Competitive Strategies Adopted by Equity Bank Kenya Limited to Cope With Technological Changes

Abstract

Strategy is the match between an organization’s resources and skills and the environmental opportunities as well as the risks it faces and the purposes it wishes to accomplish. Firms develop strategies to enable them seize strategic initiatives and maintain a competitive edge in the market. Technology has become a part of the current world the banking industry has embraced it to better meet the growing needs of the customers as well as remain competitive and relevant in the current world. Equity Bank Kenya limited is a commercial bank which is amongst the largest banks in Africa due to its customer base of more than 8 million customers. The study’s objective was to determine the competitive strategies adopted by Equity Bank Kenya limited to cope with technological changes. In this context the research question was ‘What competitive strategies has Equity Bank Limited adopted to cope with technological change?’. The study made use of an interview guide to collect primary data from the respondents who were: corporate strategists, marketing executives and other staff in departments involved in implementing the strategies. Data was analyzed through content analysis. The findings which emerged were that Equity Bank Kenya limited has adopted competitive strategies to cope with technological changes which include: Internet connectivity, advanced technological machinery, digital advertisement, introduction of new products and services and partnership with other organizations. It is evident that these strategies have improved the quality of services giving it competitive advantage over its competitors. The study faced challenges like some respondents not being available because of their busy schedules and the fear of disclosing sensitive information. The study recommends that due to all organizations should adopt technological changes. This should be adopted also by the public sector to ensure quality products and services. More research should be conducted on all industries and the partnerships taking place due to technological changes and the sustainability of that strategy.