Management perception of strategies for enhancing performance in commercial banks: a case study of the standard chartered bank Kenya limited
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The last decade has seen businesses improve by the relatively insular processes of business process redesign, re-engineering and transformation. The aim of these processes has been generally to create a customer-focused approach. Such an approach can obviously be appropriate and effective where the business is confident that what it is doing is right for now and for the future. However, periodically, there is a need to revisit original aims and objectives to ensure that the company is doing the right things as well as doing them right. The study was carried out through a case study design where the unit of study was sought to find out the management perception of strategic practices and the loans performance in the banking industry in Kenya, taking a case study of Standard Chartered Bank. The design is most appropriate when detailed, in-depth analysis for a single unit of study is desired. Case study research design provides very focused and valuable insights to phenomena that may otherwise be vaguely known or understood. The design enables the researcher not only to establish factors explaining phenomena but also unearth underlying issues. The study established that a benchmark existed in the bank for the measuring the performance of the strategic business plans initiated. Any problems that were experienced in the implementations and business performance outcomes that led to under performance of asset book portfolios were fixed on time. This was actually done so that the growth of the asset book portfolio would remain positive and loan impairment ratio would be less and for the prevention of customer migration to other banks that were perceived to provide more efficient and effective loan service process. It was indicated that the bank recognized that effective exploitation of strategies is essential to the bank efficiency and re-engineering agenda. This is a comprehensive implementation plan to fundamentally change how it incorporated planning into its everyday business. It ensured the early factoring of strategies considerations into the design of policy, increase digital inclusion, reduce the cost of operations, and ensure information is shared and transparent where possible and always handled appropriately, and extend the loans service commitment to its customers through service guarantees redeemed in monetary terms. Delivering strategy commitments supported their plans for economic growth and enable workforce transformation so that the bank has the tools and structures to deliver current, modem, digital enabled and effective banking services in its loans services. It was established that the institution's performance was closely linked to the management perception of strategic practices and the facilities provided by the planning committees as most of the services provided by the bank revolved around the overall management perception of strategic practices. It was determined that the banks superior performance was underpinned on the underlying formally implemented management perception of strategic practices, and not necessarily from reactive plans from the industry trends. The planning committees in the planning processes led to the efficiencies and effectiveness of the services provided by the bank and the planning teams of the bank were mandated to keep the planning practices and processes running smoothly.