| dc.description.abstract | Innovation is management discipline, which focuses on the organization's mission, searches for
unique opportunities, determines whether they fit the organization's strategic direction, defines
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the measures for success, and continually reassesses opportunities (Gaynor, 2002), Gaynor
(2002) commented that innovation does not require genius, but it does require a system-wide
dedication to pursue unique opportunities. Drucker (1998) is very explicit in stating that
innovation is work rather than genius; successful innovation requires hard, focused, and
purposeful work. This study sought to establish innovative strategies adopted by equity bank, to
determine organizational and technological factors affecting adoption of innovative strategies at
equity bank and to establish the Challenges and key success factors to adoption of innovative
strategies at equity bank.
The study used a case study design. This was because study seeks to identify the innovative
strategies at Equity Bank, a case study design was deemed the best design to fulfill the objectives
of the study. primary data was collected using an interview guide and the respondents targeted
were senior managers and heads of finance, risk management, information technology
operations, human resources, marketing, product developemnet ,treasury ,admisration ,
communications ,Credit ,alternative delivery channels ,compliance and audit,special projects and
trade finanace departments. Data was then analysed useng content analysis.
From the findings, the study found that for Equity Bank to improve its performance, it adopted ~
some innovative strategies use of technology to break geographical barriers [ATM, Points of
Sale, Eazy2417, Agency model -HSNP] , use of staff wh~' understand culture, language and
values of the people they serve to break cultural and language barrier [posting staff to their native
areas], creating and nurturing strong customer tailored products, environmental analysis and
response to changes, aggressive marketing campaign ,creating loyalty of the stakeholders and
leveraging on technology to create innovative delivery channels.
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The bank also faced some challenges in adopting these innovation strategies but the bank had
some coping strategies to these challenges. Therefore the study recommends that for successful
adoption of innovation strategies in Equity bank, the bank should ensure that the top
management fully supports the adoption of the strategies, the staff should also be encouraged and
the benefits of innovation strategies should be made clear to all staff, the bank should invest in
regular training of its staff so that they can offer the best services to the customers and also so
" that they can possess the necessary knowledge and skills for the adoption of innovation strategies
and also there should be co-operation between the seniors and the general staff and also between
the departments for successful adoption of innovation strategies in the bank | en |
