Innovation strategies at the standard chartered bank (Kenya) limited

Abstract

Banks nowadays are under intense pressure to fundamentally change how they operate and do business to ensure their survival and competitiveness. As banks go through these emotions innovation is evoked. Moreover since innovation involves careful consideration because of risks and returns involved, adopting the right innovative strategies cannot be overlooked. Motivated by this concern, this research sort to investigate the various innovative strategies adopted by the Standard Chartered Bank (Kenya) Limited as one of the largest and dominant banks in Kenya. A case study was conducted. The researcher conducted an in depth personal interviews with the top and middle managers at the bank. According to the findings, the bank has been able to successfully introduce various innovative strategies ranging from product, technological to customer care thus contributing enormously to its profitability over the years. The study also made recommendations which banks should adopt to remain competitive key among them increasing the budget allocation to research and development departments to ensure sustainable innovative ideas are generated and effectively implemented.