Chapter 5
SUMMARY, CONCLUSION AND RECOMMENDATIONS This study tried to assess the effects of knowledge management on the financial sector. Specifically, the study tried to identify the knowledge management strategies of financial institutions particularly of banks in the United Kingdom; the manner on which banks cope up with the rapid change in the financial sector using knowledge management; the effects of these knowledge management strategies on the goals, objectives and long-term plans on the banks and the financial sector in general; and the potential of knowledge management in the attainment of goals/objectives, keeping up with competition on other financial institutions and the in accomplishing long-term management and financial goals.
The study utilized the descriptive kind of research with questionnaires and interviews used as instruments to measure the hypothesis of this study. The secondary sources of data came from published articles from social science journals, theses and related studies on Knowledge Management, Organizational Behaviour and the financial sector.
Summary
On the basis of the data gathered in relation to the statement of the problem, the following are the significant findings:
1. Greater than a half of the all the respondents claim that they have the grasp of the basic business objectives of their firm.
2. The respondents are uncertain whether their company has a better comprehension of the basic principles of KM. Although the respondents claimed that their company has installed its own intranet and extranet, only 43% of them stated that the system actually helps the employees in understanding and acquiring information in the firm.
3. The population stated that their respective companies have made their functions more efficient in the imposition of KM in their system. This is because the industry has the initiative to acquire specific techniques that suits their respective organizational cultures.
4. The respondents stated that another potential of KM is the fact that it provides the top management the venue to sustain the company’s strategic goals without compromising any other aspect of the organization.
5. The population asserted that the program also allows the company to cultivate the affairs of the organization, particularly those that are significantly relevant for the company.
6. The respondents also perceive that the imposition of KM in their system has significantly provided the individual employees with the right to be heard in the conglomerate.
7. The principles of KM have provided the much needed communication line between the CEOs and those in the rank-and-file employees.
Conclusion
On the basis of the above summary of findings in this study, this research came up with the following conclusions:
The implementation of knowledge management in the financial sector is obviously in its infancy stage. The financial sector must contend with a proliferating number of products, services and data sources as investment markets go global and become active around the clock. Keeping abreast of this data and understanding how it relates to employee and organizational performance is crucial to financial service companies such as those stated in this study. As more products, trading services and companies contribute to an online investment environment, this requirement will only intensify.
The study presented an impression of the benefits of KM are glaringly obvious to KM practitioners: Implementing a knowledge management system is part of an organizational commitment to raise information literacy skills, enabling associates to find, appraise, and utilize resources as part of their everyday routine. Concurrently, the study also presented the possible factors that contribute to the failure of the KM principles.
In this light, the study concludes that the level of management implementation is directly proportional to a bank’s profitability. Concurrently, the study also concludes that knowledge management is inversely proportional to the failure of the company. Nonetheless, the latter is acceptable only if the principles of KM are properly implemented. Another requisite is that the company is able to handle the dynamism of its environment in order to establish the realization of KM’s full potential.
Recommendation
The findings of the study as well as the suggestions of the respondents helped the researcher prepare the following recommendations:
The study provided a presentation on the perception of the personnel of five financial institutions regarding their grasp and faith as well as their evaluation on the Knowledge Management strategies employed in their respective companies. Moreover, the study also established that the environment of the financial sector is a different playing field for KM. This is reflected by the predominantly dearth materials on the implementation of the strategies specifically on the banking sector. In this light, the study recommends that the banking sector closely analyze the kind of KM strategy that will perfectly fit their organizational culture as well as their specific vision and mission.
The study also established that the opening of communication lines among the hierarchy of the company has significantly increased the motivation level of the employees. Thus, the study suggests that a greater emphasis on the way this increase in the morale of the workforce become an instrument for further profit. Although there is a slight increase in the productivity of the employees resulting from this rise of morale, it is important to keep track on the administrative aspects of the company. Maintaining the high level of efficiency of employees shall inevitably ensue high profits.
And lastly, the researcher proposes to employ additional studies that will cover a much larger population and a much wider coverage area. This would allow the learners in the similar discipline to gauge the effectiveness of Knowledge Management in the financial sector.
Credit:ivythesis.typepad.com
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