scholarly journals Leadership Competencies: The Contribution Of The Bachelor In Management And Leadership (BML) To The Development Of Leaders At First National Bank, South Africa

2010 ◽  
Vol 9 (10) ◽  
Author(s):  
Sylvie Botha ◽  
Madaleen Claassens
Keyword(s):  
South Africa ◽  
South African ◽  
Financial Services ◽  
Leadership Competencies ◽  
Business Leaders ◽  
Financial Services Industry ◽  
Managerial Leadership ◽  
National Bank ◽  
Services Industry ◽  
Management And Leadership

The importance of effective managerial leadership is vital within the business environment. Business leaders, including those within the financial services industry, are confronted with numerous challenges. In order to deal effectively with those challenges, the unique developmental needs of business leaders need to be addressed continuously. From a South African perspective, business leaders are confronted with unique challenges such as globalisation, cultural diversity, black economic empowerment and transformation. Leaders whose competency levels are adequately developed are able to address these issues and succeed in adding value to their organisations. The question is whether the required leadership competencies can be acquired through tertiary education programmes that are specifically designed for adult learners, and whether this learning contributes to the growth of successful business leaders.  This study focused on the leadership competencies required by leaders within the financial services industry exploring the contribution made by the Bachelor in Management and Leadership degree (offered by the University of the Free State in South Africa) to the development of leaders at First National Bank, a major financial services provider in South Africa.  The results of the study indicated that the BML has indeed addressed the researched managerial leadership competencies utilised by First National Bank and that the programme has contributed significantly to the development and growth of its managerial leaders. However, certain gaps were identified and  in order to ensure the sustainability of acquired knowledge and skills, it is recommended that a coaching and mentorship programme be introduced and implemented  by First National Bank. It was also found that leadership in Africa faces unique challenges and it is foreseen that South African companies will place more emphasis on African leadership competencies in their leadership development programmes.

scholarly journals Mutuality and regulation: The transition from mutual to public in the South African longterm insurance industry

2012 ◽  
Vol 5 (2) ◽  
pp. 567-590 ◽  
Author(s):  
Grietjie Verhoef
Keyword(s):  
South Africa ◽  
South African ◽  
Financial Services ◽  
Structural Changes ◽  
Insurance Companies ◽  
Financial Services Industry ◽  
The South ◽  
Organisational Form ◽  
Services Industry ◽  
Building Societies

The mutual structure of various financial institutions has changed internationally, especially during the late 1980s and early 1990s. Various explanations have been offered. Some commentators argue the mutual organisational form has become redundant, others consider structural changes in the financial services industry as the main reason for organisational changes. In the United Kingdom the stronger emphasis on profitability had a profound impact on the decision to demutualise many building societies. In the USA the failure of mutual savings and loan associations resulted in demutualisation as a rescue strategy. This paper will explore the specific circumstances in South Africa of the changes in the mutual organisational form of building societies and insurance companies. The mutual form of organisation has a long history in South Africa. This paper will explore the reasons for the early choice of mutuality and the recent forces leading to the demutualisation of companies in order to list as public entities on stock exchanges, both in South Africa and abroad. South Africa experienced varying degrees of international isolation and sanctions, but, in the financial services industry, a strong international connection was sustained. The South African experience will be considered against the international changes in the financial services industry as well as the regulatory changes in South Africa. The paper will explain the peculiar South African conditions as the context for the organisational changes in South African mutual.

scholarly journals Measuring consumer knowledge of life insurance products in South Africa

2016 ◽  
Vol 47 (2) ◽  
pp. 67-74 ◽  
Author(s):  
M. Ramchander
Keyword(s):  
South Africa ◽  
Information Asymmetry ◽  
Life Insurance ◽  
Financial Services ◽  
Insurance Industry ◽  
Code Of Conduct ◽  
Financial Services Industry ◽  
Financial Advisors ◽  
Product Features ◽  
Services Industry

The financial services industry is characterized by product suppliers having more information than consumers regarding product features and services. The purpose of this article is to explore this information asymmetry with particular reference to the life insurance industry. Financial advisors, acting as intermediaries, are charged with the task of resolving this asymmetry through mandatory disclosures demanded by regulation. In South Africa, the Financial Services Board (FSB) monitors, regulates and supervises the financial services industry through the Financial Advisory and Intermediary Services Act of 2002 and The Code of Conduct for Financial Advisors. This paper distinguishes financial products from other products and highlights the need for disclosures regarding product features, by financial advisors. Using multistage sampling a national survey was conducted to establish whether consumers are knowledgeable of the features of basic insurance products. The findings were that consumers have a low to very low level of understanding of the features of basic insurance products. The study makes an important contribution to insurers’ understanding of consumers’ knowledge regarding the features of basic life insurance products. Furthermore, the findings would also contribute to insurersunderstanding the level to which intermediaries resolve the information asymmetry between product suppliers and consumers.

scholarly journals The dimensionality of professional commitment

2003 ◽  
Vol 29 (2) ◽  
Author(s):  
Jeffrey J. Bagraim
Keyword(s):  
Statistical Analysis ◽  
South African ◽  
Financial Services ◽  
Component Model ◽  
Professional Commitment ◽  
Financial Services Industry ◽  
The South ◽  
Services Industry

This paper examines the dimensionality of professional commitment amongst a sample of 240 South African actuaries. Data were obtained, via a mailed questionnaire, from members of the South African Actuarial Society employed in the financial services industry. Statistical analysis conducted on the data showed that the 3-component model first proposed by Meyer, Allen and Smith (1993) is appropriate for understanding professional commitment amongst South African professionals. The analysis also showed that South African actuaries are highly committed to their profession. Opsomming Hierdie artikel ondersoek die dimensionaliteit van professionele toewyding by ‘n steekproef van 240 Suid-Afrikaanse aktuarisse. Die data is verkry deur ‘n posvraelys aan lede van die Suid-Afrikaanse Aktuariële Vereniging wat in die finansiële dienstesektor werksaam was. Statistiese ontledings wat uitgevoer is op die data dui aan dat die driekomponentmodel, aanvanklik voorgestel deur Meyer, Allen en Smith (1993), geskik is om professionele toewyding by Suid-Afrikaanse beroepslui te verstaan. Die ontleding dui verder aan dat Suid-Afrikaanse aktuarisse hoogs toegewyd is aan hulle professie.

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