Different approaches of change management in financial institutions

• Autorzy: Bekmukhambetova Anara

Identyfikatory

DOI

10.17512/pjms.2025.31.2.01

Warianty tytułu

PL

Różne podejścia do zarządzania zmianą w instytucjach finansowych

• Języki publikacji: EN

Abstrakty

EN

This paper examines change management practices in financial institutions in Hungary and Kazakhstan, aiming to understand how institutional and cultural contexts influence strategic approaches. Through a comparative case study and 15 semi-structured interviews, the research identifies key drivers of change: regulatory compliance, technological innovation, employee engagement, strategic adaptability, and culture. The study contributes novel insights by applying and extending Kotter’s and ADKAR models to two distinct emerging markets, offering a hybrid framework tailored to transitional economies. EU-regulated banks exhibit structured, compliance-focused approaches that ensure stability, while reform-driven banks adopt agile, consultant-led models that accelerate innovation but introduce alignment risks. The study’s originality lies in its focus on underexplored Central European and Central Asian contexts, offering practical and theoretical implications for managing change in global banking transformation.

PL

W niniejszym artykule przeanalizowano praktyki zarządzania zmianą w instytucjach finansowych na Węgrzech i w Kazachstanie, aby zrozumieć, w jaki sposób kontekst instytucjonalny i kulturowy wpływa na podejścia strategiczne. Na podstawie porównawczej analizy przypadków i 15 częściowo ustrukturyzowanych wywiadów zidentyfikowano kluczowe czynniki zmian: zgodność z przepisami, innowacje technologiczne, zaangażowanie pracowników, zdolność do adaptacji strategicznej oraz kultura. Badanie wnosi nowatorskie spostrzeżenia poprzez zastosowanie i rozszerzenie modeli Kottera i ADKAR na dwa odrębne rynki wschodzące, oferując hybrydowe ramy dostosowane do gospodarek w okresie transformacji. Banki regulowane przez UE wykazują ustrukturyzowane podejście skoncentrowane na zgodności, które zapewnia stabilność, podczas gdy banki zorientowane na reformy przyjmują zwinne modele oparte na konsultacjach, które przyspieszają innowacje, ale wprowadzają ryzyko niedostosowania. Oryginalność badania polega na skupieniu się na niedostatecznie zbadanych kontekstach Europy Środkowej i Azji Środkowej, oferując praktyczne i teoretyczne implikacje dla zarządzania zmianami w globalnej transformacji bankowości.

Słowa kluczowe

EN

change management; financial institutions; Hungary; Kazakhstan

PL

zarządzanie zmianą; instytucje finansowe; Węgry; Kazachstan

• Wydawca: Czestochowa University of Technology
• Czasopismo: Polish Journal of Management Studies
• Rocznik: 2025
• Tom: Vol. 31, No. 2
• Strony: 7--23
• Opis fizyczny: Bibliogr. 50 poz., rys., tab.

Twórcy

autor

Bekmukhambetova Anara

• Doctoral School of Business and Management, Corvinus University of Budapest, Hungary

• https://orcid.org/0000-0000-0002-4658-1002

Bibliografia

• 1.Appelbaum, S. H., Habashy, S., Malo, J.-L. and Shafiq, H., (2012). Back to the future: Revisiting Kotter’s 1996 change model. Journal of Management Development, 31(8), 764-782.
• 2.Armenakis, A. A., Harris, S. G., (2009). Reflections: Our journey in organizational change research and practice. Journal of Change Management, 9(2), 127-142.
• 3.Baptista, J., Stein, M.-K., Klein, S., Watson-Manheim, M. B. and Lee, J., (2020). Digital work and organisational transformation: Emergent digital/human work configurations in modern organisations. Journal of Strategic Information Systems, 29(2), 101618.
• 4.Beer, M., Nohria, N., (2021). Cracking the code of change. Harvard Business Review, 99(3), 96-103.
• 5.Bíró-Nagy, A., Medve-Bálint, G., (2024). Mixed economic results and growing political conflict - Hungary’s 20 years of EU membership. EUROPP - European Politics and Policy at LSE. https://blogs.lse.ac.uk/europpblog/2024/12/27/mixed-economic-resultsand-growing-political-conflict-hungarys-20-years-of-eu-membership/
• 6.Braun, V., Clarke, V., (2006). Using thematic analysis in psychology. Qualitative Research in Psychology, 3(2), 77-101.
• 7.Bryman, A., Bell, E., (2015). Business research methods (4th ed.). Oxford University Press.
• 8.Buzaubayeva, M., Beisembayeva, A. and Konyskerey, A., (2024). Digital transformation in Kazakhstan’s financial sector: Regulatory drivers and organizational responses. Central Asian Economic Review, 12(1), 45-60.
• 9.Cameron, E., Green, M., (2015). Making sense of change management: A complete guide to the models, tools and techniques of organizational change (4th ed.). Kogan Page.
• 10.Charoenwong, B., Kowaleski, Z. T., Kwan, A. and Sutherland, A., (2024). RegTech: Technology-driven compliance and its effects on profitability, operations, and market structure. Journal of Financial Economics, 154(4), Article 103792.
• 11.Creswell, J. W., Poth, C. N., (2018). Qualitative inquiry and research design: Choosing among five approaches (4th ed.). Sage Publications.
• 12.Diener, F., Špaček, M., (2021). Digital transformation in banking: A managerial perspective on barriers to change. Sustainability, 13(4), Article 2032.
• 13.Dodgson, J. E., (2019). Reflexivity in Qualitative Research. Journal of Human Lactation, 35, 220 - 222.
• 14.Egalaa S., Amoahb J., Jibrilc A., Opokud R. and Bruce E., (2024). Digital transformation in an emerging economy: exploring organizational drivers. Cogent Business and Management, 10(1), 100934.
• 15.Eisenhardt, K. M., (2021). What is the Eisenhardt method, really? Strategic Organization, 19(1), 147-160.
• 16.Errida, A., Lotfi, B., (2021). The determinants of organizational change management success: Literature review and case study. International Journal of Engineering Business Management, 13, 1-15.
• 17.European Banking Authority., (2021). EBA report on the implementation of Basel III in the EU. https://www.eba.europa.eu/publications
• 18.European Central Bank (ECB) Banking Supervision., (2021). Fostering a compliance culture in the European banking system. https://www.bankingsupervision.europa.eu/press/blog/2021/html/ssm.blog210514~4786 4ababa.en.html
• 19.Fehér, P., Varga, K., (2019). Digital transformation in the Hungarian banking industry - Experiences with design thinking. Society and Economy, 41(3), 293-310.
• 20.Ghemawat, P., Nueno, J. L., (2023). Is Organizational Hierarchy Getting in the Way of Innovation? Harvard Business Review. https://hbr.org/2023/09/is-organizationalhierarchy-getting-in-the-way-of-innovation
• 21.Guest, G., Namey, E. and Chen, M., (2020). A simple method to assess and report thematic saturation in qualitative research. PLoS ONE, 15(5), e0232076.
• 22.Haddad, C., Hornuf, L., (2019). The emergence of the global fintech market: Economic and technological determinants. Small Business Economics, 81-105.
• 23.Haryanti, T., Rakhmawati, N. A. and Subriadi, A. P., (2023). A comparative analysis review of digital transformation stage in developing countries. Journal of Industrial Engineering and Management, 16(1), 150-167.
• 24.Hiatt, J. M., (2006). ADKAR: A model for change in business, government, and our community. Prosci Learning Center Publications.
• 25.Hofstede, G., (2020). Culture’s consequences: Comparing values, behaviors, institutions, and organizations across nations (3rd ed.). Sage Publications.
• 26.Holbeche, L., (2023). The agile organization: How to build an engaged, innovative and resilient business (3rd ed.). Kogan Page.
• 27.Hussain, S. T., Lei, S., Akram, T., Haider, M. J., Hussain, S. H. and Ali, M., (2018). Kurt Lewin’s change model: A critical review of the role of leadership and employee involvement in organizational change. Journal of Innovation and Knowledge, 3(3), 123- 127.
• 28.Jones-Schenk, J., (2019). 70% failure rate: an imperative for better change management. The Journal of Continuing Education in Nursing, 50(4), 148-149.
• 29.Kocaoğlu, B., Demir, E., (2019). The use of McKinsey's 7S framework as a strategic planning and economic assessment tool in the process of digital transformation. Pressacademia, 9(9), 1-7.
• 30.Kopbayeva, L. T., Nurpeisova, L. S., Saimagambetova, G. and Yesturliyeva, A. I., (2024). Digital technologies in the financial sector of Kazakhstan. Bulletin of Turan University, 1(1), 227-240.
• 31.Kotter, J. P., (1996). Leading change. Harvard Business School Press.
• 32.Kotter, J. P., Cohen, D. S., (2014). The heart of change: Real-life stories of how people change their organizations. Harvard Business Review Press.
• 33.Kotter, J. P., Schlesinger, L. A., (2013). Choosing strategies for change. Harvard Business Review, 91(7/8), 103-112.
• 34.Kozlowski, S. W. J., Chao, G. T., Grand, J. A., Braun, M. T. and Kuljanin, G., (2013). Advancing multilevel research design: Capturing the dynamics of emergence. Organizational Research Methods, 16(4), 581-615.
• 35.Lewin, K., (1951). Field theory in social science: Selected theoretical papers. Harper and Row.
• 36.Linh, T. T., (2025). The impact of human resources on green credit development in commercial banks in Vietnam. Montenegrin Journal of Economics, 21(1), 31-42.
• 37.Lyons, A. C., Kass-Hanna, J. and Fava, A., (2021). Fintech development and savings, borrowing, and remittances: A comparative study of emerging economies. Emerging Markets Review, 100842.
• 38.Mashayekhi, A., (2024). The role of leadership in fostering a culture of effective technology management. Global Journal of Economics and Management Perspective (GJEM), 3(1), 44-58.
• 39.Nowell, L. S., Norris, J. M., White, D. E. and Moules, N. J., (2017). Thematic analysis: Striving to meet the trustworthiness criteria. International Journal of Qualitative Methods, 16(1), 1-13.
• 40.Otavova, M., Dvouletý, O. and Šebestová, J., (2023). The role of non-financial reporting in banking sector sustainability. Montenegrin Journal of Economics, 20(2), 117-130.
• 41.Palinkas, L. A., Horwitz, S. M., Green, C. A., Wisdom, J. P., Duan, N. and Hoagwood, K., (2015). Purposeful sampling for qualitative data collection and analysis in mixed method implementation research. Administration and Policy in Mental Health and Mental Health Services Research, 42(5), 533-544.
• 42.Satymbekova, K., Yessenova, A., Kuanaliyeva , G. and Kerimbek, G., (2024). The main challenges of digital transformation in financial services and solutions to overcome them. «Вестник НАН РК», 409(3), 431-445.
• 43.Saunders, B., Sim, J., Kingstone, T., Baker, S., Waterfield, J., Bartlam, B., Burroughs, H. and Jinks, C. (2018). Saturation in qualitative research: Exploring its conceptualization and operationalization. Quality and Quantity, 52(4), 1893-1907.
• 44.Stouten J., Rousseau, D. M. and De Cremer, D., (2018). Successful organizational change: Integrating the management practice and scholarly literatures. Academy of Management Annals, 12(2), 752-788.
• 45.Suwanda, S., Nugroho, B., (2022). Literature reviews: McKinsey 7S model to support organizational performance. Technium Social Sciences Journal, 38(1), 1-9.
• 46.Svoboda, A., (2023). The impact of artificial intelligence on the banking industry. Journal of Banking and Finance Management, 4(1), 7-13.
• 47.Teece, D. J., Pisano, G. and Shuen, A., (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18(7), 509-533.
• 48.Vial, G., (2021). Understanding digital transformation: A review and a research agenda. Journal of Strategic Information Systems, 30(2), 101694.
• 49.Warner, K. S. R., Wäger, M., (2019). Building dynamic capabilities for digital transformation: An ongoing process of strategic renewal. Long Range Planning, 52(3), 326-349.
• 50.Weick, K. E., Sutcliffe, K. M., (2015). Managing the unexpected: Sustained performance in a complex world (3rd ed.), Wiley.

Uwagi

Opracowanie rekordu ze środków MNiSW, umowa nr POPUL/SP/0154/2024/02 w ramach programu "Społeczna odpowiedzialność nauki II" - moduł: Popularyzacja nauki (2025).