Exploring synergies: Cross-functional collaboration dynamics in a financing company in China

Abstract

This study qualitative research explored the cross-functional collaboration dynamics in a financing company in China. The case study method was used to specifically, delved into how different departments collaborate and interact to achieve company’s goals, looked into the stakeholders’ internal thoughts and opinions toward cross-functional team collaboration, and explored the implementation process of the cross-functional team collaboration on stakeholders’ viewpoint. There were nine key informants who have been members of cross-functional teams. Interviews and observations were conducted to collect the data that provided answers to the research questions. Thematic analysis has done on the interview transcripts to generate emerging themes. The financing company, a subsidiary of a large domestic private bank, operates primarily in the auto finance sector. During the COVID-19 epidemic, the company experienced a significant increase in business volume and profits. However, post-epidemic, there has been a noticeable decline in these indicators, leading to a sense of nostalgia among employees for the more prosperous past. The collaborative dynamics and structures of cross-functional teams within the case financing company was characterized by leadership and management, team dynamics and climate, and team structure and process. The identified challenges in cross-functional collaboration include lack of shared understanding, lack of trust, politics, limited resources, and short duration of team. But no opportunities emerged from the interviews. The cross-functional collaboration in a financing company impacts overall performance through synergy, innovation, and good financial performance in terms of cost-savings and profitability.