Challenges in Change Management for Implementation of Cloud Technology

Organizational change is a global phenomenon and is unavoidable along with the increase in digitization and use of new technologies like big data, cloud computing, artificial intelligence etc. It has become important for financial institutions to be able to efficiently manage their processes while adopting these new technologies and be compliant with regulators. Managing changes can have different approaches depending on the type of change. Therefore, finding an approach that suits the stakeholder as well as the situation becomes important for successfully managing the change. The paper reviews change management process in cloud technology in global securities financing (GSF) and identify the challenges of managing this change. Digital revolution has increased level of competition in financial sector which requires them to think of competitive strategy to be pioneer in their financial services which is only possible with sound technology implementation at present day. Implementing a change management process in banks is a complex issue which this research aims to identify.