Organisational renewal model for leveraging a bank’s sustainability and continuity during periods of discontinuities: a perspective from the caribbean financial markets
- Organisational Renewal; Self-Regeneration; Caribbean Financial Markets; Discontinuities; Bank Performance; Turbulence; Businesses’ Continuity And Sustainability
As financial institutions are often faced with a series of turbulences that unfold in the Caribbean financial markets, frequent organisational renewal and self-regeneration become crucial for bolstering a bank's continuity and sustainability. In that context, this study uses a qualitative research method to evaluate the effectiveness of the organizational renewal strategies that are often used by Caribbean banks during periods of turbulence as well as the major impediments of such strategies. Through such analysis, the study aimed to discern the organisational renewal model that can be extracted and suggested for leveraging a bank's sustainability and continuity in the periods of discontinuities. During periods of turbulence, findings from different banks that were drawn from St. Lucia, Barbados, Bahamas, St. Vincent, Grenada and the Dominican Republic signified the organizational renewal strategies that are often used by Caribbean banks to encompass financial service innovations, digital transformation, value-based marketing and CSR-based banking model. But even if that is the case, the efficacy of some of the organisational renewal strategies to turn around the bank's performance during turbulence was still found to be undermined by the hefty costs of change that must be incurred and organisational inertia that limits the flexibility and agility required for the banks in distress to respond. To mitigate such constraints, the study suggests the Organisational Renewal and Self-Regeneration Model which the contemporary banks can adopt to bolster their adaptability, continuity and sustainability during periods of discontinuities. But even if usage of such a model will leverage a bank's sustainability and continuity amid the Caribbean financial markets' discontinuities, future studies must still explore the impact of organisational renewal on a bank's liquidity risks' mitigation during periods of turbulence.