Labor Administration and Organization Management in the Financial and Banking Business as a Result of Digital Disruption

Abstract

This research aimed to study the changes, the adaptation, and the impact occurring in labor administration and organizational management in the banking business due to digital disruption. This research used qualitative methods and gathered data from in-depth interviews. The samples consisted of 10 executives from Thai commercial banks. This research found that: 1) digital disruption has led to a shift in service delivery patterns, diverse employee skills, closures, and mergers; 2) banking's adaptation approach according to the framework of the quality cycle. By adjusting the mindset, training to upskill and reskill, career path development, and restructuring the banking to be flat, with high mobility and less hierarchy. Meanwhile, the impact is that customers have reduced transaction costs. There are various service options. The competition in the banking and finance business is increasing but reduces monopoly. A new form of financial business and financial services was born. There was a change to a cashless society, to work anywhere, anytime, on any device, and to have more laws and regulations to direct and regulate digital financial transactions. However, the government and commercial banks should work together to build a future-oriented digital technology infrastructure and information security system and provide opportunities for underprivileged groups to access technology along with strict law enforcement.