| dc.description.abstract | The financial sector has been growing at a rapid rate not only locally but also internationally.
However the sector has been facing many challenges which include internal and external
environmental challenges and this has led to shrinking profit margins. As a result of these
challenges, this study was carried out to identify environmental challenges faced bythe
financial sector in Kenya and strategies that can be adopted to overcome these challenges.
To achieve this, a case study of National Bank of Kenya was undertaken by
interviewing senior and middle level staff to identify challenges and strategies adopted by the bank against internal and external environmental challenges. The structured interview guide was used in collecting data from NBK staff in Nairobi head officeand its branches within the Nairobi citywhereby a total of 12 respondents were interviewed which included 3 general managers, 4 divisional managers and 5 branch managers.Data was analyzed using content analysis.
Environmental challenges which include entry of new competitors, high cost of operations, unstable economic conditions, tight policies and regulations among other were identified.
The strategies to overcome these challenges identifiedinclude new product development and branding strategies, adopting new marketing strategies, expansion, outsourcing, ICT
infrastructure upgrades to list a few.
The study observed that financial institutions have not emphasized much the influence of
environment in their daily operations. Therefore the research recommendsthe need for th
financial sector to factor in organization environment in their operations plans and budgets. | en |
