Strategic Responses Of Kenya Commercial Bank To Mobile Money Transfer Services In Kenya
The introduction of mobile money transfer services in Kenya had a great impact on the way in which Kenya Commercial Bank conducted their day to day business. This state of affairs compelled the researcher to conduct this study on the strategic responses adopted by Kenya Commercial Bank to mobile money transfer services. The data was collected from senior staff of the Bank. The researcher used an interview guide to collect data from the respondents. The interview guide had different questions covering the demographic details of Kenya Commercial Bank management respondents and the general information on mobile money transfer services in the banking industry in Kenya and specific information covering strategic responses of Kenya Commercial Bank to mobile money transfer services. The findings of the study are interpreted using content analysis. The findings of the study indicate that responses included improvement in human resource management, thorough research on the customer needs and development of products to match such needs to achieve customer expectation and also attract new customers. The most talked about response was the adoption of mobile banking service also known as KCB Connect. The bank also adopted a marketing system to reach it clients alongside the use of modern information and technology system. Based on the findings it is evident that Kenya Commercial Bank not only concentrated on targeting new customers but also on developing extensive distribution channels in order to gain a competitive edge in the market. This was done by increasing the branch network both locally and in the East African region as well as increasing the number of ATM outlets and coming up with KCB Mtaani. Based on the findings it may be recommended that Kenya Commercial Bank should not only concentrate on targeting new customers and developing extensive distribution channels in order to gain a competitive edge in the market but to also do thorough research on their client needs and preferences and not just do things based on the fact other banks are doing it. For further research the banking industry can be studied as a whole where the strategic responses to mobile money transfer services of all banks are sought and compared. Another area of study that researchers may find especially useful is the study of mobile banking in Kenyan banks.
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