Influencing factors for the digital transformation in the financial services sector

Werth, Oliver; Schwarzbach, Christoph; Cardona, Davinia Rodríguez; Breitner, Michael H.; Schulenburg, Johann-Matthias Graf von der

doi:10.1007/s12297-020-00486-6

Cited by 27 publications

(16 citation statements)

References 35 publications

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“…, 2019). However, the most imperative reason is informed by deploying innovative information technologies to improve financial service agility (FSA) driven by data and information (Werth et al. , 2020).…”

Section: Introductionmentioning

confidence: 99%

“…Consequently, financial institutions are steadily heading towards digital banking for a number of reasons (Chanias et al, 2019;Pramanik et al, 2019). However, the most imperative reason is informed by deploying innovative information technologies to improve financial service agility (FSA) driven by data and information (Werth et al, 2020). There is, therefore, a demand for an orientation towards enterprise agility as a new paradigm within the financial service ecosystems.…”

Section: Introductionmentioning

confidence: 99%

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Positioning big data analytics capabilities towards financial service agility

Edu

2022

AJIM

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PurposeEnterprises are increasingly taking actionable steps to transform existing business models through digital technologies for service transformation such as big data analytics (BDA). BDA capabilities offer financial institutions to source financial data, analyse data, insight and store such data and information on collaborative platforms for a quick decision-making process. Accordingly, this study identifies how BDA capabilities can be deployed to provide significant improvement for financial services agility.Design/methodology/approachThe study relied on survey data from 485 banking professionals' perspectives with BDA usage, IT capability development and financial service agility. The PLS-SEM technique was used to evaluate the underlying relationship and the applicability of the research framework proposed.FindingsBased on the empirical test from this study, distinctive BDA usage grounded on the concept of IT capability viewpoint proof that financial service agility could be enhanced provided enterprises develop technical capabilities alongside other relevant resources.Practical implicationsThe study further highlights the need for financial service managers to identify BDA technologies such as data mining, query and reporting, data visualisation, predictive modelling, streaming analytics, video analytics and voice analytics to focus on financial knowledge gathering and market observation. Financial managers can also deploy BDA tools to develop a strategic road map for data management, data transferability and knowledge discovery for customised financial products.Originality/valueThis study is a useful contribution to the burgeoning discussion with emerging technologies such as BDA implication to improving enterprises operations.

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Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Positioning big data analytics capabilities towards financial service agility

Edu

2022

AJIM

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“…Future research can consider using larger samples in a wider range to improve the generality of the conclusions. In addition, the study is also limited in that it did not verify the impact and relationship of many more factors [68]. This study only explores the impact relationships among six critical factors, thus reducing the complexity of DT.…”

Section: Limitations and Further Researchmentioning

confidence: 99%

Research on Successful Factors and Influencing Mechanism of the Digital Transformation in SMEs

Xin

2022

Sustainability

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In the era of the digital economy, digital transformation (DT) has become a new approach for firms to gain competitive advantages in a context of intense and dynamic market competition. Companies in almost all industries have undergone or are currently undergoing DT. Due to limited resources and capabilities, the digitalization process of small and medium-sized enterprises (SMEs) is relatively slow, so it is critical to ascertain the key factors and paths that affect the success of DT for SMEs to optimize the allocation of resources. However, there is very little research on the DT of SMEs. In response to this literature gap, the purpose of this study is to discover the key factors of the DT in SMEs and explore their interaction mechanisms. From a holistic perspective, this study has identified six key factors from three dimensions of technology, organization, and environment, and based on the resource-based view and resource-dependence theory, constructed an action mechanism model. Structural equation modeling was used to analyze the data collected from 180 SMEs in China. The results show that technological and environmental factors have a positive impact on organizational capabilities, and then promote the success of DT of SMEs. Organizational capabilities play an intermediary role in the influence of technological and environmental factors on DT. In addition, employee skills positively moderate the relationship between organizational capabilities and the success of DT. This study contributes to the conceptual framework and management implications in the DT field. Our study provides practitioners with profound insights into the enterprise’s DT and suggests that enterprises attach importance to the improvement of organizational capabilities, and use strategy and talents as important resources to promote the success of enterprise DT.

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“…Werth, et al [11] created a list of elements that would influence the digital transformation of financial services. These can be political, societal, economic, cost increases, or new technology.…”

Section: Related Research Workmentioning

confidence: 99%

Digital Transformation in Indian Insurance Industry – A Case Study

Desikan

Devi

2021

IJCSBE

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Purpose: In India, the insurance industry has grown rapidly in the last decade, introducing many innovative products. India's insurance industry is vital to the country's economy. Digital Transformation have a drastic impact on the Insurance sector. Digitization results in future innovative designs and launch innovative products which help insurance companies and the customers. Digital innovation is transforming the way how the insurance companies work with industries by integrating IoT devices with health insurance which will also benefit the customers. In this paper, we will analyze and understand how HDFC ERGO has implemented digital transformation that has enhanced operational efficiencies and completely transformed service deliveries and customer experience in the insurance industry. Objectives: To do analysis and review on the digital transformation in the insurance company and how it has impacted the operational efficiencies, service deliveries and customer experience. Design/Methodology/Approach: This company analysis was done by analyzing and referring different sources like online sources, such as websites, blogs, scholarly articles, web articles, and using Technology Analysis as a framework. Findings/Result: Digital transformation and how it impacts insurance company in terms of its operational efficiency, service deliveries and customer experience are discussed. Analysis done to find how the organization should stay ahead in implementing the digital technologies and how digital transformation helps the insurance industry to explore new technologies and provides innovative ideas to improve organizational efficiency Originality/Value: Based on the information and the data available, digital transformation and its impact in the insurance company in the current state is analyzed. Paper Type: A Case study analysis done on the digital transformation in the HDFC ERGO general insurance company.

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Influencing factors for the digital transformation in the financial services sector

Cited by 27 publications

References 35 publications

Positioning big data analytics capabilities towards financial service agility

Positioning big data analytics capabilities towards financial service agility

Research on Successful Factors and Influencing Mechanism of the Digital Transformation in SMEs

Digital Transformation in Indian Insurance Industry – A Case Study

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