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What are the drivers of digital transformation in banks? 


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Digital transformation in banks is driven by several factors. One of the primary drivers is the threat of broader market entry by BigTechs, which is pushing incumbents to modernize and consolidate their backend systems to enable new customer-oriented services . Strategic planning and human resources also play key roles in implementing digital transformation in banks . Additionally, technological advances in data transmission and processing are important drivers, as investments in digital technologies enhance the positive returns to scale in the banking system and improve the competitive position of the largest market players . The transition to digital processes in banking is also influenced by considerations such as trust, transparency, compliance, and technological adaptation of customers . Overall, these drivers highlight the need for banks to adapt to gain a competitive edge, sense disruptions, and reorganize their business models in the digital age .

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The paper does not explicitly mention the drivers of digital transformation in banks.
The paper does not explicitly mention the drivers of digital transformation in banks.
The provided paper does not specifically mention the drivers of digital transformation in banks. It focuses on the role of operational research and business intelligence in understanding and addressing the challenges and opportunities of digital transformation in general.
The paper does not explicitly mention the drivers of digital transformation in banks.

Related Questions

What studies Digital Transformation Drivers Business Model Transformation?10 answersThe exploration of digital transformation drivers and their impact on business model transformation is a multifaceted area of study, as evidenced by the diverse research approaches and findings across various industries and theoretical frameworks. Yannick Mies and J. Piet Hausberg identify four key drivers of digital transformation in manufacturing firms: ubiquitous connectivity, functional dematerialization, relational decentralization, and flexible scalability, proposing a conceptual framework of digital business model archetypes. Pavlos Delias and Fotis Kitsios emphasize the crucial role of digital transformation in gaining a competitive edge and the challenges and opportunities it presents, including the need for new strategies and skills. Further, a conceptual study highlights the importance of creating integrated digital customer interfaces as a primary target for digital transformation-driven business model innovation (BMI), offering a framework to support companies in aligning their BMI efforts. DongGi Kim and Keuntae Cho's research in the semiconductor industry demonstrates how digital drivers positively affect digital competencies, which in turn influence business models and management performance, particularly emphasizing novelty-centered business models. Shoufu Lin et al. analyze the impact of digitalization on business performance, underlining the significant positive effects of digital capabilities on enterprise performance and the role of business model innovation as a mediator. Isabelle Fudal's work provides a comprehensive view on digital transformation strategies and their impact on existing business models, highlighting the importance of artificial intelligence and digital transformation strategies at the departmental level. Another study examines the role of digital technologies in transforming traditional business models, identifying key drivers and the benefits and challenges of digital transformation. Research on the digital transformation of business models in professional sports organizations, specifically the US National Football League, reveals the importance of changing customer value propositions and creating new revenue channels. An analysis of the oil and gas industry identifies scientific and technological progress and raw materials factors as strong drivers of digital transformation, influencing the introduction of digital technologies into business processes. Lastly, a case study design investigating incumbents' business model dimensions during digital transformation emphasizes the importance of a preparatory phase and the role of a Chief Digital Officer in achieving effective transformation. Collectively, these studies provide a comprehensive understanding of the drivers behind digital transformation and its profound impact on business model transformation across various sectors.
How digital transformation is reshaping banking services.?4 answersDigital transformation is reshaping banking services by revolutionizing the industry through the use of digital technology and innovation. Banks are readjusting their strategies towards e-banking and partnering with fintech companies to increase their profits and customer base. The digitalization of finance is accelerating, with financial institutions developing digital transformation strategies and reviewing their core banking platforms to make room for more digitalization. In the Indian economy, public sector banks are being challenged by private companies entering the market, leading to the introduction of innovative services like online banking and easier transaction methods. The use of advanced digital technologies allows banks to expand their client base, reduce costs, and make banking services more convenient and accessible to customers. The growth of the Kazakh banking services market has led to increased competition and the need for modern technologies to meet customer demand.
What is the relevance of digital transformation in banking?5 answersDigital transformation is highly relevant in the banking sector as it enables significant innovations, improves efficiency, and enhances customer service. It allows banks to carry out transactions quickly, securely, and at a lower cost, leading to higher customer satisfaction. The use of digital technologies in banking activities has improved the skills and talents of bank employees. Additionally, digital transformation has a positive impact on bank efficiency, environment, society, and corporate governance (ESG) performance. It also influences consumer behavior in the financial sector, driving digitization activities and highlighting the importance of managing digital transformation for business success. Furthermore, digital banking products and services contribute to improved operating revenue and customer-bank relationships. Overall, digital transformation plays a crucial role in developing the banking industry and meeting the evolving needs of customers.
How does digitalization affect the banking industry?4 answersDigitalization has had a significant impact on the banking industry. It has led to the development of new financial services and products, such as e-banking services, which have positively influenced bank performance. The move towards digitization in the Indian banking sector has improved customer service and replaced manual processes with digital services. However, digitalization has also brought challenges, such as a potential decrease in the number of bank personnel due to the increasing number of digital services and customers using them. The rapid development of digital finance has resulted in fierce competition in the banking industry, reshaping the competitive structure among banks and leading to increased inter-bank involution and evolution. While digitalization has expanded the client base of banks and made banking services more convenient and accessible, it has also increased the risks of banking activities, particularly in terms of information security.
What are drivers of digital transformation?5 answersDigital transformation is driven by various factors. These include the need for new strategies and skills, increased organizational performance and value creation through data utilization and innovative solutions, and the impact of digital technologies on reshaping processes and operations. The success of digital transformation initiatives also depends on other drivers such as the role of executives in redefining the human role in value creation, the impact of technology context (IT infrastructure and digital tools), the existing level of innovation, corporate regulation, available skills, and financial resources. Additionally, factors like scientific and technological progress and raw materials factors play a significant role in the digital transformation of industries such as the oil and gas sector. Attitude, satisfaction, behavioral intentions, and habit are also important drivers for individual adoption of digital transformation.
What are the major findings by studies on the impact of digital transformation on commercial banks?3 answersDigital transformation has been found to have a positive impact on the efficiency and performance of commercial banks. It improves bank efficiency, operational capabilities, and total factor productivity. The digital transformation of banks has been shown to promote the ESG (environment, society, and corporate governance) performance of commercial banks. However, there are also studies that have found a negative impact of digital transformation on bank performance, specifically through return on assets and return on equity. The emergence of COVID-19 has been found to negatively affect the relationship between digital bank transformation and commercial bank operating capabilities. Non-rural commercial banks and commercial banks in the growth and maturity stages play a more vital moderating role in the impact of digital transformation on the financial performance of commercial banks. Overall, digital transformation has the potential to enhance the efficiency and performance of commercial banks, but its impact may vary depending on various factors such as the specific context and circumstances.

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