss ideal strategies to setting up a challenger bank successful amidst the Fintech revolution. Accordingly, the focus of the report is on 3 key operational issues which include change management, marketing and leadership. The report considers effective change management strategies through Lewins 3 Stage Model, use of 4P marketing approach, and utilisation of transformational leadership as key factors to making the challenger bank successful and competitive. For the successful implementation of these aspects, the report recommends a thorough training on the management and employees before and during initiation of the challenger bank. This is important for the parties to get aligned and develop the right attitude towards change through Lewins 3 Stage Model, new marketing system and the application of transformational leadership in workplace. This owes to the fact that in order to compete with rivals in this Fintech revolution, new technological systems, new banking trends and operational systems will have to be implemented.
Table of Contents
 TOC \o "1-3" \h \z \u  HYPERLINK \l "_Toc92787951"
1.0 Introduction  PAGEREF _Toc92787951 \h
4
 HYPERLINK \l "_Toc92787952"
2.0 Discussion of the Proposed Strategies and Operations  PAGEREF _Toc92787952 \h
4
 HYPERLINK \l "_Toc92787953"
2.1 Change Management  PAGEREF _Toc92787953 \h
4
 HYPERLINK \l "_Toc92787954"
2.2 Marketing  PAGEREF _Toc92787954 \h
6
 HYPERLINK \l "_Toc92787955"
2.3 Leadership  PAGEREF _Toc92787955 \h
8
 HYPERLINK \l "_Toc92787956"
3.0 Conclusion and Recommendations  PAGEREF _Toc92787956 \h
9
 HYPERLINK \l "_Toc92787957"
References  PAGEREF _Toc92787957 \h
11

1.0 Introduction
In order to stay relevant to the modern consumer and thrive amidst intense competition, banking institutions are required to adopt their strategies in line with the revolution and technological developments. The implication of Fintech revolution could result into a significant loss if proper management and strategies are not established (Hodson, 2021). This report provides a a discussion on the proposed strategies and operations for the establishment of a challenger bank by combing various topics including the use of Lewins 3 Stage Model, 4P Marketing Mix and Transformational Leadership Behavior. It is believed that through effective change management approaches, utilisation of modern marketing approaches and leadership, the newly set up challenger bank will be able to record significant level of success.
2.0 Discussion of the Proposed Strategies and Operations
2.1 Change Management
For the challenger bank to effectively cope with the Fintech revolution and compete with rivals within the financial market, it needs to introduce change management process. This is important in ensuring that the bank is in a position of responding and analysing the compliance implications of product and regulatory changes in the market today. There are various change management models in existence which explain how change should be carried forward. Among these include Kurt Lewin