Strategic change management at the NIC-Bank of Kenya
This study is about strategic change management at NIC-Bank of Kenya. It contends that the banking industry in Kenya has been growing very fast in numbers, range of services, number of regulations and also adaptability to complex customer relations; however, there has not been any systematic study or findings on strategic change management. This study, therefore, sought to ask the question, how are strategic changes managed in NIC-Bank in the face of fast changing banking industry in Kenya and what factors influence it? The objectives of the study included investigating how strategic changes were managed at NIC-Bank, and determining the factors influencing strategic change management at NIC-Bank. The study findings will contribute to strategic change management at NIC-Bank, and to the generation of knowledge on strategic change management in organizations. Through the findings, NIC-Bank will be in a position to restructure their performance in such a way as to enable them achieve their goals and objectives. In addition, the study will add some knowledge to the existing body of knowledge and open up areas for further research. In addition, the study will contribute to strategic change management theory by discussing competitive rivalry in the banking industry that is aimed at profit maximization by interfusing elements such as the new phenomenon of Mobile Banking and Internet Banking that have been perfected in Kenya and a requisite regulation enacted by the Central Bank of Kenya to the effect. This has necessitated strategic changes in the banking industry. This study was a case study. The data of the study was collected from 54 NIC-Bank management and staff in the head office and its sixteen branches. The respondents included the branch managers and departmental heads and managers. The data was collected qualitatively using interview schedules and analyzed qualitatively by checking for internal consistency, extreme cases or missing cases. This involved narrative analyses to establish patterns and interrelationships among variables. The data was then interpreted according to emerging themes and presented in the form of narrative. The study concluded that strategic changes occurred in the bank frequently and these were dictated by internal factors, external factors and technological factors. Micro- and macro level policies in Kenya that included lower inflation rates, lower interest rates charged by Central Bank of Kenya to commercial banks, good performance of Nairobi Stock Exchange, and lower cost of electricity contributed to the changes experienced by the bank.