The Effects Of Technology On Marketing Strategies Adopted By Commercial Banks In Kenya

Abstract

The impact of technology on marketing has become noticeable over the years. For an organization information is the most precious of modern corporate resources and its exploitation the key to competitive survival, the spotlight falls on marketing. Organizations of all sizes are using various information technology tools and applications in order to become more competitive. The role of technological innovations on efficiency and cost reductions in any given sector is paramount to the successful and profitable service delivery of the sector. In many organizations, a fundamental assumption of much recent research in operations improvement and operations learning has been that technological innovation orientations have a direct bearing on performance improvements. This study aimed to establish the effect of technology on marketing strategies adopted by commercial banks in Kenya. The study employed a cross sectional descriptive design. The target population was the 43 Commercial Banks based on latest available information from Central Bank of Kenya. Both primary and secondary data were used in this study. Primary data was collected by means of a semi- structured questionnaire. Secondary sources were obtained from the financial statement of the selected banks, Kenya Stock Exchange Fact book, Central Bank of Kenya publication. The data was analyzed by use of descriptive statistics such as mean scores, frequencies, and percentages. Statistical Package for Social Sciences (SPSS) was used to aid in quantitative analysis in this study. From the findings, it was established that majority of the Commercial Banks do employ Market strategies to improve Sales Performance. The study found that marketing has become a major function in the banking industry as a result of increased competition brought about by bank consolidation and reforms. In addition, all banks agree on the opinion that marketing strategies influenced by technology have an immense contribution on the sales volumes realized. The study recommended that banks should embark, from time to time on marketing research. Marketing research will bring about innovation, better services for customer and better method of production and processing.