Faculty of Commerce, Law and Management (ETDs)
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Item The impact of digitalisation on the employment rate in the South African financial services industry(University of the Witwatersrand, Johannesburg, 2023) Mokhabuki, Makoma Tiny; Lee, GregoryThis study aims to determine the impact of digitalisation on the employment rate in South Africa, with specific reference to the financial services industry. Many revolutions have been seen globally, from the Paleolithic and Neolithic eras to Agricultural Revolutions and the First, Second, Third, and Fourth Industrial Revolutions. Technological changes and a significant movement in employment and unemployment have occurred with these revolutions. The study seeks to determine how technological advancements through digitalisation have impacted the employment rate in the South African financial services industry. A survey questionnaire was used to invite views from people employed in the financial services industry. The purpose of the survey was to determine perceptions regarding the introduction of technologies within the working environment and their impact on employee movements. The questionnaire also invited views on whether further introductions of technologies would create efficiencies and if this would impact their team sizes. An analysis was made using Qualtrics and SPSS on the data received. The findings indicate that introductions to technology’s impact on employment are complex as it depends on various variables such as the type of skills which the employees possess and those which are required by the employer. Firstly, introductions in technology can cause structural unemployment, which is, in essence, only temporary. The introduction of technology causes unemployment in those occupational levels whereby the work is repetitive and can therefore be automated. In contrast, introducing technology causes employment in jobs requiring cognitive and abstract thinking and, therefore, cannot be automated. Within the financial services industry in South Africa, it was found that more employees in skilled positions were retrenched or transferred due to technology introductions. However, this was reduced by increased recruitment in professional positions requiring more technical skills and cognitive thinking. It was concluded that the advancement of technology should not be rolled out at a pace that would lead to a net unemployment rate; however, it should be rolled out efficiently, resulting in more employment in cognitive tasksItem Digitalisation and gender inclusion in financial services in South Africa(University of the Witwatersrand, Johannesburg, 2023) Smith, Talicia Lucia; Magida, AyandaDigital transformation and increased digitalisation have been identified as significant opportunities for women’s participation and gender inclusion in the workforce to support substantial economic growth. This study explores the perceived role of gender inclusion during the rapid digitalisation of the world of work during the pandemic. This study further seeks to understand the experience of women leaders in the formal sector from 2019 to 2021 in South Africa (SA). An interpretive phenomenological approach was adopted for this study, using semi-structured interviews. The snowballing sampling method was used to reach women leaders across the financial services industry. The data was analysed using thematic analysis and a hybrid analytical approach to developing the code book and subsequent themes. The research findings indicated a delicate and complex relationship between digitalisation and gender inclusion influenced by the internal gender inclusion strategy, the digital workplace design, digitalenablers, social implications, culture and well-being of women leaders as they worked virtually. While women leaders experienced the rapid surge of digitalisation during the virtual working phenomenon as positive, there were pros and cons identified for women leaders working almost, ultimately impacting their ability to stay with organisations. While organisations offer world-class digital transformation strategies, invest in the best technologies, or leverage increased digitalisation to change how people work. The key takeaway is that with the complexities of human behaviour and the entrenched gender stereotypes in financial services, digitalisation may not be enough to keep women as active and contributing members of the future workforceItem The Role of Leadership in Driving Digital Transformation in the South African Financial Services Sector(University of the Witwatersrand, Johannesburg, 2023) Ngxola, Nomonde; Gobind, JenikaThe purpose of the research is to provide an all-encompassing definition of Digital Transformation (DT) amid a sea of definitions and propose drivers that leaders operating in the South African Financial Services Sector can use to drive Digital Transformation within their respective organisations, not only as a mere project but also being mindful of the personal influence their role as leaders has on the success of a DT process (Bordeaux, 2019). From a systematic review of 100 peer-reviewed articles, the literature suggests there are seven common and key drivers of the Digital Transformation process. These were identified as digital business strategy, a review or augmentation of the organisations business model, big data-driven processes, process automation, customer centricity, digital competency, and culture (Bhardwaj et al., 2013). The literature also reflects the influential role that leaders play in the DT process through their traits and abilities (Kaidalova, Sandkuhl & Seigerroth, 2018). A close examination was made of the evolution of leadership theories: The Great Man Theory being the starting point, was premised on the leader’s abilities resting solely upon leader themself, believed to be born with a set of traits and behaviour that automatically deemed them leadership worthy (Cherry, 2019). During this era, the notion of leader development and training was not given thought (Hartl & Hess, 2017). The leader was according to this theory born and carried their own innate talents and capabilities to lead devoid any form of development and advancing. The paper seeks to explore the evolution of leadership theories that evolved from the trait and behavioural theories to that of transformational leadership, which looks specifically at leaders in relation to their subordinates to the latest DT theories to test for similarities, plus outliers when considered with respect to the methodological finding Additionally, the research incorporated notable barriers to the digital transformation process as noted by the leaders that were interviewed in the study. Themes of digital denialism, deflation and discomfort surfaced and were explored at length. vi The study adopted an exploratory sequential mixed methods approach compromising of qualitative content analysis and thematic analysis of semi-structured interviews using creative methods of extraction. The population sampled consisted of a group of Chief Information Officers, Chief Technology Officers, and Digital Heads of Business.Item Robotics process automation implementation in a large South African insurer(University of the Witwatersrand, Johannesburg, 2023) Sader, Mohamed; Sony, MichaelObjective This report examines the direct and indirect impacts of robotic process automation (RPA) at Insurer X, a South African insurance company. The study will synthesize the results and key learnings into a roadmap for the successful implementation of RPA in other South African organizations and industries. The study also aims to contribute to the RPA body of knowledge and provides a platform for other researchers to build on. The study followed an inductive thematic approach to data analysis. Methodology This report is a qualitative case study design where the primary data collection method is semi-structured in-depth virtual interviews. Participants (Insurer X employees and an industry expert) were selected using a combination of purposive and convenience sampling to ensure knowledge of RPA and involvement in the project at Insurer X. This also ensured gender and role diversity and rich industry and RPA experience. Results and conclusion Nine participants were interviewed. The results indicate that RPA, directly and indirectly, benefited Insurer X across multiple areas, and these impacts are significant and, to a large extent, known; however, the indirect impact is unmeasured and not attributed to RPA. Twelve themes emerged when investigating critical success factors, learnings, and noteworthy barriers. These themes are synthesized into a roadmap for successful implementation. Implications for theory and practice The findings establish that significant direct benefits are achievable for insurance organizations wanting to pursue RPA in South Africa. There are also indirect benefits associated with RPA that can be measured if organisations are more deliberate upfront. There are key factors, learnings, and barriers that, if iii appropriately navigated from the start can increase the likelihood of success and the benefits achievedItem Factors affecting the adoption of chatbots in the South African financial services context(University of the Witwatersrand, Johannesburg, 2023) Kedijang, Seolebaleng Priscilla; Ndlovu, ChiedzaThis research focuses on the factors that affect the adoption of chatbots in the South African financial services industry. It explores the direct and indirect influences of the constructs of the Unified Theory of Acceptance and Use of Technology (UTAUT), the attitude construct from Technology Acceptance Model (TAM), self-efficacy, as well as security-related construct. The study used a cross-sectional, quantitative research methodology, and data was collected through self-administered online questionnaires. Data analysis included correlation and regression analysis, factor reduction, exploratory factor analysis, mediation, and moderation analysis. The research constructs were tested for direct and indirect effects, additionally, gender, age, and previous chatbot experience was used to moderate the behavioural intention relationships in the conceptual framework. The findings indicate that facilitating conditions, attitude, perceived risk, effort expectancy, utilitarian performance expectancy, perceived security, perceived trust, SI, and hedonic performance expectancy have an indirect or direct effect on chatbot adoption in South Africa. However, self-efficacy proved to be an insignificant construct in the research model. In the wake of the digital revolution, the current state of chatbot usage in South Africa seems to be growing with more service providers already having implemented chatbots into their businessesItem The role of leadership in digital transformation in the financial services sector(2020) Gcelu, Nikitha GitaThe financial services sector falls within the top three industries that are most susceptible to digital disruption globally. The rise in new digital technologies has transformed business models and how organisations operate – making digital transformation and leadership a key imperative for financial services organisations. Additionally, the recent global pandemic (COVID-19) has accelerated the pace of digital transformation for many organisations and has resulted in virtual work environments; where leaders and subordinates must use digital technologies to achieve business objectives. The role of leadership is crucial to digital transformation in financial services organisations. Leaders, both globally and in South Africa, are experiencing similar challenges – and are tasked with the responsibility of finding effective leadership strategies that will ensure that their businesses successfully navigate the complexities brought about by new digital technologies. However, most financial service organisations have struggled to build up the necessary leadership capabilities to aid their organisations effectively in the digital transformation process. This study conducts a detailed literature review on traditional leadership types and introduces the concepts of e-leadership (which considers traditional leadership types and digital factors on leadership). Additionally, the literature review provides a brief overview of digital transformation factors. The study provides insights on factors accounting for the shortage in leadership trends in financial services, the different technology trends in financial services, and leadership strategies for digital transformation in financial services. Both primary and secondary data were analysed to gain these insights – with the analysis based on the thematic approach. The insights show that technology factors have changed work-life, communication, talent management, and the organisation culture. Furthermore, leaders in financial services organisations have to deploy new leadership strategies to effectively lead digital transformation – with a key focus being on building digital capabilities, digital leadership, embracing flexibility, and creating a diverse workforce.Item The adoption of artificial intelligence in financial services in South Africa(2022) Qwabaza, AneleArtificial intelligence (AI) is one of the driving forces behind disruptive innovations and has transformed how organisations interact and deliver services to their customers. While factors that enable the successful implementation of AI in organisations were previously studied, these studies are still in the early stages. Therefore, the objective of this study was to investigate the success factors for AI adoption by South African financial services companies, using an integration of the diffusion of innovation (DOI) theory and the technology-organisation-environment (TOE) framework. This study also aimed to understand the relative effect of factors affecting AI adoption in financial services in South Africa. The study was administered using an online survey targeting employees of South African financial services organisations. Structural equation modelling (SEM) was used to analyse the data. The results show that only complexity and technical capabilities significantly influenced AI adoption, with managerial capabilities indirectly influencing the adoption of AI in South African financial services. Therefore, when adopting AI in their organisations, the leadership of financial services organisations should consider the costs associated with AI applications, the time taken to innovate using AI, and the application of AI. External environmental factors, government involvement, competitive pressure, and vendor partnerships all had statistically significant results for AI adoption. In addition, this study also aimed to understand the assimilation of AI by customers after adoption by organisations, using the technology acceptance model (TAM). The data was collected using an online survey targeting external customers of financial services organisations, and it was analysed using SEM. The results show that vi perceived ease of use and perceived usefulness are important indicators of how customers experience AI applications of financial services organisations. Therefore, financial services organisations should ensure an optimal level of ease of use and prioritise utilitarian benefits when designing and adopting AI applications.Item Performance evaluation of FinTech applications in emerging market economies: a case of TelPay(University of the Witwatersrand, Johannesburg, 2022) Mvelase, Sibusiso Kenneth; Godspower-Akpomiemie, EuphemiaThe financial industry is at the receiving end of the anxiety that comes with the influx of FinTech, especially in the emerging market economies. This is because FinTech is globally restructuring the perception of people and businesses towards financial services product and services. There are so many benefits attached to FinTech (including ability and efficiency in addressing transaction cost and information asymmetry while providing financial services) that have escalated its global acceptance and usage. Despite the identified benefits of FinTech most academic and policy research focus more on FinTech disruption of the financial institutions, rather than the performance of the FinTech start-ups. Though the research on FinTech disruption requires attention, it is also vital to assess the efficiency of the FinTech companies already in operation, especially in Africa where technological infrastructure could be on a minimal supply. Therefore this study assesses the performance of FinTech, focusing on TelPay, a FinTech start-up that is spreading fast within the African markets, with the intension of getting into other emerging market economies. TelPay users (15) and developers (2) were interviewed, analyzed through content analysis using word could. The word cloud clearly show following characteristics of TelPay; affordability ease of usage, good performance, flexibility, fast, loan, credit, etc. This result posits that people were attracted to TelPay due to its affordability, along the line, they found that the app is unique, the process is easy and flexible, and the functionality is efficient and precise. The result also shows that TelPay has been an enabler of financial inclusion in the three countries of its current operation. According to the respondents, TelPay has created a door-way to financial inclusion in their countries, by creating inclusiveness to the lowincome earners, through access to credit. The study also concluded that TelPay will definitely survive in Africa, especially if it maintains and/or improves on the quality of the services it currently offers.Item The role of leadership in digital transformation in the financial services sector(2021) Gcelu, Nikitha GitaThe financial services sector falls within the top three industries that are most susceptible to digital disruption globally. The rise in new digital technologies has transformed business models and how organisations operate – making digital transformation and leadership a key imperative for financial services organisations. Additionally, the recent global pandemic (COVID-19) has accelerated the pace of digital transformation for many organisations and has resulted in virtual work environments; where leaders and subordinates must use digital technologies to achieve business objectives. The role of leadership is crucial to digital transformation in financial services organisations. Leaders, both globally and in South Africa, are experiencing similar challenges – and are tasked with the responsibility of finding effective leadership strategies that will ensure that their businesses successfully navigate the complexities brought about by new digital technologies. However, most financial service organisations have struggled to build up the necessary leadership capabilities to aid their organisations effectively in the digital transformation process. This study conducts a detailed literature review on traditional leadership types and introduces the concepts of e-leadership (which considers traditional leadership types and digital factors on leadership). Additionally, the literature review provides a brief overview of digital transformation factors. The study provides insights on factors accounting for the shortage in leadership trends in financial services, the different technology trends in financial services, and leadership strategies for digital transformation in financial services. Both primary and secondary data were analysed to gain these insights – with the analysis based on the thematic approach. The insights show that technology factors have changed work-life, communication, talent management, and the organisation culture. Furthermore, leaders in financial services organisations have to deploy new leadership strategies to effectively lead digital transformation – with a key focus being on building digital capabilities, digital leadership, embracing flexibility, and creating a diverse workforce