INNOVATION BANKING SERVICES AND PROFITABILITY OF COMMERCIAL BANKS LISTED AT THE NAIROBI SECURITIES EXCHANGE (NSE), KENYA
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Abstract
For banks to survive in the unstable and evolving market and meet their goals and objectives in a market-driven environment, they have implemented creative approaches geared towards sustainability and growth. The study incorporated three theories, namely; digital transformation theory, open innovation theory and dynamic capabilities theory. The study utilized causal research design where by the study population was the 12 commercial banks listed at the Nairobi securities exchange. The study covers a period of five years from 2020 to 2024. Data was collected from the 11 banks using both a questionnaire and data collection sheet to take care of both the primary and secondary data respectively. Data collected was analyzed using multiple regression model. The research finding depicted that product innovation had a direct influence on the profitability of commercial banks listed at the Nairobi securities which was significant. Process innovation had significant influence on profitability of commercial banks listed at the Nairobi securities and technological innovation had a direct influence on the profitability of commercial banks listed at the Nairobi securities exchange which was significant The management of commercial banks listed at NSE, Kenya reap manifold advantages for one, the management are able to appreciate the banking evolution process of the banking industry and have an insight on the logic of lowering operating costs which has been a threat in the old dispensation of conventional banking where many branches are needed for profitability increase. Policymakers will also benefit from the research findings. For instance, central bank of Kenya which is the oversight body for commercial banks will be able to focus on an online regulatory framework to set standards to eliminate cybercrime issues hence protect the interest of the depositors in a seamless manner. The academicians are amongst the beneficiaries of this endeavor for the commercial banks adopting the innovative approach in banking gives the former new tools for applying in financial management and a base for areas of further research which in return positively contribute to the existing body of knowledge.
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References
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Alraja, M. N., Imran, R., Khashab, B. M., & Shah, M. (2022). Technological innovation, sustainable green practices and SMEs sustainable performance in times of crisis (COVID-19 pandemic). Information Systems Frontiers, 1-25.
Amiru, B. M., & Mwanzia, M. (2025). Innovations Management And Performance Of Commercial Banks In Nairobi City County, Kenya. International Journal of Management and Business Research, 7(1), 379-396.
Anh, P., & LE, T. T. H. (2025). Impact of Digital Financial Product Distribution on Economic Growth: Empirical Study in Asian Countries. Journal of Distribution Science, 23(3), 45-54.
Arisa, W. O. (2018). The Effect of Asset Quality on Value of Commercial Banks Listed at the Nairobi Securities Exchange. University of Nairobi,
Attah, R. U., Garba, B. M. P., Gil-Ozoudeh, I., & Iwuanyanwu, O. (2024). Corporate banking strategies and financial services innovation: Conceptual analysis for driving corporate growth and market expansion. Int J Eng Res Dev, 20(11), 1339-1349.
Badalyan, M., & Yankina, I. (2022). The Integration Of Global Financial Innovation: Effects Of The Pandemic. Paper presented at the Развитие экономики регионов: пространственная трансформация, глобальные вызовы и перспективы экономического роста.
Balaji, K. (2025). IoT in Financial Services Innovations in Banking and Insurance. Managing Customer-Centric Strategies in the Digital Landscape, 75-104.
Biswas, A., Kant, R., & Jaiswal, D. (2024). Looking beyond transactions: decoding the role of service innovation, relationship commitment and fairness in driving customer satisfaction in retail banking. Benchmarking: An International Journal.
Bogers, M., Chesbrough, H., Heaton, S., & Teece, D. J. (2019). Strategic management of open innovation: A dynamic capabilities perspective. California Management Review, 62(1), 77-94.
Cegarra-Navarro, J.-G., Reverte, C., Gómez-Melero, E., & Wensley, A. K. (2016). Linking social and economic responsibilities with financial performance: The role of innovation. European Management Journal, 34(5), 530-539.
Chasapi, P., Pateli, A., Mylonas, N., & Kourouthanassis, P. (2024). The impact of organizational resources on organizational agility in hospitality industry: a dynamic capabilities approach. International Journal of Tourism Research, 26(5), e2779.
Chen, J., Cai, W., Luo, J., & Mao, H. (2025). How does digital trust boost open innovation? Evidence from a mixed approach. Technological Forecasting and Social Change, 212, 123953.
Chhaidar, A., Abdelhedi, M., & Abdelkafi, I. (2023). The effect of financial technology investment level on European banks’ profitability. Journal of the Knowledge Economy, 14(3), 2959-2981.
Corbet, S., Hou, Y., Hu, Y., Oxley, L., & Tang, M. (2024). Do financial innovations influence bank performance? Evidence from China. Studies in Economics and Finance, 41(2), 241-267.
Das, S., Raval, S., & Faisal, S. M. (2024). Financial Innovation for a Better Tomorrow: How the European Model is Embracing the Future of Finance. Eur. Econ. Lett, 14, 1941-1963.
Dermine, J. (2017). Digital disruption and bank lending. European Economy(2), 63-76.
Dong, J., Yin, L., Liu, X., Hu, M., Li, X., & Liu, L. (2020). Impact of internet finance on the performance of commercial banks in China. International Review of Financial Analysis, 72, 101579.
Dubey, U. K. B., & Kothari, D. P. (2022). Research methodology: Techniques and trends: Chapman and Hall/CRC.
Ebong, J., & Babu, G. (2020). Demand for credit in high-density markets in Kampala: Application of digital lending and implication for product innovation. Journal of International Studies, 13(4), 295-313.
Figenschou, T., Li-Ying, J., Tanner, A., & Bogers, M. (2024). Open innovation in the public sector: A literature review on actors and boundaries. Technovation, 131, 102940.
Frame, W. S., Wall, L. D., & White, L. J. (2018). Technological change and financial innovation in banking: Some implications for fintech.
Gyadu, C. K. (2024). The Impact of Different Innovation Process Types on the Performance of Banking Services in Ghana. Capella University,
Gyau, E. B., Appiah, M., Gyamfi, B. A., Achie, T., & Naeem, M. A. (2024). Transforming banking: Examining the role of AI technology innovation in boosting banks financial performance. International Review of Financial Analysis, 96, 103700.
Ibrahim, A. M. (2024). Financial analysis of commercial banks in east Africa Stock Exchange Markets.
Kadenyeka, J., & Mwasiaji, E. (2023). Business level strategies and performance of selected supermarkets in Nairobi City County, Kenya. International Academic Journal of Innovation, Leadership and Entrepreneurship, 2(3), 486-503.
Kariuki, P., Ofusori, L. O., & Goyayi, M. L. J. (2025). Internet of Things on Banking Processes in South Africa: A Systematic Reflection on Innovations, Opportunities and Challenges. Digital Business, 5(1), 100097.
Khanom, M. T. (2023). Business strategies in the age of digital transformation. Journal of Business, 8(01), 28-35.
Kimani, P. G. (2023). Determinants Of Financial Performance Of General Insurance Companies In Kenya. KCA University,
Kiragu, M. (2017). Effects of E-banking on the Financial Performance of Kenyan Banks.
Kirui, B. C., & Munene, R. (2024). An analysis of the effect of process innovation on financial performance of commercial banks in Kenya. International Academic Journal of Economics and Finance, 4(2), 375-388.
Kismawadi, E. R. (2025). Islamic fintech: navigating the regulatory framework and promoting financial inclusion in Gulf Cooperation Council (GCC) countries. Journal of Islamic Marketing, 16(6), 1742-1769.
Kraemer-Mbula, E. (2021). The African Development Bank. Regional development banks in the world economy, 55.
Lee, C.-C., Wang, C.-W., & Ho, S.-J. (2020). Financial innovation and bank growth: The role of institutional environments. The North American Journal of Economics and Finance, 53, 101195.
Liang, H., Hussain, M., & Iqbal, A. (2025). The Dynamic Role of Green Innovation Adoption and Green Technology Adoption in the Digital Economy: The Mediating and Moderating Effects of Creative Enterprise and Financial Capability. Sustainability, 17(7), 3176.
Liozu, S. M., & Hinterhuber, A. (2023). Digital Pricing Strategy: Capturing Value from Digital Innovations: Taylor & Francis.
Maulana, A. (2025). Strategies and challenges of traditional to digital business transformation in MSMEs in Indonesia. ORGANIZE: Journal of Economics, Management and Finance, 4(1), 92-99.
Mbama, C. I., & Ezepue, P. O. (2018). Digital banking, customer experience and bank financial performance: UK customers’ perceptions. International Journal of Bank Marketing.
Mburu, M. I., Mwangi, L. W., & Muathe, S. (2020). Changing Landscape in Credit Management and Loan Performance: The Role of Central Bank Regulations in the Context of Commercial Banks in Kenya. International Journal of Academic Research in Business and Social Sciences, 10(12), 116-127.
Mhlanga, D. (2022). COVID-19 and digital financial inclusion: Policies and innovation that can accelerate financial inclusion in a post-COVID world through fintech. African Journal of Development Studies, 2022(si2), 79.
Misati, R., Osoro, J., Odongo, M., & Abdul, F. (2024). Does digital financial innovation enhance financial deepening and growth in Kenya? International Journal of Emerging Markets, 19(3), 679-705.
Molavi, H., Zhang, L., & Khanbabaei, M. (2025). Sustainable financial infrastructure and governance: A fuzzy multi-criteria decision-making analysis of open service innovation in unstable economies. Sustainable Futures, 9, 100485.
Mugenda, O. M., & Mugenda, A. G. (2003). Research methods: Quantitative & qualitative apporaches (Vol. 2): Acts press Nairobi.
Muia, S. W. (2017). The effect of financial innovations on financial performance of commercial banks in Kenya. Kca University,
Mujtaba, B. G. (2023). Digital literacy on privacy rights policies in the American workplace. In Multidimensional and Strategic Outlook in Digital Business Transformation: Human Resource and Management Recommendations for Performance Improvement (pp. 115-126): Springer.
Mundia, C. W. (2025). Digital Financial Innovations and Financial Deepening of Commercial Banks in Nairobi City County Kenya. Kenyatta University,
Muriu, P. (2022). What explains provisioning behaviour in the banking industry? Evidence from an emerging economy.
Muthinja, M. M., & Chipeta, C. (2018). What drives financial innovations in Kenya’s commercial banks? An empirical study on firm and macro-level drivers of branchless banking. Journal of African Business, 19(3), 385-408.
Muzammil, M., & Siddiqui, D. A. (2020). Effect of interest rates and bank size on profitability of Islamic Banks in an Interactive Model. Available at SSRN 3641634.
Mwangi, J. K., & Omwenga, J. Q. (2022). Strategic Management Capabilities and Performance of Commercial Banks in Kenya. International Journal of Social Science and Humanities Research, 10(4), 48-69.
Mwenda, D., & Muthimi, J. (2025). Organizational performance of commercial banks in Kenya: The paradoxical effects of the digital transformation strategies. International Journal of Education and Research, 13(5), 45-70.
Ndungʼu, N., & Oguso, A. (2023). Digital technology and innovation in Africa: leapfrogging in finance. In Technological leapfrogging and innovation in Africa (pp. 89-111): Edward Elgar Publishing.
Ngong, C. A., Thaddeus, K. J., & Onwumere, J. U. J. (2024). Financial technology and economic growth nexus in the East African community states. Journal of Economics, Finance and Administrative Science, 29(58), 263-276.
Nguyen, H. M., Ho, T. K. T., & Ngo, T. T. (2024). The impact of service innovation on customer satisfaction and customer loyalty: a case in Vietnamese retail banks. Future business journal, 10(1), 61.
Noor, M. A. (2024). Disruptive forces: How emerging technologies are redefining digital transformation. Journal of Emerging Technology and Digital Transformation, 3(01), 9-18.
Oberoi, S., & Kansra, P. (2022). Blockchain Technology in the Insurance Industry. In Applications, Challenges, and Opportunities of Blockchain Technology in Banking and Insurance (pp. 160-172): IGI Global.
Ogendi, B. M. (2022). Effect of Portfolio Framework on the Financial Performance of General Insurance Firms in Kenya. University of Nairobi,
Okijie, S. R., & Effiong, U. E. (2024). Financing and successful micro, small and medium scale enterprise development in Nigeria. East African Finance Journal, 3(1), 1-26.
Osoro, J., Misati, R. N., & Tiriongo, S. (2024). Development Banking in East Africa: The Case of the East African Development Bank. In Perspectives on Development Banks in Africa: Case Studies and Emerging Practices at the National and Regional Level (pp. 351-372): Springer.
Otiso, S. N. (2020). Effect of Technology on the Performance of Insurance Companies in Kenya. University of Nairobi,
Pandey, P., & Pandey, M. M. (2021). Research methodology tools and techniques: Bridge Center.
Quansah, E., Moghaddam, K., Solansky, S., & Wang, Y. (2022). Strategic leadership in SMEs: the mediating role of dynamic capabilities. Leadership & Organization Development Journal, 43(8), 1308-1320.
Quaye, W., Akon-Yamga, G., Akuffobea-Essilfie, M., & Onumah, J. A. (2024). Technology adoption, competitiveness and new market access among SMEs in Ghana: What are the limiting factors? African Journal of Science, Technology, Innovation and Development, 16(7), 1023-1037.
Romero Alvarez, Y. P., Salas-Navarro, K., Martínez, L. B., & Zamora-Musa, R. (2025). Financing innovation in SMEs: a systematic review of financing channels. International Journal of Innovation Science.
Saula, B., Akinlabi, B., & Makinde, G. (2023). An Evaluation of the Effect of Financial Institution Innovations on Enterprises’ Performance: Evidence from SMEs Sub-Sector in Nigeria. Journal of Strategic Management, 8(1), 1-14.
Soi, J. C., Nyang’au, S. P., & Mwalili, T. (2024). Technology Communication and Firm Performance of Kenya Tea Producers Companies. International Journal of Management and Business Research, 6(1), 1511-1525.
Stefanova, D., & Vasilev, V. (2024). The competence" Information security" in human resources management-a key factor for competitiveness and digital transformation efficiency. Revista Romana de Economie, 58.
Sulehri, F. A., Audi, M., Ashraf, M. S., Azam, H., Bukhari, S. A. F., & Ali, A. (2024). Empirical Insights into Financial Integration: Fintech Credit and Regulatory Dynamics.
Sun, Y., Majchrzak, A., & Malhotra, A. (2024). Open innovation theories.
Symeonaki, E., Arvanitis, K., & Piromalis, D. (2020). A context-aware middleware cloud approach for integrating precision farming facilities into the IoT toward agriculture 4.0. Applied Sciences, 10(3), 813.
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