Digital transformation strategies in the South African banking sector
Date
2023
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
University of the Witwatersrand, Johannesburg
Abstract
The emergence of digital solutions has created unexpected players in the banking sector as the market slowly grows to defy boundaries. New entrants in the market are challenging the traditional players who have dominated the South African banking sector by introducing digital solutions and low-cost operating models. To compete in this rapidly changing and evolving market, traditional banks should prioritise digital transformation. To drive innovation and long-term solutions, organisations should seek change and transformation. The concept of digitally transforming corporate, operational, and functional strategies of an organisation underpins the focus of this research article. The fundamental objective of this research is to enhance comprehension of the current advancements in the discipline of digital transformation strategies. This study aimed to contribute to not only the assessment of strategy maturity and effectiveness, but to provide context to the South African banking sector. The objectives were achieved through qualitative comparative analysis of audited integrated annual reports and surveys on customer experience to calculate Net Promoter Scores in the industry. Analysis was conducted by applying a conceptual framework constructed by leveraging existing theories in literature, to identify and scrutinise the relationship between digital transformation strategy designs, learning and growth initiatives, and customer experience on the overall performance and market leadership. The framework provided structured analysis and standardised data to test strategy effectiveness between the four sample banks. Overall, the study argues the need of standardised attributes pertaining to digital transformation strategy design and initiatives, which will drive accurate reporting on strategy maturity. Data reported is decentralised as there are not governing frameworks to align reporting. Aligning key attributes will provide decision makers with better insights and equip incumbents to respond less tactically to the evolving world of banking.
Description
A research report submitted in partial fulfillment of the requirements for the degree of Master of Business Administration to the Faculty of Commerce, Law, and Management, Wits Business School, University of the Witwatersrand, Johannesburg, 2023
Keywords
Digital Transformation Strategy, Digitised Solutions, Customer Engagements, UCTD
Citation
Sibeko, Simphiwe Annita . (2023). Digital transformation strategies in the South African banking sector [Master’s dissertation, University of the Witwatersrand, Johannesburg].WireDSpace.https://hdl.handle.net/10539/44471