Management of Strategic Change at I&M Bank Limited

Abstract

Management of strategic change should be a systematic process that focuses on changing mindsets or creating a new banking strategy in response to new market threats or opportunities. A well – organized strategic change initiative requires plans, resources, budgets, schedules as well as effective deployment of communication channels. The aim of this study was to establish the management of strategic change at I&M Bank Limited, Kenya. The study’s objectives were to establish the management of strategic change approaches; identify the challenges in the management of strategic change; and to determine the measures taken to mitigate the challenges in the management of strategic change. The study design was a case study where primary data was collected through an interview guide. Eight senior executives were interviewed through face-toface and telephone arrangement. The study findings showed I&M bank had adopted a number of strategic change management approaches including reshaping its iMara strategy, hiring of new leadership, consistent weekly communication, adoption of new digital technologies, reshaping the workforce through training, employee participation and organizational culture. The study established that at the initial stages of the change initiatives, it was bereft with various challenges including employee resistance, failure to embrace the new digital technologies, lack of clear communication, poor coordination and leadership weaknesses. To address the challenges, the study established that the bank had developed in house communication channels, introduced strategy maps to prioritize change areas, monthly meetings to review progress, more training on the use of the new digital technologies and replacing the old technologies and hiring young, experienced and tech savvy managers, participation by top level managers, and cultural transformation programs. The study recommends that I & M Bank Limited should continue implementing management of strategic change especially in the area of digitalization by investing in new digital platforms as a financial organization deepening strategy through its iMara strategy. To fully achieve its strategic goals, the study further recommends that the practice of inclusivity must be embraced to all the stakeholders to reduce the challenge of resistance to change.