| dc.description.abstract | Rapid globalization is one of the most salient aspects of the new millennium, particularly since the fast development of information technology (IT) in the last two decades (Brown, 1999). According to Cheng (2000, 2001), there should be multiple globalizations, including technological globalization, economic globalization, social globalization, political globalization, cultural globalization, and learning globalization in the new millennium.
This research was employed as a descriptive type of study, the target population of this study was the major commercial banks in Kenya. There are 4 major indigenous commercial banks in Kenya which formed the target population of this study. The researcher used a questionnaire as primary data collection instrument. The questionnaire was designed to give a brief introduction of globalization. It also consisted of both open and close-ended questions aimed at obtaining information on the on the responses to globalization by major commercial banks in Kenya.
A content analysis and descriptive analysis was employed. The content analysis was used to analyze the respondents' views about the response to globalization by commercial banks in Kenya. Tables and other graphical presentations as appropriate were used to present the data collected for ease of understanding and analysis.
The study also revealed the responses adapted by commercial banks to globalization were; diversification of products, advertisements of products and services, reduction of operational costs, improved infrastructure implementation, training and improved technology, internet banking and use of correspondence.
This study revealed that the challenges brought about globalization in commercial banks include; distribution of products, capital sources and employees, changing lending rates, economic crisis, infrastructure and market dynamism, competition, taxation issues, mobilization of capital requirements, adoption embracement of new technology due to low literacy levels and product differentiation. This study therefore recommends that commercial banks should embrace international best practices and benchmarking in order to overcome globalization challenges. | en_US |
