The Challenges of Creating Sustainable Competitive Advantage in the Banking Industry in Kenya

Players in the banking sector have experienced increased competition over the last few years resulting from increased innovations among the players and new entrants into the market.The only way for banks to remain relevant in their operations is by coming up with competitive advantage that is sustainable.Developing a competitive advantage alone is not enough.Its sustainability is the critical element.For a competitive advantage to attain this aspect, critical thinking and time has to be devoted by the managers concerned.Today, many companies are faced out by competitors since they are unable to create offerings and create sustainable relationships with their customers.The aim of this paper is to analyze how a firm can create a competitive advantage that enables it to be on the forefront in the market and in its general operations.The article as well seeks to give insight into how tangible resources contribute to creation of sustainable competitive advantage thus translating to superior performance.As Business leaders perceive ever-greater links between business performance and their sustainability capabilities, it is clear that the environmental, social and governance issues at the heart of a sustainability strategy are featuring higher on the sustainable competitive advantage.From the discussions, we have seen how sustainability is increasingly seen as an important element in how many companies respond to core strategic challenges.The paper concludes by creating importance of the need of a firm to overcome change inertia and be able to explore new opportunities in the market.