Management of Strategic Change at I&M Bank Limited
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Date
2023Author
Wabwire, Patricia A
Type
ThesisLanguage
enMetadata
Show full item recordAbstract
Management of strategic change should be a systematic process that focuses on changing mindsets
or creating a new banking strategy in response to new market threats or opportunities. A well –
organized strategic change initiative requires plans, resources, budgets, schedules as well as
effective deployment of communication channels. The aim of this study was to establish the
management of strategic change at I&M Bank Limited, Kenya. The study’s objectives were to
establish the management of strategic change approaches; identify the challenges in the
management of strategic change; and to determine the measures taken to mitigate the challenges
in the management of strategic change. The study design was a case study where primary data was
collected through an interview guide. Eight senior executives were interviewed through face-toface
and telephone arrangement. The study findings showed I&M bank had adopted a number of
strategic change management approaches including reshaping its iMara strategy, hiring of new
leadership, consistent weekly communication, adoption of new digital technologies, reshaping the
workforce through training, employee participation and organizational culture. The study
established that at the initial stages of the change initiatives, it was bereft with various challenges
including employee resistance, failure to embrace the new digital technologies, lack of clear
communication, poor coordination and leadership weaknesses. To address the challenges, the
study established that the bank had developed in house communication channels, introduced
strategy maps to prioritize change areas, monthly meetings to review progress, more training on
the use of the new digital technologies and replacing the old technologies and hiring young,
experienced and tech savvy managers, participation by top level managers, and cultural
transformation programs. The study recommends that I & M Bank Limited should continue
implementing management of strategic change especially in the area of digitalization by investing
in new digital platforms as a financial organization deepening strategy through its iMara strategy.
To fully achieve its strategic goals, the study further recommends that the practice of inclusivity
must be embraced to all the stakeholders to reduce the challenge of resistance to change.
Publisher
University of Nairobi
Rights
Attribution-NonCommercial-NoDerivs 3.0 United StatesUsage Rights
http://creativecommons.org/licenses/by-nc-nd/3.0/us/Collections
- School of Business [1311]
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