Management of strategic change by commercial banks in Kenya
The changes in the banking sector have been characterized by globalization, inflation, more knowledgeable customers, technology advancements, declining interest margins and new laws and regulations that govern the way banks conduct business. The available studies were carried out in specific institutions and they do not represent the general industry practices and may not be assumed to explain strategic change management practices in all the banks in Kenya. The study therefore sought to establish the management of strategic change within the commercial banks in Kenya, and the challenges faced by commercial banks when managing strategic change. This study was a descriptive cross sectional survey research design. The population of interest in this study comprised the 43 commercial banks in Kenya. Thus the study was a census, in which all commercial banks were studied. Primary data was collected using a questionnaire that comprised close ended and open ended questions. The data collection instrument was administered to the managers responsible for strategy management in each bank. The study generated both qualitative and quantitative data which was analyzed using descriptive statistics which involved use of percentages frequencies, means and standard deviation and presented in tables and graphs and explanation was presented in prose. Qualitative data was analyzed based on the content matter of the responses. The study found that the banks have strategic change management policy; the banks expected an improved decision making, improved performance, resource allocation, reduced financial losses and improved communication from effective strategic change management. The study concludes that change management is usually communicated effectively within the banks and as a result the banks realize improvement and efficiency in various departments.