Financial Re-Engineering and Financial Performance of Saccos
DOI:
https://doi.org/10.47604/ijfa.1069Keywords:
Financial strategies, financial innovation, financial reengineering, financial performance of SACCOs.Abstract
Purpose: The current study sought to establish the trends in financial re-engineering and financial performance of SACCOs and present existing knowledge gaps that need to be filled based on studies done in other contexts.
Methodology: The study adopted a desktop literature review method (desk study). This involved an in-depth review of studies related to financial re-engineering and its effects on financial performance of SACCOs. Three sorting stages were implemented on the subject under study that is financial reengineering and financial performance of SACCOs, in order to determine the viability of the subject for research. After an in-depth search into the top key words (financial strategies, financial innovation, financial reengineering and financial performance of SACCOs), the researcher arrived at 15 articles that were suitable for analysis.
Results: The study noted that from the survey, majority of the studies were based and cited most between the year 2012 and 2018, implying the relevance of the subject in the current decade. From the analysis, most of the publications on financial reengineering and financial performance of SACCOs, were from the renowned Journal published under various journal platforms. This is an indication of the credibility of the subject under review by many scholars. In addition, the survey provides evidence as to why the subject under review is of importance in the African context since majority of the studies under review were from the European and Asian regions. A trend analysis was conducted indicating that over the period the studies were researched. Financial reengineering and performance subject have been receiving the concerns by various authors. This was drawn from the upwards increasing trend in the subject of the study since 2012 to 2019. The survey likewise found that descriptive research design was the trending technique to survey studies on financial reengineering and performance. Majority of the studies from the analysis revealed a positive relationship between financial reengineering and financial performance of SACCOs.
Unique contribution to theory, practice and policy: Based on the survey findings, the study recommended that financial reengineering effect on financial performance in SACCOs is a maiden study that other authors from other parts can use to base future studies on. Findings from this study may be used to shape policy in the area of managing financial performance in SACCOs. Currently, the existing financial strategies are weak, not standard and not competitive since the competition from other related financial institutions is stiff. The findings would help to further develop an adaptive strategy for to step up in the competition in the financial sector.
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