Risk Management, Customer Adaptability, and Project Innovation Success: A Case of Bank of Africa.
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Date
2024-11-12
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Makerere University Business School
Abstract
The growing trend of technology has influenced Banking and Innovation success which is a source of new products and services offered to clients so that the Banks remain competitive and also attract more customers. This study is aimed at enhancing innovation success at the Bank of Africa by investigating the relationship between risk management, customer adaptability, and project innovation success in the Bank of Africa, with a focus on enhancing strategic insights for sustainable innovation. The research aimed to investigate the correlation between risk management and the success of project innovation at the Bank of Africa, to assess the connection between customer adaptability and the success of project innovation at the Bank of Africa, and to evaluate the joint impact of risk management and customer adaptability on the success of project innovation at the Bank of Africa. The research employed a conceptual framework that incorporated risk management and customer adaptability as independent variables, while project innovation success served as the dependent variable. The objective of the study was to address existing gaps in comprehension and provide insights that could guide policymakers and improve the performance of commercial banks in Uganda. A cross-sectional survey methodology was utilized to gather data from a sample of 343 banking clients through a self-administered questionnaire. The data analysis was conducted using SPSS software to evaluate the correlations and regression relationships among the variables. The findings indicated a negative association between risk management and the success of project innovation, alongside a positive correlation. An affirmative association was also found between customer adaptability and project innovation success, indicating that customer education, financial stability, and user-friendly interfaces are crucial for successful innovation implementation. The study concluded by recommending strategies to enhance customer education, strengthen security measures, and address customer concerns proactively to foster innovation success in the banking sector. It also acknowledges limitations such as potential biases in survey data and the short-term scope of the study. Finally, it proposes areas for further research, including comparisons of innovation strategies across different bank sizes and economic environments.
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This is a master's thesis.
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Citation
Watera E. (2024). Risk Management, Customer Adaptability, and Project Innovation Success: A Case of Bank of Africa (unpublished master's dissertation). Makerere University Business School, Kampala, Uganda.