Influence of financial Technology on performance management practices at Kenya Commercial Bank Ltd

Abstract

The purpose of this study is to establish the influence of Financial Technology on Performance Management Practices at Kenya Commercial Bank Kenya Ltd. Improvement of performance management practices can be reflected in various motivational theories. This study was guided by the Goal-setting Theory and Expectancy Theory of Performance Management. The methodology used was research design and the target respondents were the Group Human Resource Director, Head of Reward, Head of Learning and Development, Head of Employee Relations and the Human Resource Business Partner. The data collection instrument was the interview guide and content analysis was used to analyze the data. The study findings revealed that KCB used financial technology products as part of their performance management practices which included the balanced score card (BSC), dashboards, coaching, mentoring and the use of 360 degree feedback tool. The findings indicated that financial technologies assist in developing appropriate performance matrices and influence decisions made on performance based rewards. It is recommended that KCB should put in place systems that will monitor the continuous change of the financial technology products in the market so that the company can continuously respond to not only the market demands but also their versatile customers. KCB should continuously use multifaceted performance evaluation strategies that will help to eliminate human biases during performance reviews and also eliminate technological biases.