Competitive Strategies Adopted by National Bank of Kenya to Cope With Environmental Changes

Abstract

The objective of the study was to determine the competitive strategies adopted by National Bank of Kenya (NBK) to changes in the environment. The research was designed as a case study of National Bank of Kenya. Primary data was collected from managers, general managers and directors through in-depth interviews using an interview guide, while secondary data was obtained from the National Bank library as contained in the banks strategic plan. The study established that NBK has competitive strategies are in areas such as strategic transformation, corporate governance, strategic business growth and development, information communication technology, corporate social responsibility, risk management, market segmentation and product diversification, other competitive strategies by national bank of Kenya, retirement benefit obligations, fiduciary activities, and segmental reporting. NBK is confident these initiatives and changes will have positive impact and help the bank achieve the planned business growth which in turn will help realize the goal of transforming National Bank of Kenya into a leading bank in the coming years. The study recommends that banks should analyze their target market, identify their competition and learn from your competition and your customers. Banks should gain in-depth insights about their customer portfolio and consider human resource management as a mean to gaining competitive advantage. The study also recommends that banks should continuously maintain the competitive advantage they have gained by predicting future trends in the banking industry, constantly researching and monitoring competitors, and adapting to customer’s wants and needs.