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EFFECTS OF INNOVATION STRATEGIES ON PERFORMANCE OF COMMERCIAL BANKS IN KENYA


Fredrick Busolo Simiyu

PhD student, United States International University

 

ABSTRACT

Innovation involves acting on the creative ideas to make some specific and tangible difference in the domain in which the innovation occurs. Innovation is defined as the successful implementation of creative ideas within an organization. The objective of this paper was to establish the effects of innovation strategies on performance of conmmercial banks in Kenya. The study was guided by the following objectives which include: To determine how technological innovations affects performance of commercial banks in Kenya; To establish how product innovations affects performance of commercial banks in Kenya; To determine how market innovations affects performance of commercial banks in Kenya and To establish how process innovations affects performance of commercial banks in Kenya. From the study, the researcher concluded that the new market innovation strategies adopted by commercial banks were availability of resources and capabilities, creating and nurturing strong brands, aggressive anti-competitors marketing campaigns, creating value through pricing, environmental analysis and response to changes, customer satisfaction and retention. The study recommended that for commercial banks to successfully adopt the innovation strategies, it should ensure that the staff are well knowledgeable/trained on the necessary skills required to adopt these strategies, the firm should also set aside enough budget for the adoption of these strategies and also there should be performance evaluation in the firm so as to ensure its success in the firm.


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