The relationship between technology and innovation strategies and competitive advantage for selected banks listed in the Nairobi Stock Exchange
Weru, Aristarichus K
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For a corporate to have a long-term success it has to have the ability to innovate, acquire, possess and develop unique technological capacity. Recently banks are tirelessly trying to expand their current product offering, increasing product penetration, bringing the un-banked into the financial system and capitalizing on the new consumer class by developing innovative services, products and channel offerings; this can only be successfully enhanced by improved technology and innovations. The main aim of the study was to determine the relationship between technology and innovation strategies and competitive advantage for banks listed in the Nairobi stock exchange. A census survey design was undertaken since the population was small and the issues of analysis were critical. Primary data was collected using drop and pick questionnaires to head of change and strategies, functional heads, research divisions, information and technology management division. Data was analyzed and summarized in percentages, proportions, and tabulated. The researcher concluded that the .technological innovations and changes in these banks mainly concentrated on change of their core banking systems, introduction of A TMs that take deposits, enhancement of service delivery and processes embedded on products thus resulting to increased benefits such as higher customer satisfaction, expanded market share, reduced operations turn around time and moreover, increased profits leading to a competitive edge.