Abstract: This research project was aimed at assessing the digital strategies used by commercial banks in improving their competitiveness in Kenya. A commercial bank is a type of financial institution that provides services such as accepting deposits, making business loans, and offering basic investment products. The objectives of this study were: to determine the relationship between digital diversification and competitiveness of the commercial banks in Kenya, to determine the correlation between digital differentiation and competitiveness of commercial banks in Kenya. The study also assessed the correlation between digital differentiation and competitiveness of commercial banks in Kenya, the study sought to establish the contribution of digital cost efficiency on the competitiveness of financial institutions in Kenya and finally to establish the impact of digital customer retention and acquisition strategy on the competitiveness of commercial banks. The study looked at theories advanced on the research variables. Those theories included: strategic conflict theory, competitive dynamic theory and resource advantage theory. The study looked at: the independent variables which were diversification, differentiation and cost efficiency strategies, the moderating variable was customer acquisition strategy and the dependent variable which was competitiveness. The study included a conceptual framework which showed how the variables were connected. The study looked at other related research papers on the topic and sought to point out the research gaps. The study applied a descriptive research design. The target population of the study was Equity bank customers and staff. Questionnaires were used in this study. After collection, the data was arranged, edited, and coded by use of frequencies and percentages. The study was presented in frequency tables and pie charts. The study found out that there was a direct relationship between digital diversification and bank competitiveness, a positive correlation between digital differentiation and banks competitiveness, digital cost efficiency strategies contributed to banks competitiveness and also digital customer acquisition strategies had a moderating effect on the competitiveness of commercial banks. The study concluded that few banks had migrated to the digital platform. Further the study recommended that commercial banks, other financial institutions and even public institutions should fully embrace digitization.
Keywords: Digital, Commercial, Competitiveness.
Title: ASSESSING THE DIGITAL STRATEGIES USED BY COMMERCIAL BANKS IN IMPROVING THEIR COMPETITIVENESS IN KENYA (A case of Equity Bank)
Author: EDWIN NJOROGE MURAI, DR.JESSEE MAINA
International Journal of Management and Commerce Innovations
ISSN 2348-7585 (Online)
Research Publish Journals
