3 Scholars To the scholars this study adds value to the already existing body

3 scholars to the scholars this study adds value to

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and hence save on the costs of conducting cost benefit research in their institutions. 3. Scholars To the scholars, this study adds value to the already existing body of knowledge as it recommends ways for improvements of financial performance by embracing the technology innovation. Nevertheless, this study serves as a stepping stone for newer research on financial innovation and their significance within the bank’s financial performance. 1.4 General Objectives To establish the effects of bank innovations on the financial performance of commercial banks in Kericho county 1.5 Specific Objectives 1. To determine the effects of mobile banking on the financial performance of commercial banks. 2. To examine the effects of Automated Teller Machines on the financial performance of commercial banks. 3. To determine whether Electronic Funds Transfer influence the financial performance of commercial banks. 1.6 Research Questions i. What are the effects of mobile banking on the financial performance of commercial banks in Kericho town? ii. What are the effects of automated teller machine on the financial performance of commercial banks in Kericho town? iii. Do electronic fund transfer influence the financial performance of commercial banks in Kericho town? 6
1.7 Scope of the Study The study aimed at covering 10 commercial Banks licensed by the Central Bank of Kenya (CBK) located in Kericho County. The study examined the effect of innovation and technology within the banks that operate in Kericho County. This study was carried out due to the emerging issues in innovation and technology thus becoming a key factor in determining the financial performance in banks. Therefore, this study aimed at determining how Automated Teller Machines (ATM), Mobile Banking and the Electronic Fund Transfer (EFTs) as emerged could result to financial performance as well as banks realizing their objective that is customer satisfaction, maintaining as the market champions, loyalty to customers and their employees and attract more investors. The research study was undertaken in Kericho town as it has several banks influenced by its economic growth hence the banking industry is well represented in this location. The researcher aimed at utilizing both the primary and the secondary data. 1.8 Limitations of the Study Time was the most limiting factor to this study, moving from one bank to another and interacting with the various respondents consumed a lot of time. The willingness of the banks to disclose the information pertaining their financial performance to the researcher was a hard task, as the concerned were a bit reluctant on giving the actual data. However, the researcher was able to curb the time and finance factors to enable the success of the research, by planning her schedule well and sorting finances from her relatives.

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