Exploring the Critical Success Factors (CSFs) and Barriers to Adoption of ICTs in Corporate Financial Services

Abstract

Information and Communication Technologies (ICTs) are extensively being incorporated by financial institutions, operating in both the public and private sectors. ICTs refer to a wide range of IT-enabled technologies to manage electronic information quickly and effectively, thus giving a competitive edge to the organizations to compete in the global markets. However, proper implementation of ICTs in corporate financial services is still challenging with different barriers. The paper attempts to develop a theoretical model by identifying the various Critical Success Factors (CSFs) and barriers through an exhaustive and state-of-the-art review of the existing literature to adopt ICTs in corporate financial services successfully. The developed theoretical model is empirically investigated using indepth interviews with employees working in corporate financial services. The regression results showed that social influence, effort expectancy, risk-taking, and top management support significantly influence the ICT adoption. Alternatively, lack of IT skills, lack of socio-economic conditions with ICT adoption, and the lack of environmental exposures are barriers to successful ICT adoption.