Critical success factors as a strategy of enhancing Corporate performance: the case of Equity bank

Abstract

The purpose of this study was to identify the critical success factors that are employed by Equity Bank and analyze the impact of these factors on the performance of the bank. To meet the objective of the study, a case study research design was chosen. The target population of the study consisted of 35 key managers within the bank randomly sampled. The major findings in the study showed that the implementation of critical success factors was a major contributor to the performance of Equity bank. As such, the critical success factors (technological development, pricing, human resources management, quality service and operations, and marketing effectiveness) were viewed as essential in the performance of Equity bank. The study further established that there were various challenges that were faced during implementation of the critical success factors. The staff was motivated and committed to implementing the critical success factors, though this was not of much significance. Moreover, the management had been relatively effective in implementing the critical success factors. The study revealed that Equity bank could be a market leader in Kenyan Banking industry in the aspects of profitability and public perception, given an appropriate time span, taking 2008 as the base year. Recommendations based on the findings of this study propose the following measures be taken by the organization: Implementation of critical success factors should be properly addressed since it leads to high performance of Equity bank. Consequently the bank should employ appropriate strategies on technological development, pricing, human resources management, quality service and "operations, and marketing effectiveness. Since any success is preceded by challenges, the bank shoultr not overlook the possibility of the challenges, but rather manage them. Also, the bank management should prompt its staff to be motivated and committed to implementing the critical success factors. The bank should constantly review its strategies so as to be able to be a market leader in Kenyan Banking industry in the aspects of profitability and public perception.