Combined competitive strategies by commercial Banks in Kenya In the changing global environment: a case of equity bank
The general objective of the study was to determine the combined competitive strategies by commercial banks in Kenya in the changing global environment using the case of Equity Bank. The study was guided by the following research objectives: to establish the extent to which commercial banks in Kenya have employed competitive strategies to counter competition and to determine how effective combined strategies have been for commercial banks in Kenya in countering competition. This research study was best studied through the use of a descriptive survey. Target population refers to the entire group of individuals or objects to which the researchers are interested in generalizing the conclusions (Castillo, 2009). The target population consisted of all the 22 Equity banks branches in Nairobi. Budget and time constraint was involved in collecting data from other parts of the country. Both the primary and secondary data were used. Majority of the respondents agreed combined strategies were adopted by many branches of the bank. In addition, many of the respondents mentioned that the combined strategies were effective to a greater extent. Many respondents mentioned that the challenges faced during the implementation of the combined strategy plan. The findings suggested that implementing combined strategy has led to productivity of the teams, followed by improved financial performance and closely followed by increased customer outreach. The bank should innovate on its products and services as well as provide a wider assortment of products and services by monitoring and meeting varying needs of the consumers in the market. The study suggests that future research could replicate the research objectives with a focus on other banks besides Equity to confirm the similarities of the findings. Moreover, future researchers can look at the impact of combined strategies on the bank’s profitability.