Role of Knowledge Management in Banking Sector

Abstract This paper reviews the prevailing literature on Knowledge Management in banking industries. The purpose of KM is

to give value to the information which resides in organizations resulting in value addition to their tasks and

ultimately to approach competitive advantage. Most common KM applications identified in the banking

industries are risk management. Customer Relationship Management/ Marketing (CRM), performance evaluation

etc, Decision Support Systems (DSS), data where houses and data mining are rapidly growing techniques in this

particular sector. However, most banks around the world do not use comprehensive knowledge management systems

while other financial organizations in the same disciplines do.

Introduction

Knowledge Management is one of the hottest topics today

in both the industry world and information research world. In our daily life, we deal with huge amount of data and

information. Data and information is not knowledge until we know how to dig the value out of it. This is the reason

we need knowledge management.

What is knowledge management?

Knowledge Management, (KM) is a concept and a term that arose approximately two decades ago, roughly in 1990.

Quite simply one might say that it means organizing an organization's information and knowledge holistically, but

that sounds a bit wooly, and surprisingly enough, even though it sounds overbroad, it is not the whole picture.

Very early on in the KM movement, Davenport (1994) offered the still widely quoted definition:

"Knowledge management is the process of capturing,

distributing, and effectively using knowledge."

This definition has the virtue of being simple, stark, and to

the point. A few years later, the Gartner Group created another second definition of KM, which is perhaps the most

frequently cited one (Duhon, 1998):

"Knowledge management is a discipline that promotes an integrated approach to identifying, capturing, evaluating,

retrieving, and sharing all of an enterprise's information assets. These assets may include databases, documents,

policies, procedures, and previously un-captured expertise and experience in individual workers."

Both definitions share a very organizational, a very

corporate orientation. KM, historically at least, is primarily about managing the knowledge of and in organizations.

The operational origin of KM, as the term is understood

today, arose within the consulting community and from there the principles of KM were rather rapidly spread by

the consulting organizations to other disciplines. The consulting firms quickly realized the potential of the

Intranet flavor of the Internet for linking together their own geographically dispersed and knowledge-based

organizations. Once having gained expertise in how to take advantage of intranets to connect across their

organizations and to share and manage information and knowledge, they then understood that the expertise they

had gained was a product that could be sold to other organizations. A new product of course needed a name,

and the name chosen, or at least arrived at, was Knowledge Management. The timing was propitious, as the

enthusiasm for intellectual capital in the 1980s, had primed the pump for the recognition of information and

knowledge as essential assets for any organization.

Perhaps the most central thrust in KM is to capture and

make available, so it can be used by others in the organization, the information and knowledge that is in

people's heads as it were, and that has never been explicitly set down.

Knowledge management in banking system

Every nation, every state, every corporate,every society, and

every individual (adult, youth and child) seemto be on the run. They are either pursuing stifftargets or are being

chased by their bosses to achieve stiff targets. They are

required to be constantly on the fast track. They are

running against time. Everyone is up to achieving something extraordinary. Whether the mad rush at the end

of the day is good for the individual, corporate, or nation is a matter of debate. There is no doubt that it is becoming a

question of survival of the fittest and, therefore, knowledge management will also have to address the various issues

and also find solution in energizing theworkforce, while ensuringthat no biological-clock disorder takes place

especially in the younger generation.

Bankers are also finding themselves on the hot seat. Theyare also under pressure to deliver. While they are

aware ofthe enormous amount of responsibility cast upon them, theyappear to be under the grip of fear in taking

decisions havinglarger financial implications.Knowledge management must be able to address such issues in

finding solutions to encourage decisions and redefine staff lapses and accountability, to be more objectivewithout

being too much subjective.

Knowledge management is becoming very important in

almost all Banks since it simplifies the delivery of timely and effective information that are used in all the

organization's processes from planning, controlling, decision making and evaluation. It helps managers in

formulating strategic, tactical and operational activities in a best ways in order to achieve the organization's desired

objectives.

Nowadays Modern banks investigate the importance of the value of knowledge Management in the banks business

practices. The knowledge covers the range from the bank organizations' own internal intellectual capital, to the

wealth of data heel on any customer's transaction.

(Jayasundara, 2008)

The banking sector is always targeted to improve their customer satisfaction that will result in revenue increasing.

The process of Knowledge creation, storage and dispersion becomes essential and banks assign specialized personnel

to watch over and manage these critical processes.

The most common fields of knowledge management applications in a bank are risk management, marketing

management, customer relationship management and performance measurement especially for the benefit of its

stakeholders. Usually, in major banks investments in Knowledge Management systems such as Decision Support

Systems, Data Warehouses and Data Mining are rapidly growing. (Jayasundara, 2008)

Nowadays, bank managers use computerized support system as a personal support in decisions making.

Knowledge Management System in banks ensures better

and more efficient results in decision making.

Literature Review Many authors and researchers define KM in several ways.

In general term, Liebowitz (2000) defined KM as the process

of creating value from an organization‟s tangible assets .

Siemieniuch and Sinclair (2004) obviously defined

Knowledge Management as a pillar in the seven bases of

organizational effectiveness; Thus KM can lead to many

organizational benefits like better problem solving and

decision making, improved customer services, increasing

profits, better stuff attraction, more innovation and greater

creativity.

KM helps organizations find, select, organize, disseminate,

and transfer important information and expertise

necessary for activities such as problem solving, dynamic

learning, strategic planning and decision-making (Gupta et

al., 2000). Other mentioned the main key components of

successful KM S. Drew (1999) whichdetermined that

culture, technology, organization, and people as the main

key components.

In modem banks there is no debate about the value of

Knowledge Management as a business practice. Banks and

all other players in the competitive financial service sector

have recognized that knowledge is power (Sorrentino,

1999). The knowledge covers the range from the bank

organizations' own internal intellectual capital, to the

wealth of data heel on any customer's transaction.

(Jayasundara, 2008)

The overall aim of the banking sector is to enhance their

customer satisfaction and increase revenue as a result,

thus skill at knowledge management has become a critical

competency for banking sector survival in the 2lst century.

Also it becomes essential to assign a person or persons to

watch over and manage the creation, storage and

dispersion of knowledge (Sorrentino, 1999). These

personnel should also be responsible for the creation and

implementation of strategy that generates value from

organizational knowledge. (Jayasundara, 2008)

Samir baruh talked about the orientation of km with banks

and contemporary HR issues in banking. He quoted that

Banking is both 'theory' and'practice'. While knowledge is

veryessential, the positive application ofknowledge is most

essential. He discussed about the contemporary HR issues

that banking sector faces in day to day life. He found out

that there was apparently a situation of experience and

knowledge gap and thus arises a need of knowledge

management to guide the future course of banks at crucial

junctures. As quoted by him “With the requirement of a

massive expansion in businessactivity encompassing both

the internal and international market, banking personnel

are expected to have a greaterunderstanding and

knowledge of their extended role functionand priorities

before them. Managing knowledge andmanaging risk is the

requirement of the day. Banks arerequired to develop

capabilities for identifying, managingand mitigating risks

more efficiently.”

Jayasundara, ChamindaChiranreviewed the prevailing

literature on Knowledge Management in banking

industries.

He identified that most common KM applications in the

banking industries were risk management, Customer

Relationship, Management/Marketing (CRM), performance

evaluation etc,

He also came to know that Decision Support Systems

(DSS), data where houses and data mining were rapidly

growing techniques in this particular sector.

Namita Rajput in her research paper discussed about

consistent work Indian banking industry has been doing

towards the development of technological changes and its

usage in the banking operations for the improvement of

their efficiency. In her research, she said that to get the

benefits of enhanced technologies, Indian banks are

continuously encouraging the investment in

informationtechnology (IT), i.e. ATMs, e-banking or

netbanking,mobile and telebanking, CRM,computerization

in the banks, increasing use ofplastic money,

establishment of call centers, etc.RBI has also adopted IT

in endorsing thepayment system‟s functionality

andmodernization on an ongoing basis by thedevelopment

of Electronic Clearing Services(ECS), Electronic Funds

Transfer (EFT), IndianFinancial Network (INFINET), a Real-

Time GrossSettlement (RTGS) System, Centralized

FundsManagement System (CFMS), NegotiatedDealing

System (NDS), Electronic PaymentSystems with the „Vision

Document‟, theStructured Financial Messaging System

(SFMS)and India Card – a domestic card

initiative,implemented recently (2011). IT improvements are

significantly useful to reduce the cost and improve the

efficiency of the banks. Technological efficiency can result

in lower transaction costs and increased revenues forbanks

(Rishi and Saxena, 2004). In her study, she found out that

Transactions through technology channels cost much less

to the banks than the customers reaching the bank and

doing the transaction.

Zainab Abdul shaheed Mohsen,Mai Aliand Akram Jalal

together conducted a study on the topic “The Significance

of Knowledge Management Systems at Financial Decision

Making Process”.

From their research they discussed about the present

usage of information and knowledge which has increased

in all types of organizations in order to simplify all the

activities and enhance the decisions making process. Acc.

To them, the importance of managing the organizations'

information and knowledge becomes a vital role that

encourages the company's entire manager to invest more

money, times and effort to manage such information and

knowledge.

Knowledge management is an organization strategic effort

that used to capture information and experience of

employees and customers which is stored in database,

paper or in peoples' intellect then distributes this

knowledge to gain more benefit.

Knowledge management consists of several steps that allow

the flows of knowledge among all interest users in the

organization. The first step is knowledge creation that

means the entering of the knowledge in the system .

Second step is maintains the knowledge by remaining it in

the system which is refer to Knowledge Retention, the flow

of knowledge from one part to another within the system

(Knowledge Transfer) and finally implementing the

knowledge in the organization decision making and any

business process which is refers to Knowledge utilization.

They summarized their objective as:

1) To examine the value of KMS in supporting decision

making process.

2) To develop a contextual profile of use of KMS, including

the Availability of required technologies (Hardware and

software) individuals' capabilities and awareness in using

KMS, department coordination, decision maker acceptance

and trust of the system.

In their research paper, they discussed that Knowledge can

be classified into three main categories: explicit knowledge,

implicit knowledge and tacit knowledge. Explicit knowledge

can be transferred easily through books and reports so it‟s

a tangible form of knowledge. Implicit knowledge, is not

explicitly captured, but can be simply reported explicitly in

to papers such as the working experience. Tacit knowledge

is an intangible form of knowledge such as values and

beliefs. For the organization the tacit knowledge is the most

important type so it is rarely recorded and transferred.

Knowledge management is becoming very important in

almost all Banks since it simplifies the delivery of timely

and effective information that are used in all the

organization's processes from planning, controlling,

decision making and evaluation. It helps managers in

formulating strategic, tactical and operational activities in a

best ways in order to achieve the organization's desired

objectives.

In their research they concluded that KMS help banks

ensure better and more efficient results in decision-making

and the banks top management has to give their employees

all appropriate and suitable technologies to share

knowledge .

Furthermore, they have offer the appropriate atmosphere

for using KMS and encourage their employees to share

knowledge. So, KMS is support and assist the coordination,

communication, content sharing between all banks

employees.

Manoj K. Chaudhary studied his research paper under the

title “Practice of Knowledge Management Strategy by

Banking Industry of Nepal”. He conducted the research

with the view that Nepalese banks with a knowledge

management capability will also use resources more

efficiently. Therefore, a firm's KM strategy relates to its

strategic arrangements in building and management

knowledge stock through the effective process of creating,

transferring and distributing knowledge. His research

result indicated that a fit between business and knowledge

management strategy are significantly related to

betterorganizational performance through effective

management of Human Resource Strategy in organizations.

His paper also concluded that Nepalese banks‟ effectively

management knowledge are more innovative and have

better performance than the banks do not takes this factor

into account.

Objectives To assess the role of knowledge management in

banking sector.

To know about knowledge management and its

applications.

To know about the banking scenario in various regions

before and after implementation of knowledge

management.

To know the about impact of knowledge management

in reducing the cost as well as customer satisfaction.

To know the advantages of knowledge management for

banks as well as their customers.

To know how the banks can achieve good

knowledgemanagementpractices?

To analysis the role of Information Technology and its

relevancy in Indian banks in the recent era.

To measure the performance of the each bank group

towards the elements of IT.

Methodology There are various methodology used in the various

research papers studied for this case study of role of

knowledge management in banking sector.

In the paper “IMPLEMENTATION OF TACIT KNOWLEDGE

MANAGEMENT IN A PARTICIPATION BANK : EVALUATING

THE IMPACTS OF TACIT KNOWLEDGE ON ORGANIZATIONAL

PERFORMANCE”, the survey instrument is composed

of questions relating to the level of tacit knowledge and

non-financial organizational performance. The

questionnaire was prepared by the authors. The

questionnaire was finalized after discussions with a

panel of experts and academicians. Each item was

rated on a five-point Likert Scale anchored at the

numeral 1 with the verbal statement “strongly agree”

and at the numeral 5 with the verbal statement

“strongly disagree”.

In the paper “Impact Of IT On Indian Commercial

Banking Industry: DEA Analysis” the focus of the

paper was to evaluate the efficiency scores and relative

productivity as regards IT related factors using DEA

analysis. There were two important aspects of DEA,

following which it was preferable to study the

population of banks. Firstly, it was sample specific,

thus implying that results obtained for the sample

couldn‟t be generalized for the entire population.

Secondly, it gave the relative efficiency scores and not

the absolute efficiency scores.

In the research paper “Practice of Knowledge

Management Strategy by Banking Industry of Nepal”,

the Companies involved were mainly Nepalese Banking

Sectors. Primary data was used for the study and

information collected from structured questionnaire.

The survey involved comparison of two major Banking

Sectors (I) Public Banks and (ii) Private Banks each

sector firms randomly selected. In total, 3 in public

bank and 11 in private banks were taken as the

sample. Thus, selected Nepalese bank was considered

to be representative of entire Nepalese banking sector.

This survey instruments were organized into two

domains and four factors

(I) KM strategy i.e. codification and

personalization,

(II) Corporate Strategy i.e. Cost Leadership and

personalization strategy.

In the research paper “Customer Knowledge

Management in the Iranian Banks: An Empirical

Research”, A quantitative research methodology

based on a survey using a questionnaire was used.

The questionnaire developed by Patrick & Sonia

(2009), was used with addition of questions related

with gathering of data for the knowledge management

systems. This modified questionnaire was pilot tested

in one of the commercial banks. The questionnaire

was sent to 200 officials of 6 commercial banks in

Iran. Out of 150 received questionnaires, 90 were

found complete and thus used for analysis.

The study with title “Impact Of IT On Indian

Commercial Banking Industry: DEA Analysis” has

measured the efficiency level of all the scheduled

commercial banks (SCBs) operating in India during the

study period of five years (2006- 2010). In the year

2009-10, there are 28 Public banks, 22 Private Banks

and 27 foreign banks under the heading of SCBs of

India (RBI reports and publications, 2010). Therefore,

the study has the data of 86 banks (some were absent

from the study) for the study period. Data for few

banks could not be included either they were closed

down or merged with some other bank during the

study period. The focus of the paper is to evaluate the

efficiency scores and relative productivity as regards IT

related factors using DEA analysis. There are two

important aspects of DEA, following which it is

preferable to study the population of banks. Firstly, it

is sample specific, thus implying that results obtained

for the sample cannot be generalized for the entire

population. Secondly, it gives the relative efficiency

scores and not the absolute efficiency scores. This

means that the best performing DMU out of the group

will be shown as 100 per cent efficient. The rest of the

DMUs will be benchmarked against this one. In case of

DEA, the sample size should be generally larger than

the product of the number of inputs and outputs

(Dyson et al. 1998). Thus in this study, the sample size

of 86 is sufficiently large to take care of the constraints

imposed by the requirement of the DEA model. The

data used in this study is financial information

available in the Annual reports of the banks and RBI

publications.

The survey instrument is composed of questions

relating to the level of tacit knowledge and non-

financial organizational performance. The

questionnaire was prepared by the authors.

Nevertheless, while selecting the questions, a

comprehensive literature review which contained pre-

tested and approved surveys in this field were taken

into consideration. The questionnaire was finalized

after discussions with a panel of experts and

academicians. Each item was rated on a five-point

Likert Scale anchored at the numeral 1 with the verbal

statement “strongly agree” and at the numeral 5 with

the verbal statement “strongly disagree”.

Findings Empirical results shows that, A firm‟s KM Strategy

relates to its strategic arrangement in building and

managing knowledge stock through the effective

process of creating transferring and distributing

knowledge, which helps organization to sustain and

obtain competitive advantage over time. This result

seems to be consistent with organizations have always

realized that access to quality information and

knowledge will help them remain competitive.

Using the SPSS a correlation analysis was conducted

among the dependent variable i.e. performance (DEP)

with each processes of the knowledge management.

The knowledge management processes namely are

knowledge acquisition (KA), knowledge creation (KC),

knowledge storage (KS), knowledge distribution (KD)

and the knowledge utilization (UD). From table (2)

knowledge utilization has shown a correlation of 0.58,

whereas knowledge acquisition and knowledge

distribution has shown a very weak correlation. The

knowledge creation and storage has shown a negative

correlation.

However, both banks used various technologies for

knowledge management. Among these technologies,

databases and webpages are the most common types

of technologies used followed by e-mail. Through these

technologies, knowledge, both explicit and tacit, are

created and retained in databases. With these

facilities, knowledge are accessible and can easily be

shared among employees and customers. Based on

May bank and Am Bank experience, it could be said

that banks which apply knowledge management can

enjoy the benefits of having more knowledgeable

workers and greater knowledge sharing. This would

contribute to greater efficiency and bank performance

improvement.

There is an increasing trend in performance of Indian

banks caused by IT innovation and enlarged

investment in new information technology during the

recent time period. The banks were left with no option

but to improve their functional attitude, strategies and

policies, efficiently allocating the IT elements with

proper guidelines to use them in the presence of

required trained staff. Introduction of new technology-

based services to their customers, for e.g. e-banking,

mobile banking, ATM facility and card based funds

transactions, etc. became a part of their functional

norms. The SCBs made heavy investment in

technology and computerization of branches from last

few years, introduced new services and facilities to the

customers which helped the banks to survive in the

long run.

Recommendations And Limitations This research work has mainly used two basic competitive

strategies (i.e. Cost leadership strategy and differentiation

strategy) to explain the relationship between KM strategy

and business strategy in Nepalese banking industries. The

results may be different if additional business strategies

and HR strategies are examined. Applying this to the

measurement model could give further insights.

Some important recommendations from our research are

presentable as follows. The future researchers can cover

these issues in their paper:

1.Larger sample size should be taken.

2.Other KMS technologies could be used to explore the role

of KM.

3. KM models could be used to understand the situation of

KM.

4. KM diagnostic models should be used to evaluate the

situation for KM.

5. Other organizations should be explored.

For Banks it is highly recommended that:

1)More expenditure should be allocated by organizations

for the improvement of MIS and KM projects.

2) A continuous educating of banks employees of the

importance of Knowledge Management and the benefits

related to it.

3) Workshops, seminars, training courses, and training

sessions should be prepared to increase awareness for KM.

4) To discuss the achievements of each department

resulting from using KMS, the banks should held annual

meeting to build future strategy based on the previous

achievement

Every study, no matter how well it is conducted, has

somelimitations. According to this fact, we have

somelimitations in this research too such as:

1. Employees of banks in Iran are mostly unaware between

the difference of KMS and information systems.

2. Due to the questions format seem to be lengthy

3. Return rate is less and the sample size is small.

4. Due to time constraint the generalization could not

beestablished.

Conclusion Based on the results and analysis of the questionnaire it is

concluded that:

1) The availability of Knowledge management technique

can be of great benefit in the practice of bank

development through improving the efficiency of

different operating activities.

2) As a result of importance of employees' capabilities

and awareness in enhancing the decision making,

there has been a significant interest in a system that

includes information with easy retrieval process.

3) Acceptance and trust of decision makers in the

knowledge, information, and opinion they provide

represent a main part in the success of KMS.

4) The banks must, through a process of mass

communication in all forms, sensitize its human

resources individual with inner strength and inner

happiness. Such and raise the knowledge level of its

workforce manifold to meet the ever-growing emerging

challenges confronting thebanking industry.

5) It could be attributed to the fact that information

technology is used and there is some form of

knowledge being acquired and distributed. But the

results for knowledge creating and storing knowledge

clearly indicate that there is no relationship in terms of

knowledge management perspective. It can assumed

that there is no specific knowledge management

processes established for this purpose and the

indication of relationship could be due to the role of

information systems which are in some form used for

knowledge management also. The results for the

knowledge management systemsindicate that they

have no relationship with the performance of the

banks. However they are usedwhichthe statistical

results have indicted but for the specific purpose for

knowledge management is not clear among

theemployees. The literature suggests that KM tools

have a competitive advantage and above all improve

itsoverall organizational performance. However, in this

research it contradicts with the literature.

6) The contribution of this paper is firstly, presenting the

extent of the application of knowledge management in

two Malaysian commercial banks based on theBanking

Knowledge Management Model (BKMM). Secondly,

creating awareness of the benefits of knowledge

management integration. Thirdly, BKMM serves as an

initial conceptual framework for bankers to integrate

knowledge management in their banks. The

applicability of the model is demonstrated by the

experience of the two banks. Since our study only

covers two banks, we suggest that a

morecomprehensive research be conducted on a large

number of banks to optimize the benefits of knowledge

management integration in the banking sector.

7) For the IKM Emergent programmed, innovation in

M&E for KM4D lies along the research agenda

recommended in Section 5.6b. In particular, more

consumer-driven M&E tools are recommended, such

as LSS and other mutual learning tools, local

contextualization of good practices and other

knowledge developed elsewhere, convenient and

practice-based community-level SD Scorecard, and

tools for more accurate gauging of community

preferences and community satisfaction not only for

M&E but also for project identification and project

design in the earlier stages of the project cycle.

8) As the results show, there is an increasing trend in

performance of Indian banks caused by IT innovation

and enlarged investment in new information

technology during the recent time period (2005-06 to

2009-10). The banks were left with no option but to

improve their functional attitude, strategies and

policies, efficiently allocating the IT elements with

proper guidelines to use them in the presence of

required trained staff. Introduction of new technology-

based services to their customers, for e.g. e-banking,

mobile banking, ATM facility and card based funds

transactions, etc. became a part of their functional

norms. The SCBs made heavy investment in

technology and computerization of branches from last

few years, introduced new services and facilities to the

customers which helped the banks to survive in the

long run, i.e. to retain their existing customers and

attract new ones (RBI, 2010). Taking the whole view,

the most efficient banks group is FBs followed by both

groups. There is not so much difference in PSBs and

PrSBs but as compare in both PrSBs are the best.

Hence, Indian commercial banks have improved

efficiency and performance after the advent of IT in

recent era.

9) Despite the fact that tacit knowledge is seen as a

strategic valuable resource for organizations that has

the potential to lead sustainable competitive advantage

and superior performance there is less empirical

evidences and research studies that can establish a

causal relationship between the level of tacit

knowledge and organizational performance. Thus, the

findings of this study confirm a positive linear

correlation between the level of tacit knowledge items

and non-financial organizational performance. Level of

tacit knowledge was divided into three factors, namely

task knowledge, expertise knowledge, and level of

training. Among these three factors task knowledge

appeared to be the most influential factor on the

organizations‟ performances fallowed by expertise

knowledge. The findings show that level of training

have comparatively less impact on the non- financial

organizational performance.

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