Management of strategic change at Family Bank Limited, Kenya

Abstract

This study sought to determine how strategic change is managed at family bank limited. It also focused on various methods adopted to manage strategic change in Family Bank as an organization of analysis. The study established that the bank undertook planned change due to the changing market conditions and technology in the industry to enhance competitiveness. A case study design was selected as it was deemed the best design to fulfill the objectives of the study. In this study, emphasis was given to primary data. The primary data was collected using interview guide. The interviewees were the director of credit, retail banking, corporate banking, technology, finance and managing director. The researcher required getting in-depth information on issues surrounding management of strategic change in family bank, interviews were regarded as the best method and the interview guide gave a clear guidance on what questions to ask. Data was analyzed qualitatively using content analysis. The staff, strategy, structure, systems, style, skills and the shared values of the bank has been instrumental in enabling the success of management of strategic change process. The study concludes that there are three factors that have greatly influenced management of strategic change at Family Bank Limited. These factors are resources(both financial and human resources), management support and communication of aspects of change The study also recommends that other commercial banks or any other organization for that matter that requires to successfully implement the chosen change strategy, needs to consider their resources(financial and human resources), management support, and organization structure. The study also recommends that future studies in this area should replicate the study to other industries to establish whether these results are the same across the industries. A survey study need to be done to establish the how change is managed in commercial banks to determine whether the results found herein still hold.