4. Electronic Theses and Dissertations (ETDs) - Faculties submissions
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Item Factors influencing the adoption of financial technology solutions in South Africa(University of the Witwatersrand, Johannesburg, 2024) Mngxadi, MpiloConsumer adoption of digital financial technology (FinTech) is driving a wave of digital transformation within the South African financial industry. This study explores how both consumers and financial institutions are adapting in this market. This study examines the evolving consumer behaviours surrounding mobile FinTech products and the corresponding changes occurring within the financial sector in response to these new demands. This comprehensive approach ensures a nuanced understanding of the factors driving FinTech adoption in the study. Key facilitators included positive attitudes, strong behavioural intentions, trust and the perceived usefulness of digital financial technology. Effort expectancy and performance expectancy emerged as the two significant barriers. Additionally, the study explored the digitally transforming behaviours within the South African market, revealing that these behaviours cannot be generalised across the entire population group due to variations based on income levels and digital literacy. The South African market, often overshadowed by research on underbanked populations, presents a unique opportunity for FinTech adoption. This study sheds light on the characteristics of this diverse customer segment. To accelerate digital financial technology adoption within this market, strategic collaboration among FinTech companies, incumbent banks, and government stakeholders is crucial.Item The emergence of embedded finance in corporate South Africa(University of the Witwatersrand, Johannesburg, 2024) Latiff, Asma; Totowa, JacquesThis study explored the burgeoning phenomenon of embedded finance (EmFi) within the South African financial services sector, examining whether it is a disruptive force or merely an evolutionary progression in service delivery. Grounded in Christensen's disruptive innovation theory and supplemented by a comprehensive review of both local and global EmFi implementations, the paper aims to dissect the impact of EmFi on consumer access to financial services, evaluate its benefits and challenges, and project its future implications for the industry. Qualitative interviews with industry experts were conducted to assess how EmFi is reshaping consumer interactions with financial services, the operational and strategic benefits it offers to businesses, and the potential challenges it poses, including regulatory hurdles and data security concerns. The study further investigated EmFi's capacity to disrupt traditional banking models and induce a paradigm shift towards more inclusive, efficient, and customer-centric financial services. Findings indicate that EmFi significantly enhances consumer access to financial services, embedding banking, loans, and investment products into everyday digital platforms, thereby democratizing financial access. While EmFi presents clear benefits in terms of convenience and personalized service delivery, it also introduces challenges such as regulatory ambiguity and increased data privacy risks. The future impact of EmFi on the financial services industry suggests a potential hybrid future where traditional institutions and fintech innovations collaborate more closely under a redefined regulatory framework. It was concluded that, currently, EmFi represents an evolutionary step designed to enhance the delivery of financial services. However, it possesses the latent potential to become a disruptive force. Traditional banks that fail to keep pace with technological advancements, update legacy systems, and foster open partnerships with fintech’s and third parties may find themselves at risk of disruption. EmFi stands at a crossroads, with its trajectory dependent on the strategic responses of the banking sector to these emerging challenges and opportunities. Recommendations for future research underscore the importance of continuous exploration into EmFi's evolving iii role in promoting financial inclusion, adapting regulatory frameworks, and reshaping the competitive landscape.Item The role of Middle Management in a Digitally Matured Financial services organisation: A focus on the frontline professional advisory environment(University of the Witwatersrand, Johannesburg, 2024) Moloto, Mankweng Athlone; Magida, AyandaThis research study aimed to understand the role of middle management in a digitally matured financial organisation, particularly within the frontline professional advisory environment. A qualitative research methodology was adopted and conducted through 8 one-on-one interviews, via semi-structured and conversation led questions. A purposive sampling method was used in identifying the interviewees, particularly middle managers within the frontline professional advisory environment. Following this extensive data collection, a thematic analysis was conducted to draw conclusions to the research. The research findings suggest that middle management within the frontline professional advisory environment is a critical function within a digitally matured financial organisation. Albeit, less technical, there is and will always be an inherent need for people coaching, motivating, aligning to business values and guidance through leadership. Middle managers will in effect serve to ensure that frontline professional advisory representatives are entrenched to the organisational mission, vision and objectives in their execution of their rolesItem 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.