Strategic change management practices at the national bank of Kenya Ltd.

Abstract

Implementing change management practices has met varied challenges of resistance in the banking industry owing to open competition in the global arena of the banking industry. Commercial banks in Kenya have had no choice but to embrace change management practices for survival. Emerging developments in the political, economic and technological spheres have presented various commercial banks in Kenya with innumerable challenges of change practices which had poised various options of benchmarking, change of the management of the commercial banks in Kenya, change of the policies and regulations. Over the last fifty years commercial banks in Kenya has adopted some trendy market type of reforms aimed at improving their service delivery to their customers. The strategies of the change management have not been applied uniformly across all commercial banks in Kenya due to implementation challenges encountered by the commercial banks in Kenya. Strategy of the organization is the roadmap towards the attainment of its long term goals and objectives. Strategic management is the process of the operationalization of the firms strategy, strategic management helps in the formulation of the effective organizational goals. Strategic change has become a constant phenomenon which must be attended to and managed properly if an organization is to survive. Changes in technology, the market place, global economy workforce demographics and the political environment have significant processes. Since its inception, National bank of Kenya has been improving its services and the mode of delivery of service to their customers. Although delivery of their service has improved with time national bank did not benchmark themselves with other firms in the market. The study recommends that banks should analyze their target market, identify their competition and learn from your competition and your customers. Banks should gain indepth 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.