Change Management, Project Management And Intervention In Banco Santander Internationalization Banking Ventures

Importance of Change Management, Project Management and Intervention in the Banking Sector

Gianiodis, Ettlie and Urbina (2014) stated that successful change management using the project-based intervention is considered as significant element for an enterprise to get success in highly competitive market. On the other hand, deploying change irrespective of its scale is wanted by the managers and professionals involved in a project. A significant phase to prepare change project is represented by proper process. However, the intervention level is associated to precise as well as proper identification of the target group. It can represent as the most vital phase for change management planning (Sellar 2015). Thus, it is required to make plan before developing realistic plan as well as for the change process in project management.

Banco Santander is one of the Spanish banking organization, has origination in Santander. Moreover, the organization has experience in the number of acquisitions that processes operation across the globe. The large termination payouts gave the negative impact (Drasch, Schweizer and Urbach 2018). The appropriate project management can detect the requirements in order to address various demands and meet the demands of stakeholders.  However, the project has effective planning to carry out the process. Hence, it is important to keep proper balances in the enterprise of the organization. It is also important to seek for leverage and develop culture of the organization.

In the banking enterprises, management associated issues are the major challenges faced by the employees and management. It is important to meet expected outcome of the project. They are concerned with the process of changing affects on the department as well as compared to make change holistically (Montoro-Sanchez et al. 2018). In this perspective, it is important to identify the factors that can create several issues in change management, project management as well as intervention. In this situation, it is important to overcome the issues that demand several and multifaceted approach. Hence, it becomes an issue to identify the factors can influence the activities of transformation in the projects.

The research aims to identify and evaluate the importance of change management, project management as well as intervention in Banco Santander internationalization banking ventures. In addition, the research finds out the factors and issues involved with change management, project management and intervention associated with the projects in banking sector.

The research will have the following objectives.

• To find out the issues involved with the projects of Banco Santander internationalization
• To critically evaluate the importance of change management, project management as well as intervention in Banco Santander internationalization banking ventures
• To recommend solutions for overcoming the issued faced while dealing with change management, project management as well as intervention in banking venture

The research will have the following questions.

• What are the issues involved with the projects of Banco Santander internationalization?
• What is the importance of change management, project management as well as intervention in Banco Santander internationalization banking ventures?
• How the issues faced while dealing with change management, project management as well as intervention in banking venture can be overcome?

Blankson, Ketron and Darmoe (2017) mentioned that prevalent business conditions in the world puts a lot of pressure on the various organizations in different sectors. In order to survive in this competitive industry, certain tools and techniques have to be implemented. The financial sector of Spain has seen great heights over the last few decades. There has been an enormous increase in the in the business of the banking sector in the country, with some studies showing the growth has been doubled (Drasch, Schweizer and Urbach 2018). The very complex structure that the banking sector has now after using technological innovation have made that system into a very customer friendly as well as highly profitable sector. Be it a private or a public sector bank, the banking system has changed a lot according to the need of the customers and according to the needs of the business. It has benefited from the ever-growing inflation rate, high-rise in urban middle-class consumer and the overall growth of capitalism in the country. Every new banking venture that are tuning on to this sector will be utilizing many of the preexisted rules that have been used and succeeded their peer in this sector.

Factors and Issues in Change Management, Project Management and Intervention in Banco Santander Internationalization Banking Ventures

On the other hand, there are many different aspect and issues in the banking sector that needs an attention from if someone or a company wants to establish it. Like the process of efficiently apply change management in order to lay out a proper scope and later an efficient process to derive that change. Although change management is a management concept, due to the arbitrary nature of the banking sector, it will help in the proper allocation of the workforce in the initial as well as later stages of the banking ventures (Cardona Montoya et al. 2017). The next important component of any new venture is the project management, which is the proper plan that needs to be chalked out along with its plan of action that needs to be taken to accomplish that project. Thus, identification of the factors and impact of change management, project management and interventions in Banco Santander internationalization banking ventures becomes an issue.

There are certain traditional ways as well as certain technological ways that could be used by the bank to initiate and then properly execute the project management. The third and the most important aspect of any new banking system are the interventions that are made by the government of the host country on the financial sectors of the economy (Bruton et al. 2015). These interventions play a huge role in building any financial rules and regulation of the banks. The intervention has to be properly studied with respect to the banking sector is imposed on the private banking system (Drasch, Schweizer and Urbach 2018). Hence, it becomes an issue now to identify the factors and challenges involved with change management, project management and interventions in Banco Santander internationalization banking ventures.

The chapter of the research deals with three aspects of banking ventures such as Change management, project management and intervention. It describes literature review associated and comprises with several aspects and managerial changes related to change management and intervention. Present chapter also explains multiple approaches of the guidance of change management practices. In addition, detailed identifications and rationale of the practices related to change management and project management in banking projects are discussed in this chapter of the study.

The change management in the banking sector is similar to any other sector and has been very successful in implementing the change in that sector. The main reason for implementing change management in any banking sector is the sheer competition that is there both nationally and internationally, and thus an effective change management is necessary for this industry (Seguí-Mas et al. 2018). The volatile nature of the market and its nature of surprising even the most experienced financial expert are also reasons as to why change management is very crucial in the proper implementation and success of a banking venture. For the effective implementation of the change management of the Banking sector, it is important to discuss the component of the banking sector. There is four component of any banking sector.

1. Hornstein (2015) stated that the people or employees of the banking sector are its major component along with the leadership skills, the knowledge, their perceptions and expectation with the bank, their behavior and experiences that become a part of the bank if they are working for the bank.
2. The type of work and the services the bank is providing by the bank along with their other units. The strategy of the bank is reflected by the work they are engaging into.
3. Organizational Culture is the unwritten arrangement of the bank that could be seen in their formal business strategy (Drasch, Schweizer and Urbach 2018). They include the strategy of the top executives of the bank and are relative to the belief system, the communication along with the pattern of political influence.
4. The final component is the formal arrangement of the bank that needs to be discussed and made through proper consultation between the boards of directors of the bank (Cameron and Green 2015). It is to be noted that these methods and processes are the structure through which employees provide their assistance to the bank.

Traditional and Technological Methods of Project Management

The next question that arises is why a change management is needed in a banking venture and why the management must make a strong change management for the bank. It will look at the different reason as to why the “Change” is required is probably one of the most volatile sectors of the economy (Charnock et al. 2014). The factors due to which change management is required are:

1. The ever-changing technological landscape of the banking sector is the very important reason in the current world that change management is required the bank. On every other year, an innovation keeps coming in technology that might be helpful for the bank (Koehler et al. 2018). The issues like cyber security and cyber warfare are the next big thing that will hold the focus of the banking sector for many coming years.
2. The phenomena of globalization is also a big reason as to why there should be a significant change mechanism in the banking sector as the world is becoming very small in every front and the banking system should be prepared for this coming together of different culture and people.
3. The change is everywhere and in every field that can be seen. Change has become the part of every sector, be it manufacturing, logistics or pharmaceutical sector (Kabongo and Okpara 2017). Therefore, it is not that surprising that the demand for change should be well prepared in advance by the banking sector.
4. The speed at which all the technological, as well as the financial aspect of this country, is moving has given many challenges to every sector in the country and it is very obvious that to match with this fast generation, the banking sector has to keep updating themselves about their business (Brière et al. 2015). As a result of this change, there have been many paradoxes and complexities in the banking sector that and to deal with such situation efficient change has to be made from time to time in the functioning of the banking system.

 As it has been seen that the basic reason as to why the change is to be employed in a banking sector, let it is required to see the types of change that any bank could see in banking ventures (Cummings, Bridgman and Brown 2016).  Some of them are temporary while others are made in to do a makeover of the banks or during any bank merger that might take place. It is to be noted that these types of changes are done only when a banking sector does not indulge itself in any incremental change. The following are the types of change in the banking sector.

1. The fundamental change as the name suggests are the changes that are initiated by the bank management when they have an issue with the certain standard that needs to be checked by. The fundamental change does make some dramatic changes in the bank if it is initiated. The interest rate along with other financial benefits that the bank might be giving to its customers comes under the concept of fundamental change.
2. The transitional changes can be seen in the context of two or more bank merger that could be taking place (Horan et al. 2018). It is a slow evolution process as it does take some time for its completion.
3. The transformational change of a bank indicates that it would be changing most of its aspect that might or might not have worked for the bank (Sethi, Martell and Demir 2017).  It enables the bank to rethink about every aspect of their business and its mission.

 Although the change management has proven to be quite effective in all these years since its inception, there is some downside of this method in the context of banking projects that needs to be discussed. They are as follows.

1. There has been a failure by the change management in banking projects in which they have suffered to create powerful and clear guidelines.
2. There have been in many cases in the context of banks that lack communication id the major reason for its failure.
3. There is no future planning in most of the cases while implementing change management in banks.
4. There has been a lack of motivation by the staff to deal with the problems instead of waiting for more elaborate discussion.
5. There are many cases in the banking sector where victory is celebrated too early and too soon before the actual analysis of these changes.

Any project is for a defined time. It has a definite starting time and an ending time. Thus, any project has a limited resources and defined scope. Therefore, to complete a project a unique set of operations needs to be performed (Grittersova 2014). Each operation needs to be handled by different groups of people. The management of different people, their knowledge and respective skill set tools as well as techniques to complete the project in a given time period is known as project management. In the banking industry, to maximize the output with the available resources, project management techniques needs to be employed.

• Logic Model: has to be created, which will contain how the baking operations will take place
• Work Breakdown Structure: It will have the division of work in any project, breaking the work into smaller modules, eg the loan department: how the process will be initiated, which work roles would be assigned to whom.
• Planning Matrix: It contains the overview of the project generally done in a tabular format
• Activity Planning Template: It will contain the starting date and the ending date for each activity. If any activity is dependent on any other activity i.e predecessor has to be clearly mentioned (Drasch, Schweizer and Urbach 2018). The template will also have the information about resources required for every project.

Project planning is one of the major aspects in banking projects. Thus, it is required to divide the entire project in several activities like followed.

• Activity Scheduling: The various activities that is performed in a bank should be scheduled according to the Work Breakdown Structure (Kuipers et al. 2014), each activity has to be thought out in functioning of the bank.
• Defining Activities: The daily bank activities that are going on have to be defined according to requirements like output and work force available.
• Network Diagram Template: This template will take help of the activity scheduling and activities definition to make a network diagram for the activities in a bank.
• Activity Duration Estimation: Each activity that has been decided to be done in the network diagram template has time duration, so that activity will be performed in this stage.
• Tools for Activity Planning: Each activity when undertaken requires certain tools to perform efficiently (Pérez and Morlán 2016). For example, Microsoft Excel or the respective bank’s own software

In banking projects, resource planning and budgeting are helpful to be successful. The components of resource planning and budgeting can be explained as followed.

• Estimate Costs: Each activity in a project has to bear certain costs, these costs needs to be estimated properly. For example: enlarging the credit department- costs to renovate, costs to employ more people etc
• Determine Budget:Based on the cost estimation in the above step, the budget of a project needs to be determined (Drasch, Schweizer and Urbach 2018). Example, Renovation of the loan department
• Control Costs: This is an important part as during cost estimation the amount that has been decided is not always, the final amount (Saltorato et al. 2014). While the project is going on various kinds of issues may arise like delays in transfer of materials, less labor etc. In that case costs should be kept in control and not be allowed to get inflated.

The banking industry needs to be aware of the risks that it has to encounter when it is working, as without it the negative impacts cannot be curbed. The risks can be operational, financial, social, environmental, etc. Risk Management Lifecycle:

1. PERT: Project Evaluation and Review technique is a kind of statistical tool employed in project management, which is use for analysis and representation. It revolves around events rather than on starting and finishing date (Ibeh et al. 2018). It uses arrows to denote activities, node diagrams for events. It utilizes three time estimates (optimistic, pessimistic and lastly expected)
2. CPM: Critical Path Method uses time estimate as well as cost estimate, algorithm use for scheduling events
3. AGILE:This technique is a recent one, banking industry is leaving the traditional methods and is moving on to agile (Head and Alford 2015). Historically, Agile came into the market around 2000, at that time it was flexible than many of the available techniques. It is robust as it changes with the requirements of the industry.

Risk Management in Banking Industry

Firstly, after the economic crisis of 2008, the banking industry has become volatile, hence rigid and standardized methods will not be able to solve the problems of today’s volatility. Hence, more and more banks are transitioning from traditional to agile methods. Secondly, the advent of technology has set the pace high in the business world (Head and Alford 2015). With more and people being able to possess smart phones, the need to go to banks for various operations has decreased, people want 24*7 banking in their hand through device such as computers, watches, tablets, laptops etc. In Spain, large size banks have software development teams with most of the effort going in maintenance of effective, consumer-friendly as well as secure websites, mobile apps etc. Therefore, the banking industry has to ensure delivery of successful projects in order to exist in the competitive industry (Faia and Weder 2016). Hence, agile is the way forward. Apart from tools and techniques, some other factors that needs to be given emphasis:

To think like a Manager of the Project: A project manager is a person who is a great leader, who optimizes resources and maximizes output keeping in mind the aims and objectives of the project. Hence, this technique should be adopted.

Planning beforehand: A clear objective will lead to clear planning, which will ensure effective implementation. Hence, the planning before is very helpful

Staying flexible: Flexibility is a virtue in global projects, clients need flexible handlings. Delays can happen without intimation so that will be solved.

Process improvement and Standardization: Methods like Lean, Six Sigma, Kaizen, Agile can be use to standardize and improve the projects. . Inefficient processes will help in loss of valuable time and money

Make use of Technology: Communication as well as collaboration in a banking project can be implemented effectively using technology. Communication is very important in a project as so many departments are coming together to implement it (Pope, Slovak and Giger 2016). Thus, it can be observed that project management will help the banking industry to streamline the various resources, work force and capital and help to maximize the output.

The banking sector is a robust sector due to strict regulatory framework on one hand and the policy adjustments on the other hand. The strict regulatory framework has allowed the banking system to be safe, secure as well as stable in this time of volatile market and the policy adjustments have helped the bank to be flexible and change its policy whenever the need arose (Puig and Pérez 2014). The economic crisis of 2008 did leave an impact to the economy of many countries, and made their government once again realize the importance of a stable banking system. Many countries around the world have suffered and still suffering of the bleak and narrow banking sector, they had.  

The international financial crisis, the Spanish economic crisis and the sovereign debt crisis all amalgamated into a very difficult situation for the Spanish banking industry. Apart from the change in the management, it has also dealt with many interventions (Head and Alford 2015). These have helped it to revive itself, in turn becoming a role model for upcoming banking organizations. In order to deal with the crisis the Spanish banking industry had to implement a variety of measures to remedy the situation. Internationally, some steps need to be taken to deal with such crises (Metsch et al. 2015). The recent Basel III Accords maintenance for banks means higher quality capital, higher minimum equity, higher liquidity ratio, etc. Hence, these requirements need to be met.

Initially, the officials thought that the problems could be solved by solving liquidity issues rather than solvency problems. To solve the problem of liquidity, in the year 2008, creation of Financial Assets Acquisition Fund (FAAF) took place. With a starting fund of 30 billion Euros, this was later increased to 50 billion Euros (Li et al. 2015).  This step was viewed as a stimulation of credit for business as well as households.  Keeping in mind the liquidity problem, another step was taken European Commission game permission to the Spanish government, so that it can grant guarantees in cases concerning bank debt. This permission was given extension till 2012.

Instead of the Banking problem being remedied with time, keeping in mind the measures the problems aggravated largely. Plans need to restructure where firmly gaining ground during 2012 (Purvis, Zagenczyk and McCray 2015). The first step was the creation of Fund for Orderly Restructuring of the Banking sector(FROB). It had dual objectives:

1. To strengthen intervention mechanisms
2. Restructuring

The FROB helped in minimizing the solvency problem as it provided the funds in support of mergers. With a starting fund of 9 billion Euros, it started its endeavor.  Deposit Guarantee Fund and the State contributed to the FROB, State’s contribution was 75% and the rest by the DRG (Li et al. 2015). The repayment period for the entities was 5 years. FROB helped in 8 mergers as well as granted a huge aid.

Another important step was the savings bank ‘s law reformation during 2010, to allow them access to quality capital, improve proficiency of management, reduction of politics in governing bodies (Frich et al. 2015). The outcome of the law was sector entities were converted into banks. In the 45 savings banks of that time, only two are still savings banks others have become banking foundations.

Royal Decree-Law was passed in effect to the sovereign-debt crisis which was due to the turmoil in the economic condition of Greece. This law was passed keeping in mind the uncertainties in the financial system of Spain, to solve the solvency problem (Frich et al. 2015). Law required the solvency ratio to be maintained at 10 % of the core capital that is a percentage of Risk Weighted Assets (RWA). After a year another law was passed, but the net outcome was not favorable for the Spanish banking industry.

In 2012, the Spanish government applied for a bailout from European funds. Bankia, the bank amounting to 30% of Spanish GDP was facing major solvency issues. The bail-out was followed by an MoU, measures that had to be taken where – stress tests of banks became important, further reforms, transparency, the high requirement of solvency, new supervision methods and many more (Floricel et al. 2014). The passing of ECB’s stress test in November 2014, signifies how much the situation has improved from 2012 and the restructuring has resulted in a positive outcome. Initially, it was assessed that the main reason behind the Spanish crisis was liquidity issues, but later, after much evaluation, they could pinpoint the problems. This with the help of effective management and careful restructuring the situation was improved.

On the other hand, the banks are suffered very less because they were well capitalized and showed us that what a common understanding between the government and the regulator can do to stabilize the banking sector (Geldmann et al. 2015). The governments and regulatory authority control the repo rate, and interest rate of the public sector banks that was initially pushed through to include the population in a banking system. Many studies in the banking sector have found that government intervention is generally followed by change in monetary policy (Maia Alexandre 2016). It has also been seen that the impact of these intervention by the government decline with time. There have been data found that were inclusive of the fact that interventions are generally followed by change in monetary policy. However, the impact of such intervention is most when is announced unexpectedly. This does not give much time to the bank to make emergency plans to counter this impact.

The foreign exchange market intervention is the rate that is announced by the government through the Reserve Bank of the country with respect to the rate that they would be giving on exchange. In practical term, this intervention is the alteration of any sale that might happen between foreign and domestic assets. The exchange rate that is decided by the Reserve Bank of the country is one of the most controversial interventions by the Government in the private sector banks (Faia and Weder 2016). Since, the inception of floating exchange rates in the country, the private sector banks have realized as volatile industry. The countries that had weak banking system, undergoes rapid downfall during periods of economic crisis as seen in United Kingdom and United States of America. However, banks of Spain being well capitalized as well as highly rated have been benefited from years of strict supervision have resulted in them not failing during economic downturn.

The present market environment for financial service providers has high density of the competitors as well as ambitious FinTech organizations (Head and Alford 2015). There are several interviews and decision makers have emphasized on the significance of keeping up digital change. Present studies have shown that there is a majority of executives believe there is an important profit fall digitalization efforts break down as well as initiate the particular measures. Primary banks as well as associations find in a reactive position where individual projects make it difficult seeing short-term success.

There is a link between a very successful organizational change and its management with that of a culture is supportive and apt leadership who are not afraid to take an unconventional decision. The change management in any organization, even other than the banking sector, acts as a lubricant that continuously keeps oiling the wheels of growth for any organization. The only concern in a change management in the way it is implemented (Lozano et al. 2015). Implementation is the key factor that decides the success and failure of change management in the banking sector. Because of a   factor that is involved in the implementation of these change like the ability of the organization to communicate with its employees, collaboration and influence.

The banking sector in Spain has seen a rapid transformation towards digitization of its commercial spaces. Along with many organizational changes that the banking sector is witnessing, digitization is one of the major changes banking sector is going on in Spain. Erametsa (2003) stated that change in any organization can be classified into four categories. They are:

1. Changes involving Individual
2. The Tactical changes
3. The Strategically Changes
4. The Organizational changes

All of the above-stated changes it can be meant for organizational learning, it advancement toward future technology and various improvement that the organization might be striving for in its workplace. All of the above four changes that we have stated hold true in the present change management of Banking Enterprises in Spain (Viswanathan et al. 2015). Though there are issues of implementation of each of these changes with respect to bank in Spain, all of these changes are essential for the mitigation of banking issues in Spain.

All the changes in the Banking sector can be big as well as small depending upon the urgency of the implementation team if the bank and the requirement of the changes in the banks. From the slight variation of the time period to the changes in the interest rate or launching a new banking app. all these can be categorized into changes in the banking system (Geldmann et al. 2015). Therefore, one of the important aspects of change is the timing of the changes that are to be bought in an organization.  Let us now discuss more about the change management.

The digitization of the banking sector has been hailed as the next technological advancement in the banking industry in the world. The mere introduction of the digitization has the capacity to transform the overall behavior of the consumer as well as differentiate the present corporate culture with that of the existing one (Purvis et al. 2015). Digitization of all the banking organization was inevitable after the advancement of the internet and the integration of cloud and networking with the pre-existing banking culture. Most of the manual and mechanical work that was once depended on the human workforce can now be done by the use of the technology together with its other resources. It can also be said about the digitization that it was the need of the hour of the current banking sector in Spain (Davies et al. 2015).  This can also be seen as a way to enhance the loyalty of the customer base of the banking system adapting new measures that are much more reliable and safe than the pre-existing banking system.

In relation to the other financial sector, the digitalization can be seen as a major development process in the existing services these financial institutions provided its user. There is also a consensus among the various section of the society that the current digitalization of the banking sector is much more efficient and reliable than the previous sectors (Pollack and Pollack 2015). The telecommunication system that is integrated into the banking system has also proved to be much more advantageous along with other means of the remote working of the features.

The transformation strategy of any organization goes through similar procedure despite the difference in the operational process of these sectors. The process of digitization of all the services requires a change in the basic organizational culture of these organization. These changes can be required to be made in the management as well as the departmental level of the banks in Spain (Williams et al. 2017). The core objective or aim of the banking system should be visible in the overall transformational strategy of the banking firm. The change in the banking system is always done keeping in mind the long-term goal of the firm and it should also be no different for the digitization of the banking system.

 All the major banks in Spain has already implemented the process of their banks and the fruits of their implementation started blooming in the first two years of their implementation. The economic aspect of such a process should also be kept in mind while making an attempt to implement them (Al-Haddad and Kotnour 2015). While the future of banking in Spain and all over the world is the use of technology, there is a lot of initial investment that is expected by the banks while they plan to digitize their banking system. This initial capital investment can be easily visible in the level of sophisticated and complex process that increases as we move toward more bigger and financial more stable enterprises in the banking sector.

Keeping this in mind let it now discuss the various dimensions of these banking transformations.

1. Technological integration in the banking system: It is evident in our above report that the use of the technology in the banking sector was inevitable in the current time as the technological integration in the banking system has made the banking system much more reliable and safe for the consumer (Pollack and Pollack 2015). This is also a result of the ease of availing all the banking services to the customer. It has also impacted the speed at which the banking services were delivered to the consumers and has greatly enhances all the banking services.
2. Changes and implementation of value creation: The value creation is also an important aspect of the present banking sector of Spain.
3. The basic Structural changes:  In order to execute any change management, there have to be many structural changes that need to be made in a banking system (Verhulst and Lambrechts 2015). These changes can range from management to the top executive depending upon the nature of the changes and it is going to have affected the commercial banking enterprises.
4. 4. The financial aspects:As it has already discussed above, the financial aspect of the change management cannot be ignored as it is one the important reasons why the bigger and larger banking enterprises have a safer and complex banking system than the smaller units in the country.

The entire different factor that arises during the implementation of changes management can be minimised by following the listed phases that should be kept in mind while making a change in an organisation. Every change management in the banking sector of Spain goes through the five key processes phases and the utilization of these phases is the difference between a successful and unsuccessful change management in the banking system. The first of these phases is the rationale behind the need for change in the banking system (Lobban et al. 2017). The management and the advisors of the banking system jot this down.

The importance of the reason behind the change is very important to convince the employees and the executive to go forward with the change as it has been found out during a management research that the employees and the staff tend to work on a project that is able to reason them. The definition and the extent of change are also decided in this process. The next important phase in change management is the creation of a long-term vision. As we have stated, the banking system always tends to revolve around the long-term prospect of the change, therefore, the creation of long-term vision in relation to the change is very important to realize a long-term goal. All the necessary criteria to implement a change are equally very important for the successful execution of the next steps in change management (Weech-Maldonado et al. 2018). Here, the overall determination of the bank can be seen to effectively apply the change management. The fourth phase of any change is the initial step or the first step toward the change. This is synonymous with all the sector of the industry where ever change management is implemented.  The result of the first action toward a change is the stepping step toward the next phase of the change management in the banking system (Pollack and Pollack 2015). Finally, the last phase in any change management is the institutionalization of the change in the overall section of the sector or the firm. This being the final step in any change management process is the last step toward implementing such changes in the institution scale.

Funding the Current Account Deficit:

In order to understand this, it has to be noted that the savings in domestic sector is superseded by the investment, where the gap between the two is the current account deficit. The entire deficit is directly related to offshore borrowing through the banks of the country, which are the major investor in the domestic circuit. The aggregate credit growth in Spain far exceeds the growth of GDP rate that is the sign of a healthy economy (Long and Young 2016). One of the interesting aspect of the banking system is relied more on long term wholesale funding than short term one that has a volatile nature attached to it. This also makes the banks to be more confident on the investment in public sector.

The global economic crisis demonstrated many weaknesses throughout the world due to insufficient banking sector that was not capable of handling a crisis (Maidment et al. 2015). There is a regulatory body in Spain who can modify and bring some regulatory changes in their banking system. This was also an intervention, which was aimed at improving the global financial system that was clearly not sufficient at that time. These changes were also made to reduce the impact of any such crisis in the future. The key modification that took place in this reform was:

The liquidity and the total capital in a bank should be improved to a level that any such global crisis cannot destabilize the system of banking in the country (Pollack and Pollack 2015). There was also a discussion as to how the very large corporate banks’ influence could be reduced in a country and many such practices by these large corporate banks should be kept in check. This was done to improve the public sector banks because they are the one that suffers the most in a volatile situation (Puig and Pérez 2014). There should be large-scale reforms can protect the banking section from uncertain crisis.

The stakeholder theory is considered as organizational management theory and business ethics that can address the morals as well as values in order to manage an organization. A stakeholder approach can identify and model the groups (Kaiser et al. 2015). The traditional view of an organization implies the shareholder view as well as owners or shareholders of the organization. On the other hand, the stakeholder view of strategy can integrate resource-based and market-based view as well as adds a socio-political view.  There are several change projects fail at a late stage and whether they started promisingly. The participants are generally motivated as well as focused. One of the first milestones is achieved on time, ticked off as well as first success (Carlin et al. 2017). Stakeholder management is considered as one of the important elements for successful delivery of any project, program and activity. In addition, a stakeholder is a group or individual or an organization that is affected by a program.

Stakeholder management within the business or organizations need to prepare a strategy using information collected at the time of following common procedure (Li et al. 2015). It is properly acknowledged that any organization will include multiple stakeholders. Within the field of marketing, it is believed that satisfaction of the consumer is important. Organizational stakeholder management is considered as a multi-faced activity (Booth 2015). The theory in public sector seems to be processed according to the wave of new public management. The approach through which public decision makers can scan the environments for searching scopes as well as threats.

The section of the research explains selection of the methodological tools for the research.  Research methodology is considered as a systematic procedure, which can be helpful conducting the research in systematic way. It explains the appropriate structure of the research. It includes research philosophy, research approach and design of the research. Furthermore, ethical considerations for the research are explained in the research.

In the research, positivism philosophy will be used in the research. On the other hand, use of deductive approach in the research will be helpful to conduct the research in proper way. Descriptive research design will be used in the research. 85 project members from Banco Santander internationalization banking ventures will be selected for data collection. Online survey will be organized for data collection. Simple random probability technique will be used for data collection. In order to analyze the data used in the survey, quantitative analysis method will  be used.

Research philosophy provides knowledge and dimension of the research (Lewis 2015). On the contrary, philosophical aspect of the research is divided into two types such as ontology that refers to reality as well as epistemology referring to knowledge. In addition, philosophical aspects of philosophy such as axiology as well as phenomenology are considered in research.

The philosophy for the research generally comes from epistemology paradigm. The research philosophy includes positivism, realism as well as post positivism. Positivism philosophy assesses different types of philosophical aspects (McCusker and Gunaydin 2015). On the contrary, post positivism philosophy assists in cross checking the data of the research. It deals with previous research study as well as previous knowledge of the findings related to the data previously analyzed. Post positivism assists in maintaining clarity of the research. On the contrary, realism philosophy deals with the objective reality of the research.

The researcher has selected positivism philosophy for completing the entire research with appropriate crosschecked data. In addition, as the research works on quantifiable observations and statistical analysis, positivism philosophy will be selected in the research. Selection of positivism philosophy will be helpful to the research as it assumes that reality exists independently of the process that is studied. Practicing the procedure would be helpful to manage the phenomenon developed that is consistent between the subjects. The research topic is generally based on theoretical as well as practical implication. On the contrary, post-positivism aspect is the philosophy that helps the researcher in order to deal with the process of advanced process of thinking in the research. The researcher is able in completing the research with the assistance of real and cross-checked data.

There are two types of research approaches such as deductive and inductive approach (Brinkmann 2014). It aims in testing previous theories and models of the research. On the other hand, inductive research approach aims in producing new theories according to the collected data.

Deductive approach has been selected in the research to conduct the research. The deductive approach will be justified in the research as it allows the researcher to refer the existing theories and concepts of project management. In addition, deductive approach is the best suited to the particular contexts where the research is usually concerned with analyzing the observed phenomena is fitted with expectation. Furthermore, the deductive approach might be considered specifically suited to positivism approach. The approach helps to conduct the research with appropriate models and theories. In addition, as the research will be conducted through analyzing previous models and theories regarding the research, deducted approach is selected in the research.

Explanatory, explanatory and descriptive research designs are considered as the types of research design. It provides an accurate structural purpose, which can be helpful providing an appropriate and definite purpose for the study (Amireault et al. 2016). There are several types of research can assist a researcher for dealing the research with the objectives of the study. Several types of research can help guiding a researcher for dealing the research project with the research objectives. However, exploratory research design is used in the long-term procedure of the research. It has a link with inductive approach. On the other hand, explanatory research design assists in connecting various ideas in order to comprehend the cause as well as effect of the research.

In the research, descriptive research design is selected as it assists in conducting the research with more exploration and description through putting more detailed information about the research. The use of descriptive design will be justified in the research as it allows the researcher addressing the issues that are involved with the research and provide recommendations regarding the issues generated. In addition, the descriptive research design is related to the process of reflecting experiences of the respondents and it is associated closely to the ethnographic studies. In addition, it helps to describe and explore the research topic with additional information.

In order to conduct a research process, a research requires acquiring several types of data (Lushey and Munro 2015). It is useful as well as most significant component while conducting a research on the research topic. Primary data is collected by organizing online survey. The researcher has approached 150 project members. However, 106 members were agreed to participate in the survey. Hence, the researcher has collected primary data from the 106 project members of Banco Santander internationalization banking ventures. Simple random probability sampling technique has been used for collecting data.

Wiek and Lang (2016) stated that quantitative and qualitative analysis technique are two types of data analysis technique. For the research, quantitative data analysis technique has been used in order to analyze the data collected from the survey. The data are analyzed with the help of regression analysis technique.

In the research, consent of the participants has been taken. The survey sheet was duly signed. In addition, the ethics during collection of the data has been maintained.  According to the Data Protection Act of 1998, privacy of the collected data from the customers have been maintained. Leakage or publishing of the data are not tried in the current research.

In present section of the study, it has been tried to present data analysis about change management, project management and intervention in Banco Santander internationalization banking ventures. Quantitative data analysis technique is used to analyze data obtained from online survey.  The data is collected from 106 project members of Banco Santander internationalization banking ventures through online survey. The data findings are presented in the form of chart. In order to analyze data, regression analysis has been used.

Conclusion

Successful organizations recognize the significance of strategy as a tool in managing and realizing that survival depends on how well they can adopt new strategies or improve the existing strategies in order to respond the changes brought by the environment. On the other hand, intervention is important in project management. The increase in economic growth and the financial boom in Spain have resulted in the opening of many commercial banks in the country, which attracts customer with their low-interest rate and high banking functionaries. The government has taken any measure is also a part of our research that made Spain a leading example of financial stability among the European countries. It has been found in the research that an enterprise requires involving all the stakeholders during the process of change management procedure. It is from the stage of planning to implementation stage, as it will bring regarding a sense of engagement as well as ownership through the stakeholders that will act a big role in ensuring successful deployment of the selected strategy. Communication requires being continuous like all the stakeholders are constantly updated on the change process. Hence, the research concluded that the changes in the environment has brought change in various aspects like globalization, technology as well as competition enterprises need to adjust the way of doing things through adopting new strategies during ensuring effective strategic process of implementation. Hence, it is required to focus on the process of change management and intervention process in Banco Santander internationalization banking ventures so that competitive benefits can be obtained.

There are various recommendations that need to be followed by the banking sector in Spain to avoid various financial issues and later mitigation of these issues can also be carried out following these.

• The key to any change is the communication of the process with the workforce of the banking enterprise. The bank should have an established communication structure so that it could incorporate all the critics as well as recommendation from all the other employees.
• The most senior executive member of the bank should not be adamant in amending any pre-existing norm in the bank . As the change is processed in any sector, the bank need to make some necessary changes that might not be liked by senior management.
• The regulatory monitoring system in the bank should be made as robust as possible to mitigate any future issues that might arise during the course of change.
• There should be stress on the establishment of well coordinated and documented cross functions wrt its various product.
• Tools and various other scientifically proven process should be deployed in the course of the change management.
• The different role along with varied responsibility should be pre-assigned by the management before the introduction of the change mechanism.
• All the legal structure should be cross checked before the actual changes are amended in the banking sectors.
• The deployment of various types of technology that may or maynot be interactive in nature has to be integrated by the banking sectors so that they could be able to support the different types of workflow and the different modes of communications.
• The process of documentation in any change in a banking enterprise should be made auditable to facilitate auditing in various phases of its process.
• The process should be reviewed from time to time and adjustment should be made accordingly.

Owing to the working in Banco Santander internationalization banking ventures, it was not possible to take interview of the managers because of having tight schedules of work as well as official duties. It was a challenge scheduling the session as the managers were positioned in different offices in the dispersed locations of the enterprise. In addition, some managers refused as they were not agreed to give opinion because of chances of providing sensitive data and leaking intellectual property. Moreover, advanced analysis technique could help to obtain more accurate findings for the research.

The research was looking for strategic change management and performance at Banco Santander internationalization banking ventures. Future study can be done based on the topic. Consequently, similar studies need to be achieved in other commercial banks or different sectors as a survey. The results of which could be compared with the research to develop if there would be consistency on strategic change and project management in the banking industry.

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