Strategic responses by the National Bank of Kenya Limited to challenges of globalization

Abstract

Globalization has brought competition to the door steps of most companies in every industry the world over. It is an attempt to reduce the vast world to a mere global village by facilitating interaction of people and business transactions through technological breakthroughs. A gap exists on the strategic measures that a financial institution operating locally should take to counter the challenges of globalization without necessarily trading in the international market. The National Bank Kenya thus becomes the focus organization that the study uses to fill up this knowledge gap. The research question therefore is: What strategic responses is the National Bank of Kenya putting in place to arrest the challenges of globalization? The objectives of the study were to establish the challenges of globalization faced by National Bank of Kenya limited and the strategic responses by the National Bank of Kenya Limited to challenges of globalization. The study used the case study design to gather qualitative data using an interview guide and it focused on the National Bank of Kenya Limited. The primary data upon being cleaned and presented according to the study themes was analyzed through content analysis (qualitative analysis). The findings reveal that the bank has not reviewed its mission for the last five years. Globalization has had an impact on every single department in the bank. As such, the bank has put in place strategies to counter the challenges of globalization. The study recommends that the bank should embrace the various aspects of globalization in its entire departments as they are mostly positive and beneficial to the company.