| dc.description.abstract | McGrath et. al., (1995) showed that firms in dynamic environments seek to continuously
renew their competitive advantage through competence-generating strategic processes of
comprehension and deftness. The study hence aimed at determining the critical external
environmental challenges affecting the operations of Citibank Limited and the strategies
employed by the bank to respond to the challenges in the external environment.
The primary data was collected using an interview guide. The interview guides were
administered through personal interviews with senior employees of Citibank Limited.
Data collected was analyzed by content analysis. The researcher used the data with an
aim of presenting the research findings in respect to the strategic responses to external
environmental challenges by Citibank Limited.
The study found out that the Citibank had faced challenges emanating from competition
from firms within the banking and non banking industry, global economic crisis, political
instability and low technological advancements. The bank responded by using strong
financial strategies, innovation and invention strategies, technology strategies, research
and development ventures, introduced a wide range of products so as to serve customers
conveniently and investments in a talented workforce
The study recommends that for Citibank to be able to overcome external environmental
challenges, the institution needs to employ human resource strategies. The importance of
human resource strategy is crucial to banks, as the performance and cost of those
employed in the industry is fundamental to its future success.
The study also recommends that for Citibank to overcome competition as an
environmental challenge, measures taken need to have a flexible approach so that they
can adapt and improvise to the changing conditions to put their best foot forward. These
may include competitive products and technological advancements. | en |
