Evaluation of Ict Strategy at Standard Chartered Bank Kenya Limited

Abstract

Commercial banks have continued to implement Information and Communication Technology strategies. There are ICT networks to deliver a wide range of value added products and services to bank customers. The introduction of ICT i.e. mobile and electronic banking has improved banking efficiency in rendering services to customers. ICT is at the center of electronic banking system in the world economy and Kenyan banking industry cannot ignore information as it plays a critical role in the current banking systems. The advancement in ICT has played an important role in improving service delivery standards in the Banking industry. In its simplest form, Automated Teller Machines (ATMs) and deposit machines now allow consumers to carry out banking transactions beyond banking hours. This study sought to evaluate the ICT strategy adopted by Standard Chartered Bank Kenya Limited on the bank’s performance. An interview guide was developed and filled in by the banks’ head of departments i.e. IT, card center and operations, this formed the raw data. The Data obtained was complemented by researcher own data obtained from annual reports of the banks’ balance sheets covering the period a period of ten years. This allowed for data comparison and a rich data analysis to give valid conclusions. The study findings established that the ICT strategies should be implemented by the various organizations in order to enhance the use and the installation of the facilities which are necessary for the effective and the smooth running of the business operations. The study concluded that effective exploitation of technology is essential for the bank to increase their efficiency and effectiveness levels and reform agenda and all the firms should be incorporating and taking advantage of the technology to increase their growth through the adoption of the technologies.