Prognosis of Stakeholder Management’s Leveraging Effects on Successful Implementation of Bank Crisis Management Strategies

Using integrative review, this study provides a critical analysis of the leveraging effects of stakeholder management on the successful implementation of bank crisis management strategies. The study was motivated by the observation that, due to the panic experienced by the banking executives and managers in their efforts to navigate through a crisis, the integration of effective stakeholder management as part of a bank’s crisis management strategies is often overlooked. This creates a weakness that affects the effectiveness of bank crisis management. To respond to such problems, this study used an integrative review, as a qualitative research method which was structured according to four steps encompassing the formulation of the integrative review questions, literature search, data extraction, and data analysis. From the thematic analysis of twenty-six articles, findings insinuated that effective bank crisis management is intricately intertwined with change management strategies. The integration of crisis management with change management facilitates the introduction of resources, structural, process and system changes and modifications that enable the bank to recover from the crisis. These modifications and changes often provoke resistance from employees if effective stakeholder management is not implemented to establish a compromise and trade-off that supports the successful execution of crisis management strategies. In the absence of such initiatives, poor stakeholder management can increase the likelihood of employee resistance, ultimately undermining the successful implementation of the essential bank crisis management strategies. By examining the leveraging effects of stakeholder management on bank crisis management, this study addresses these complexities. However, future research should consider employing exploratory factor analysis to investigate the structure of a stakeholder management model that enhances the effectiveness of bank crisis management.