Abstract
The capability of corporate financial organisations to set its vision within the frontiers of achievable objectives is crucial for long term effectiveness. Hence our focus on strategic management practices and customer retention in tier-1 banks in Nigeria; leveraging on the place of technology. The study further aims to deepen the relationship between the dimensions of strategic management and the measures of customer retention, while bringing to bear on the relationships the impact of technology within the financial space. The study utilized cross-sectional survey research based stratified sampling; where data collection from 248 employees of six tier-1 banks in Port Harcourt were conducted. The Spearman Rank Correlation Coefficient was deployed with the aid of the Statistical Package for Social Sciences (SPSS) version 26 for our analyses. The result showed strong and positive correlation coefficient (r = 0.649) between strategy formulation and customer loyalty; also positive and a significant relationship existed between strategy formulation and customer satisfaction; a positive and significant relationship existed between strategy implementation and customer satisfaction; significant relationship between strategy evaluation and customer loyalty, and a significant relationship subsisted between strategy evaluation and customer satisfaction . But, technology significantly moderates the relationship between strategic management and customer retention. It was however recommended that the management of tier-1 banks in Nigeria should adopt recent technologies to improve services and provide more value to its customers. With technology, tier-1 banks can effectively and efficiently implement strategic management in order to increase customer retention. Managers should focus on integrating the appropriate technology that will improve its operation and ensure efficient service delivery. The adoption of strategy formulation by tier-1 banks in Nigeria should emphasize assessing existing strategies and the environment before developing new strategies and strategic plans. The strategy formulation process provides a framework for tier-1 banks to take the actions leading to the anticipated results. Keywords: Tier-1 banks; Strategic Management Practices; Bank; Customer Retention
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