PROFESSIONAL COLLABORATION IN THE BANKING INDUSTRY Essay Example

Professional Collaboration in the Banking Industry

Professional Collaboration in the Banking Industry

Question One

Teamwork in the workplace can be attributed to various reasons, but the overall goal is to achieve success. When there is effective teamwork in the workplace, there is a guarantee that the results will be high-quality standards (Banks Law, 2016). Collaboration enables work mates to support one another in the line of duty and proficiently attain their objectives. Collaboration at the organizational level helps enhance cost effectiveness, facilitate growth, maximize potential and ensure survival within the industry (Weston, 2015). Banks collaborate with tech-savvy startups to survive the disruption caused by the entry of these startups. The star-ups in return are able to expand their operations in the market. A project can have one-person tasks, but collaboration makes these tasks to become shared across the group such that individuals are still working together to achieve a shared goal
(Lau, 2013). Teamwork helps mitigate the risks of solo projects and harnesses the advantages of collaboration.

Question Two

Poor collaboration in the banking sector has a lot of downsides and risks. Individual tasks make it challenging to receive feedback and progress reports and these increases the chances of low-quality output (Lau, 2013). Working alone lowers the learning process since there is no challenge to individual ideas. Collaboration among work mates promotes sharing of knowledge, reduces the chances of using obscure shortcuts, and ensures the project can be adopted by others without challenges. When there is poor collaboration, accountability levels go down and failure or challenges result in demoralization to the responsible individual (Lau, 2013). When individuals’ working on the solo project gets demoralized, this results in unhappy employees and high employee turnover. Poor collaboration on an organizational level exposes banks to the risk of being phased out by the disruptive emergence of tech-savvy startups into the industry (Weston, 2015). If a banking organization fails to collaborate with these startups, it will grant its traditional competitors who embrace them as a competitive advantage in the industry.

References

Banks Law. (2016). Why Teamwork Is Important In A Work Place — Banks Law. [Online] Available at: https://bankslaw.com/why-teamwork-is-important-in-a-work-place/ [Accessed 17 Jul. 2017].

Lau, E. (2013). Forbes Welcome. [Online] Forbes.com. Available at: https://www.forbes.com/sites/quora/2013/01/23/why-and-where-is-teamwork-important/#769a3c84287a [Accessed 17 Jul. 2017].

Weston, S. (2015). Is teamwork a solution for rebuilding trust in banks? | BankNXT. [Online] BankNXT. Available at: https://banknxt.com/51262/rebuilding-trust/ [Accessed 17 Jul. 2017].