Strategies Adopted by K.C.B. Bank Kenya During the Covid-19 Pandemic Time

Abstract

This study seeks to identify the strategies used by Kenya Commercial Bank Ltd. In 2020, the industry was affected immensely by changes in the external environment caused by the COVID-19 pandemic. The main objective of this study is to understand what strategies KCB adopted to gain a competitive advantage. In conducting the research, a case study research design approach was used. The research adopted a qualitative approach, collecting data through an interview guide targeting eight senior managers. The content analysis method was used to analyze primary data. The study found that KCB bank used the cost leadership strategy in reducing overhead and operational costs lower than the industry, continuously cutting costs across the value chain, outsourcing, increasing automation, operating facilities at full capacity, and exploiting economies of scale. KCB adopted this strategy by continuously improving customer experience by introducing new banking products and services, venturing into other related businesses such as bank assurance, and a strategic location for customers. Technologies and innovations strategies, effective communication strategies, and pro-environmental and social engagement strategies were also identified as strategies used by KCB bank to achieve competitive advantage. The research finding will provide insights into the effectiveness of the strategies adopted by KCB Bank during the COVID-19 pandemic time and offer recommendations that KCB should continuously invest heavily in Information Communication Technology by regularly reviewing and updating its infrastructure to avoid unforeseen circumstances such as the COVID-19 pandemic. The limitation of the study was on strategic information, where the respondents were a bit mindful of their choice of words due to the sensitivity of the information.