COMPETITIVE STRATEGIES IMPLEMENTATION AND QUALITY SERVICE DELIVERY IN STANDARD CHARTERED BANK (K) LTD
Enoch Mbai - Catholic University of Eastern Africa, Kenya
Dr. Thomas Ngui - Senior Lecturer, Catholic University of Eastern Africa, Kenya
Dr. Okumu Ndiao - Catholic University of Eastern Africa, Kenya
ABSTRACT
The banking industry in Kenya is quite competitive and the number of players in the Banking industry is relatively large. This makes the firms in the sector to continually create, implement, assess and improve on strategies so as to remain relevant and competitive in this market. Although, many banks have been implementing strategies in their respective organizations and reorganizing their business processes with regard to service delivery. It is important to note that more than 70 per cent of standard package implementation projects fail. The main objective of the study was to establish the competitive strategies implementation and quality service delivery in standard chartered bank (K) ltd. The study adopted a descriptive research design. The target population of this study was the 1787 standard chartered bank (K) ltd retail customers and 116 management staff working in standard chartered bank (K) ltd headquarters and Moi avenue branch, Kenyatta avenue branch, Harambee avenue and Koinange street branch. The study employed stratified random sampling technique in coming up with a sample size of 320 respondents from a total of 1903 of representatives of management staff working in standard chartered bank (K) ltd and retail bank customers. Primary data was collected. On the primary data, questionnaires were used to collect data. The quantitative data in this research was analyzed by descriptive statistics using statistical package for social sciences (SPSS) version 21. Data was presented in tables, charts and graphs. Content analysis was used in processing of this data and results presented in prose form. In addition, a multivariate regression model was applied to determine the relative importance of each of the three variables with respect to SCBK competitiveness. Based on the research findings the study concludes that cost leadership strategies have a great influence on service delivery in Standard Chartered bank. The study also concludes that market focus is very important strategy in influencing service delivery to the customers in Standard Chartered bank. The research further concludes that differentiation as a competitive strategy implemented by Standard Chartered bank contributes significantly to its service delivery to their esteemed customer. The study also concludes that product development strategies affects quality of service delivery to a moderate extent. The study recommends that Standard Chartered bank particularly should create marketing departments. The study also recommends that Standard Chartered bank should aim at achieving above-average returns over competitors and also improves its service delivery through monitoring the costs of activities provided and maintaining low charges on services offered. Since customer’s tests and preferences keep on changing, there is need for Standard Chartered bank to study the market to understand what the customers want and change with the changing times.