Key Success Factors in the Banking Industry in Kenya free essay sample

A key success factor is the thing that most affects the ability of a company to succeed in the market. A company must develop competence on its industry’s key success factors if it has to remain successful. Sound strategy incorporates efforts to be competent on all key industry success factors and to excel on at least one factor. The key success factors in the banking industry include: 1) Management – Management plays a key role in ensuring success in almost any initiative within an organization. Nothing makes greater impact on an organization than when leaders model the behavior they are trying to promote among employees. For banks to succeed in their operations, good management practices must be employed. 2) Human Resource – This refers to the individuals within the firm and to the portion of the firm’s organization that deals with hiring, firing and other personal issues. The strategic human resource is based on the deep knowledge of the organization’s processes procedures and the business strategy. We will write a custom essay sample on Key Success Factors in the Banking Industry in Kenya or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page A well managed human resource will lead to success in the banking industry. 3) Equipment and facilities – Customers are interested in value for their money and so banks should strive to offer quality products which meet the needs of their customers. 7) Service quality – This involves comparison of expectations with performance. It is a measure of how well the delivered service matches the customer’s expectations. To be successful, banks have to ensure that they focus on quality services to meet customer needs while remaining economically viable in the same time. Satisfying customer needs is very important for the success of any industry. Service quality is the key to gaining competitive advantage. 8) Customer care – This is the provision of service to customers before, during and after a purchase. It’s a series of activities designed to enhance the level of customer satisfaction. To be successful, banks have to ensure that they offer high quality customer care so as to retain their customers. In conclusion, a key success factor is the best gauge of an industry’s competitive position and competence in key success factors determines a firms competitive position in the industry.