Abstract: Commercial banks play a vital role in economic development for many developing countries, by providing a wide range of products and services to households, business firms and the government. The study reviewed literature on the selected factors that have influenced financial innovation in commercial banks in Kenya. Data was analyzed using descriptive and inferential statistics aided by statistical package for social scientists (SPSS) and findings were presented on tables and charts. The study found customer needs, competition, economic environment and technology affects financial innovation. Based on the findings it can be concluded that dynamic customer needs, concentrated market, fluctuating interest and inflation rate, easy access to the products and services are the highest factors ranked by respondents that influenced financial innovation in commercial banks in Kenya. It is therefore recommended to the management of commercial banks and the government to explore sustainable businesses linkages and collaboration that will facilitate financial innovation in Kenya.
Keywords: Financial Innovation, Commercial Banks, Technology, Competition, Regulatory, Customer.
Title: EFFECT OF SELECTED FACTORS ON FINANCIAL INNOVATION IN COMMERCIAL BANKS IN KENYA
Author: MR. BRIAN ELIJAH OBARA MANYARA, MRs. MONICAH MUIRU, MR. HUSBORN O. KENYANYA
International Journal of Management and Commerce Innovations
ISSN 2348-7585 (Online)
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