Strategic responses of Barclays bank of Kenya limited to challenges in the external environment

Abstract

The objective of the study was to identify the strategic responses of Barclays Bank of Kenya Limited to challenges in the external environment. To satisfy the research objectives the author used the case study method. Primary data was collected using an interview guide which was presented through a face to face interview. The respondent was the head of corporate affairs. Data analysis was done using content analysis. The results of the study showed that various strategies have been adopted by Barclays Bank of Kenya Limited key being market development, information and communication technology, human resources, refocusing, product development and innovation, promotion and advertisement and pricing. The challenges experienced by the bank include advancing technologies, liberalization of the banking industry and changing macroeconomic environment such as high inflationary rates. The study recommends that Barclays Bank should continue being proactive instead of being reactive to ensure they keep up with the changing external environment. The bank should open more branches to reach out to more clients, introduce more products to cater for the un-banked population, invest in information and communication technology and research and development to facilitate the market research done, continue with prudent credit assessment and risk management and ensure continued staff training and development to increase employee motivation and efficiency