Leadership Strategies for Managing Change in the Nigerian Banking Industry

The Nigerian banking system is experiencing changes brought about by globalization. Operating in a changing business environment requires that bank leaders evolve strategies to manage and adapt to change. There are direct and indirect costs associated when banks are unable to adapt to change such as bank closures, and loss of economic and business opportunities. The purpose of this phenomenological study was to explore the lived experiences of Nigerian bank leaders regarding strategies they used to manage change in the banking industry. The conceptual framework was based on transformational leadership theory and change management theory. Data were collected from document analysis and semistructured interviews with 30 practitioners in the Nigerian banking industry who have had experience in managing organizational change in the banking industry in Nigeria. Thematic analysis revealed 8 strategies: adoption and application of technology, increased staff training, effective communication, cultural reorientation, customer service quality, cost optimization, deployment of change champions, and adoption of transformational leadership style. The findings from this study may contribute to positive social change by providing policy makers and other bank leaders with more insights on how to manage and adapt to change. Implementing these strategies may help reduce the rate of bank failures and its adverse effects on employees, families, and communities