1 Leadership during Digital Transformation in the South African Banking Sector Zane J Mahadeo 1770474 zanemahadeo@gmail.com; 072 383 0317 A research study submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand, in partial fulfilment of the requirements for the degree of Master of Business Administration Johannesburg, 2024 2 ABSTRACT This paper investigated the pivotal role of leadership in the context of digital transformation within the South African (SA) banking sector. The study delved into the various leadership styles, competencies, and practices adopted by banking leaders to propel digital transformation initiatives. As part of this research, qualitative research methods, were applied which included in-depth interviews with senior leaders in the SA banking sector. Through their perceptions and experiences the research sought to uncover critical leadership practices, including the identification of the most suitable leadership styles, the cultivation of a digital culture, and the implementation of effective change management strategies. Moreover, the paper aims to identify the current challenges faced by leaders in navigating the digital transformation landscape. This research will contribute to the existing body of knowledge on leadership during digital transformation in the SA banking sector. It will also enable organisation to harness the full potential of digital advancements and implement competitive strategies to succeed in the ever-evolving banking industry. 3 KEYWORDS Digital Transformation Leadership South African Banking Sector 4 DECLARATION I declare that this research project is that of my own work. It is submitted in fulfilment of the requirements for the degree in Master of Business Administration at the Witwatersrand Business School. It has not been submitted to before to any University for degree or examination. ………………………………… Zane Jonathan Mahadeo Date: February 2024 5 ACKNOWLEDGEMENTS I would like to extend my sincere gratitude to the following individuals and groups for their invaluable contributions in assisting me in completing this study: • I extend my deepest gratitude to Dr. Nomusa Mazonde, my supervisor, for the unwavering support and guidance provided throughout the entirety of this research journey. Words cannot express my appreciation. • Heartfelt thanks go to my wife Amanda and children Zayden and Alexis for their constant support, love, motivation, and above all, their patience in adapting to the changes I made to our "life" during this transformative journey. I am forever grateful! • A special acknowledgment to my sisters Geraldeen and Melissa and parents Ramesh and Feroza for their continuous encouragement and guidance during my lowest moments. Especially Melissa for constantly reminding me of my due date. • I express my sincere thanks to my organisation and the leaders who willingly assisted me in this research, actively participating in interviews. Your collaboration is truly valued. • To my exceptional team, your support and understanding, especially during my absence, have been invaluable. I cannot thank you enough. • I want to acknowledge and express my gratitude to the leaders who granted me this opportunity, Martin Makuva and Colin Makgoba. Your leadership is truly appreciated, and I salute you both! • Thanks to my friends, family, and colleagues for standing by me throughout this transformative journey. • Lastly, a heartfelt appreciation to the amazing MBA Block Release Cohort of 2022. Each one of you has played a significant role, and I am genuinely thankful for the friendships and relationships formed during this remarkable journey. These connections are ones I will cherish forever. 6 CONTENTS ABSTRACT ................................................................................................................. 2 KEYWORDS ................................................................................................................ 3 DECLARATION ........................................................................................................... 4 ACKNOWLEDGEMENTS ............................................................................................ 5 LIST OF TABLES ...................................................................................................... 11 LIST OF FIGURES ..................................................................................................... 12 LIST OF ACRONYMS ................................................................................................ 13 CHAPTER 1. INTRODUCTION ......................................................................... 14 1.1 STATEMENT OF PURPOSE ............................................................................. 14 1.2 BACKGROUND OF THE STUDY ...................................................................... 14 1.3 RESEARCH PROBLEM .................................................................................... 15 1.4 RESEARCH QUESTIONS ................................................................................. 17 1.5 RATIONALE ...................................................................................................... 17 1.6 DELIMITATIONS OF THE STUDY .................................................................... 18 1.7 DEFINITION OF TERMS ................................................................................... 19 1.8 ASSUMPTIONS ................................................................................................ 20 1.9 CHAPTER OUTLINE ......................................................................................... 20 CHAPTER 2. LITERATURE REVIEW AND THEORETICAL FRAMEWORK 22 2.1 BACKGROUND OF DISCUSSION .................................................................... 22 2.2 INTRODUCTION ............................................................................................... 22 2.2.1 LEADERSHIP COMPETENCIES, GAPS, AND THE IMPACT OF DIGITAL TRANSFORMATION IN THE SA BANKING SECTOR ................................................. 23 2.2.2 DIGITAL TRANSFORMATION IN THE BANKING SECTOR: OPPORTUNITIES AND CHALLENGES .................................................................................................... 25 7 2.3 SPECIFIC COMPETENCIES REQUIRED FOR EFFECTIVE LEADERSHIP DURING DIGITAL TRANSFORMATION ..................................................................... 26 2.3.1 COMPETENCIES FOR EFFECTIVE LEADERSHIP DURING DIGITAL TRANSFORMATION ................................................................................................... 27 2.3.2 BARRIERS TO DIGITAL TRANSFORMATION IN THE BANKING INDUSTRY: A MANAGERIAL PERSPECTIVE ................................................................................ 27 2.3.3 GAPS IN LEADERSHIP COMPETENCIES ..................................................... 28 2.3.4 ORGANISATIONAL CULTURE ...................................................................... 28 2.3.5 ETHICAL LEADERSHIP CHALLENGES DURING DIGITAL TRANSFORMATION ................................................................................................... 29 2.4 LEADERSHIP STYLE AND THE SUCCESS OF DIGITAL TRANSFORMATION IN THE SA BANKING SECTOR ...................................................................................... 30 2.4.1 TRANSFORMATIONAL LEADERSHIP .......................................................... 30 2.4.2 PARTICIPATIVE LEADERSHIP ..................................................................... 30 2.4.3 SERVANT LEADERSHIP ............................................................................... 31 2.5 BEST PRACTICES FOR LEADING EMPLOYEES THROUGH DIGITAL TRANSFORMATION .................................................................................................. 32 2.5.1 CLEAR COMMUNICATION AND VISION ........................................................... 32 2.5.2 EMPLOYEE EMPOWERMENT AND SKILL DEVELOPMENT ............................ 32 2.5.3 CHANGE MANAGEMENT AND SUPPORT ........................................................ 33 2.6 THEORETICAL FOUNDATIONS OF LEADERSHIP AND DIGITAL TRANSFORMATION .................................................................................................. 34 2.6.1 DIGITAL TRANSFORMATION IMPACT ............................................................. 34 2.6.2 EMPIRICAL EVIDENCE ..................................................................................... 37 2.7 PROPOSITIONS ................................................................................................... 38 2.8 CONCLUSION OF LITERATURE REVIEW ........................................................... 39 CHAPTER 3. RESEARCH METHODOLOGY ................................................... 41 3.1 INTRODUCTION ............................................................................................... 41 3.2 RESEARCH APPROACH ................................................................................. 41 3.3 RESEARCH PARADIGM .................................................................................. 41 3.4 RESEARCH DESIGN AND DATA COLLECTION METHODS ........................... 42 3.4.1 RESEARCH DESIGN ..................................................................................... 42 3.4.2 METHODOLOGICAL ADVANTAGES ............................................................. 42 8 3.5 DATA COLLECTION METHODS ...................................................................... 43 3.5.1 SEMI-STRUCTURED INTERVIEWS .............................................................. 43 3.6 POPULATION AND SAMPLING ....................................................................... 44 3.6.1 POPULATION ................................................................................................ 44 3.6.2 UNIT OF ANALYSIS AND LEVEL OF ANALYSIS ........................................... 44 3.6.3 SAMPLING METHOD, SAMPLING FRAME, AND SIZE .................................. 44 3.7 MEASUREMENT INSTRUMENT ....................................................................... 44 3.8 PROCEDURE FOR DATA COLLECTION ......................................................... 45 3.9 DATA ANALYSIS APPROACH AND INTERPRETATION ................................. 46 3.10 LIMITATIONS OF THE STUDY ...................................................................... 46 3.11 QUALITY ASSURANCE ................................................................................ 47 3.12 ETHICAL CONSIDERATIONS ....................................................................... 48 CHAPTER 4. FINDINGS ................................................................................... 49 4.1 INTRODUCTION ............................................................................................... 49 4.2 SAMPLE USED FOR DATA ANALYSIS ........................................................... 49 4.3 TRUSTWORTHINESS....................................................................................... 50 4.3.1 DATA COLLECTION CONSISTENCY ............................................................ 51 4.3.2 ENHANCING TRUSTWORTHINESS OF INSTRUMENTS ............................. 51 4.3.3 ETHICAL CONDUCT AND TRUSTWORTHINESS ......................................... 51 4.4 DESCRIPTIONS OF THE SAMPLE ................................................................... 51 4.5 LEADERSHIP STYLE - INSPIRING TECHNOLOGICAL ADAPTATION ........... 53 4.6 BEST PRACTICES - TRANSFORMATIVE LEADERSHIP AND EMPLOYEE ENGAGEMENT........................................................................................................... 55 4.7 LEADERSHIP'S ROLE IN DRIVING DIGITAL TRANSFORMATION ................. 56 4.8 LEADERSHIP COMPETENCIES FOR ADDRESSING GAPS ........................... 57 4.9 CONCLUSION .................................................................................................. 58 CHAPTER 5. DISCUSSION OF RESULTS ....................................................... 60 5.1 INTRODUCTION ............................................................................................... 60 5.2 LEADERSHIP STYLE - INSPIRING TECHNOLOGICAL ADAPTATION ........... 60 5.3 BEST PRACTICES - TRANSFORMATIVE LEADERSHIP AND EMPLOYEE ENGAGEMENT........................................................................................................... 63 5.4 LEADERSHIP'S ROLE IN DRIVING DIGITAL TRANSFORMATION ................. 64 9 5.5 LEADERSHIP COMPETENCIES FOR ADDRESSING GAPS ........................... 66 5.6 ALIGNING LEADERSHIP PERSPECTIVES WITH FINDINGS .......................... 67 5.6.1 LEADERSHIP STYLES - INSPIRING TECHNOLOGICAL ADAPTATION ....... 67 5.6.2 BEST PRACTICES - TRANSFORMATIVE LEADERSHIP AND EMPLOYEE ENGAGEMENT ........................................................................................................... 68 5.6.3 LEADERSHIP'S ROLE IN DRIVING DIGITAL TRANSFORMATION ............... 69 5.6.4 LEADERSHIP COMPETENCIES FOR ADDRESSING GAPS ......................... 70 5.7 SYNTHESIS OF LEADERSHIP DYNAMICS ..................................................... 71 5.8 CONCLUSION .................................................................................................. 72 CHAPTER 6. CONCLUSION AND RECOMMENDATIONS .............................. 75 6.1 CONCLUSIONS ................................................................................................ 75 6.1.1 CONCLUSIONS REGARDING RESEARCH QUESTION 1 – LEADERSHIP COMPETENCIES ........................................................................................................ 75 6.1.2 CONCLUSIONS REGARDING RESEARCH QUESTION 2 – LEADERSHIP STYLES ...................................................................................................................... 77 6.1.3 CONCLUSIONS REGARDING RESEARCH QUESTION 3 – BEST PRACTICES ................................................................................................................ 78 6.1.4 CONCLUSIONS REGARDING RESEARCH QUESTION 4 – ROLE OF LEADERSHIP ............................................................................................................. 79 6.2 RECOMMENDATIONS ..................................................................................... 80 6.2.1 RECOMMENDATIONS FOR EXECUTIVES AND MANAGERS ...................... 80 6.2.2 RECOMMENDATIONS FOR PRACTITIONERS AND INNOVATORS ............ 81 6.2.3 RECOMMENDATIONS FOR ACADEMICS AND RESEARCHERS ................ 82 6.3 SUGGESTIONS FOR FURTHER RESEARCH .................................................. 83 6.3.1 CROSS-CULTURAL LEADERSHIP DYNAMICS ............................................ 83 6.3.2 IMPACT OF LEADERSHIP ON EMPLOYEE WELL-BEING ............................ 83 6.3.3 QUANTITATIVE ANALYSIS OF LEADERSHIP STYLES ................................ 83 6.3.4 INTEGRATION OF EMERGING TECHNOLOGIES ........................................ 84 10 REFERENCES ........................................................................................................... 85 APPENDIX A ........................................................................................................... 102 APPENDIX B – Fifteen synthesises articles from literature. ............................... 103 APPENDIX C – PARTICIPANT REQUEST FORM .................................................. 104 APPENDIX D – Research Instrument .................................................................... 106 APPENDIX E ........................................................................................................... 109 11 LIST OF TABLES Table 1 - Synthesis of the findings from the fifteen papers analysed ........................ 102 Table 2 - Questions and propositions ......................................................................... 34 Table 3 - Consistency table: research questions, propositions, data collection and data analysis …………………………………………………………………………………….. 107 Table 4 - Summary of Interviews……………………………………………………………48 Table 5 - Comparison of Literature Review and Findings………………………………..71 12 LIST OF FIGURES FIGURE 1: VISUAL ILLUSTRATION INTEGRATED TAM AND TLT .......................... 34 FIGURE 2: DISPLAY OF SA BANKING STAT INCREASE IN DIGITISATION……………………………………………………………………………….100 FIGURE 3 - GENDER OF RESPONDENTS ................................................................ 49 FIGURE 4 - LENGTH OF SERVICE IN SENIOR LEADERSHIP ROLE ........................ 50 FIGURE 4 - AGE RESPONDENTS .............................................................................. 51 13 LIST OF ACRONYMS AI – Artificial Intelligence C Suite Leaders - executives that run a given organization (eg. Chief Executives, Chief Information Officers etc._ IOT – Internet of Things DT- Digital Transformation 4IR – Fourth Industrial Revolution FNB – First National Bank HR – Human Resources PWC – PricewaterhouseCoopers SA – South Africa WEF – World Economic Forum 14 CHAPTER 1. INTRODUCTION 1.1 STATEMENT OF PURPOSE This qualitative study aims to explore how leadership in the South African (SA) banking sector is being transformed by the ongoing process of digitisation. 1.2 BACKGROUND OF THE STUDY The SA banking sector, a cornerstone of the country's economy, offers diverse financial services to individuals and businesses (Financial Stability Review, 2021). In recent years we have witnessed rapid transformative changes driven by technological advancements and evolving customer expectations (Pricewaterhouse Coopers, 2018) with Digital Transformation (DT) emerging as a significant disruptor (Diener & Spacek, 2021). DT involves the integration of digital technologies into all aspects of organisational operations, culture, and strategy to enhance efficiency, productivity, and customer satisfaction (Tiekam, 2019). The sector has experienced a substantial surge in digitisation, marked by a 10.9% increase in digitally active customers in the second half of 2021 compared to the first half (PwC, 2022). This shift underscored the imperative for effective leadership to ensure the success of digital transformation (Tiekam, 2019). Leaders play a vital role in shaping organisational culture, instilling values, and driving success (Larson & DeChurch, 2020). Effective leadership is paramount for fostering a culture of customer focus, innovation, and ethical behaviour, ultimately driving business growth (Tiekam, 2019). Studies highlight that leaders are instrumental in building agile and adaptable organisations capable of responding to changing customer needs, market conditions, and technological evolution (Larson & DeChurch, 2020), making leadership a critical factor for success in the SA banking sector (PwC, 2018). Research indicates that DT poses challenges for leaders, including change management, fostering innovation, and upskilling employees to meet the demands of an evolving market (Larson & DeChurch, 2020). Understanding these challenges is crucial for exploring leadership strategies and styles that lead to success in the digital transformation journey. 15 While ample research exists on the general role of leadership in DT, specific research is limited for the banking sector in SA. PwC (2018) emphasises the need for digital transformation in the SA banking sector in response to shifting customer expectations and technological advancements. The ongoing evolution of technology, highlighted by Diener and Spacek (2021), further solidifies the critical role of leadership in ensuring successful digital transformation. This research paper delves into the role of leadership in the SA banking sector, examining leadership styles, and identifying key factors influencing leadership. The study aims to contribute valuable insights to the existing knowledge on leadership's role and provide guidance for banks undergoing digital transformation (Larson & DeChurch, 2020). 1.3 RESEARCH PROBLEM Digital transformation has presented an ongoing challenge for the banking industry, necessitating digitisation and technological improvement (Tiekam, 2019; First National Bank, 2016). This rapid technological evolution has impacted various facets of the banking sector, demanding a shift in leadership strategies and styles for successful navigation (FNB, 2016; Diener & Spacek, 2021). The efficacy of leadership has proven crucial in navigating digital transformation successfully (Benmira, 2021; Baird & Wang, 2020). Leaders in the banking sector must possess the abilities and skills to drive profitability, comprehend the consequences of digital transformation, and embrace diverse modes of thinking (Kekwaletswe et al., 2020). While transformational and servant leadership styles are common, they alone are insufficient to address the challenges posed by digital transformation (Larson & DeChurch, 2020; Oberer, 2018). Banking leaders require a 4.0 leadership style, as proposed by Schwab (2016), which emphasises collaboration, human-centered approaches, and innovation. In contrast to traditional leadership paradigms that may prioritize hierarchical decision-making and efficiency (Taylor, 1911), the 4.0 leadership style, as advocated by Schwab (2016), fosters inclusivity, encourages cross-functional teamwork, and prioritises employee well-being and development. This approach is particularly relevant in the dynamic and rapidly evolving context of digital transformation (Ross et al., 2019; Kanter, 2020). The World Economic Forum predicts that leaders must be flexible, proactive, and purpose-driven to navigate technological advancements 16 (World Economic Forum, 2020, 2023). Moreover, leadership in the banking sector necessitates transformation to keep pace with digital changes (Larson & DeChurch, 2020). The Fourth Industrial Revolution (4IR) has altered employee roles, demanding digital skills and adaptability (Oberer, 2018; Larson & DeChurch, 2020). Leaders must understand diverse employee needs, communicate effectively, and foster a culture of continuous learning (Ahn, Chang, & Heo, 2020). Adapting to changes in employee characteristics, such as increasing technological proficiency and a preference for flexible work arrangements, is crucial for effective leadership. Leaders need to embrace digital tools, promote continuous learning, and support a work-life balance to align with these evolving characteristics. (Ahn et al., 2020). The research problem addressed in this study is the challenge of leadership adaptation during the digital transformation of the SA banking sector. Despite the rapid adoption of digital technologies, there is a gap in understanding how these changes impact leadership practices and the effectiveness of leaders. This study investigates how leaders in the SA banking sector are navigating the complexities of digital transformation, including managing technological advancements, reshaping organisational culture, and meeting evolving employee and customer expectations. Addressing this issue is crucial for ensuring that leadership strategies align with the demands of the digital age. This research paper aims to examine various leadership styles and identify key factors influencing leadership in the SA banking sector, building on existing literature such as Bass and Avolio’s transformational leadership theory (1994) and Northouse’s work on adaptive leadership (2016). While substantial literature exists on leadership styles and factors driving leadership, this study specifically addresses the unique context of the SA banking sector's digital transformation. By exploring how leaders are responding to digital challenges, this study anticipates producing insights that enhance leadership practices by 1. Identifying effective leadership styles for managing technological change and innovation. 2. Providing recommendations for developing digital competencies among leaders. 17 3. Highlighting the role of leadership in fostering an organizational culture that supports digital transformation. 4. Offering practical guidance on balancing traditional leadership practices with the demands of a digital-first approach. These insights therefore aim to support digital transformation initiatives by equipping leaders with the necessary tools and strategies to navigate the complexities of digital change effectively. The findings further serve as a resource for SA banking sector organisations, offering insights and recommendations for transforming leadership practices, thereby contributing to the success of digital transformation initiatives. 1.4 RESEARCH QUESTIONS The research problem investigates the impact of leadership on digital transformation and identifies the changes and leadership styles necessary for leaders to become more effective in this context. The following questions answered by this research are as follows: 1. “What are the specific leadership competencies needed to address gaps in the SA banking sector during digital transformation?” 2. “What leadership style do you believe has the most effective impact in the success of Digital Transformation within the SA banking sector, Explain?” 3. “What are the best practices for leading employees through the changes brought on by Digital Transformation?” 4. “What is the role of leadership in driving digital transformation in the SA banking sector?” 1.5 RATIONALE The formidable challenge posed by global digital transformation extends its reach to the SA banking sector, necessitating a nuanced understanding of leadership dynamics. Leaders within the banking industry must skilfully navigate the evolving business landscape, responding to emerging opportunities and challenges brought forth by digital transformation (Tiekam, 2019). Recognising the critical role of effective leadership as a determinant of organisational success adds impetus to this exploration (Benmira & Agboola, 2021). This study is driven by the aim to comprehensively unravel the essential 18 leadership changes demanded by technological evolution within the SA banking sector, specifically homing in on the transformative process of digital evolution. Acknowledging the continual impact of digital transformation, the study acknowledges the imperative for adaptive leadership styles as technology perpetually evolves (Diener & Spacek, 2021). The SA banking sector, a linchpin of the national economy, places a premium on effective leadership for catalysing innovation, driving growth, and ensuring sustainability (Cortellazzo, Bruni, & Zampieri, 2019). In the face of challenges such as economic volatility, intensifying competition, and shifting customer expectations (Dyk, 2019; FNB, 2016), leaders are compelled to adapt their strategies, staying competitive and relevant. The ongoing digital transformation in banking underscores the urgent need for leaders endowed with the skills and competencies to adeptly navigate digital landscapes, steering organisations toward success in this transformative process (Oberer, 2018). Beyond the confines of the SA banking sector, this research holds promise in offering valuable insights and best practices applicable to leaders in various domains (Bass, 1990; Avolio & Yammarino, 2013; Northouse, 2018). By delving into the perspectives and experiences of leaders across diverse organisations, this study seeks to inform decision-making processes and contribute to the development of effective leadership strategies. The contemporary challenges faced by decision-makers and leaders in the SA banking sector, characterised by rapid technological changes and the imperative for digital transformation (Alaarj et al., 2016; Westerman et al., 2019), underscore the urgency for innovative and adaptive leadership approaches. Through an examination of current practices, this study aims to identify gaps and provide insights to enhance strategic decision-making and leadership approaches, ensuring they are more responsive, innovative, and capable of navigating the complexities of the digital age (Kane et al., 2015; Fitzgerald et al., 2014). 1.6 DELIMITATIONS OF THE STUDY In this research study on leadership during digital transformation in the SA banking sector, specific delimitations were outlined: Methodology: The study employed a focused approach for data gathering, limited to interviews with senior and C-suite managers. Notably, the study did not extend to include the employees led by these executives. This decision was made to maintain a focused scope, allowing for an in-depth examination of leadership practices and strategies from 19 the perspective of the executives themselves. By concentrating on the experiences and insights of leaders, the study aims to uncover detailed and nuanced understandings of leadership challenges and adaptations during digital transformation. Including employees would have broadened the scope significantly, potentially diluting the depth of analysis on executive leadership. Future research could build on this study by incorporating employee perspectives to provide a more comprehensive view of the impact of leadership on digital transformation in the SA banking sector. Sample Size: Due to practical constraints, the sample size was limited to 15 interviews, which was feasible within the designated timeframe for concluding this paper. Despite the limited sample size, data saturation was achieved, as recurring themes and insights emerged consistently across the interviews, indicating that additional interviews were unlikely to provide new information. Population: Given the qualitative nature of the study, the study specifically focused on senior and C-suite managers within the SA banking sector, as their insights and experiences are crucial for understanding leadership challenges and strategies during digital transformation." Geographic Scope: The study was concentrated on the overall SA banking sector, without specific emphasis on individual provinces. Furthermore, the study was limited to SA and did not extend its scope to other countries due to the magnitude of research that would have been required effectively address all gaps and challenges faced world wide in retrospect to Banking Sector. 1.7 DEFINITION OF TERMS C-suite leaders - C-suite leaders are the executives that run a given organization. These leaders are crucial to digital transformation and play a key role in setting the direction (McKinsey, 2023). Digital Transformation - refers to the process of integrating digital technologies into all aspects of a business or organisation's operations, culture, and strategy to enhance efficiency, productivity, and customer satisfaction (Tiekam, 2019). Fourth Industrial Revolution (4IR) - presents the culmination of the previous three industrial revolutions, characterised by digital technologies such as the Internet of Things 20 (IoT), big data analytics, artificial intelligence (AI), machine learning, robotics, and additive manufacturing (Kekwaletswe et al., 2020). Industry 4.0 - Signifies the integration of digital technologies and systems into manufacturing and production processes, synonymous with the 4IR (Oberer, 2018). FinTech’s (Financial Technology) - Denotes the use of technology to provide financial services and products in innovative and efficient ways, deviating from traditional financial methods (Kekwaletswe et al., 2020). 1.8 ASSUMPTIONS The assumptions guiding this study include: Literature Review Reflection - The challenges and gaps in leadership transformation identified in the literature review accurately reflected the current situation in the SA banking sector. However, recognising potential bias or incompleteness in the literature review, efforts have been made to mitigate such shortcomings. Data Accuracy - An assumption is made that the data collected from interviews is accurate and reflects the participants' actual experiences and perspectives. Nonetheless, the potential for bias exists, particularly if participants are not forthcoming, which could impact the research's reliability. Methodology Suitability – It is assumed that the chosen research methodology is appropriate. However, acknowledging the potential impact of data analysis issues, steps have been taken to ensure the methodology's suitability. 1.9 CHAPTER OUTLINE The study is structured as follows: Chapter 1 – INTRODUCTION Introduces the constraints of Digital Transformation, emphasizing the need for leadership transformation as technology evolves in the SA banking sector. It outlines the research problem, the business and academic rationale, and defines the scope of the study. Chapter 2 - LITERATURE REVIEW AND THEORETICAL FRAMEWORK Provides an in-depth literature review of leadership within the SA banking sector, covering the impact and challenges of digital transformation on leadership. It emphasises 21 the need for the transformation of leadership, focusing on transformational and servant leadership moving towards the 4.0 Leader. Chapter 3 - RESEARCH METHODOLOGY Reviews the methodology addressing gaps in leadership and the research questions from Chapter 1. In addition, it provides ethical considerations for the change in leadership based on data gathering and analysis. Chapter 4 - FINDINGS Presents a comprehensive analysis of the collected data using thematic analysis, showcasing findings with tables, graphs, and/or other visual representations. This chapter highlights key trends, patterns, and relationships identified during the analysis. Chapter 5 - DISCUSSION OF RESULTS Analyses and interprets the results presented in Chapter 4, comparing them with relevant studies from the literature review in Chapter 2. It explores the implications of the findings in relation to the research objectives outlined in Chapter 1. Chapter 6 - DISCUSSION, RECOMMENDATIONS, AND FUTURE DIRECTIONS Summarises the findings and their significance in relation to the research problem. It offers a concise overview of the insights obtained and their implications for theory, practice, or policy in the context of leadership during digital transformation in the SA banking sector. The conclusion may include recommendations for future research or practical applications based on the research outcomes. This chapter provides closure to the paper by reflecting on the research journey and its contribution to the field. 22 CHAPTER 2. LITERATURE REVIEW AND THEORETICAL FRAMEWORK 2.1 BACKGROUND OF DISCUSSION The SA banking sector holds immense significance in the country's economy and is currently undergoing rapid transformation driven by technological advancements and evolving customer expectations (PwC, 2018). This transformation, commonly referred to as DT, poses significant challenges that require effective leadership to ensure successful implementation (Tiekam, 2019). Studies have shown that leadership plays a critical role in shaping organisational culture, fostering innovation, and navigating the complexities of change (Larson & DeChurch, 2020). In addition, past studies have also emphasised, that leaders within the banking sector faced various obstacles in adapting to technological changes, upskilling employees, and fostering collaboration (Larson & DeChurch, 2020). Despite the limited research available on leadership during digital transformation in the SA banking sector, it was imperative to gain an understanding of the key factors that influence leadership effectiveness and identify suitable strategies and styles (PwC, 2018; Diener & Spacek, 2021). This study is aimed at exploring the competencies required for leadership during digital transformation in the SA banking sector, offering valuable insights and recommendations to banks undergoing this transformative process (Larson & DeChurch, 2020). By addressing these research questions, the study endeavoured to assist the banking sector in transforming leadership practices to achieve successful digital transformations (Tiekam, 2019) practices to achieve successful digital transformations (Tiekam, 2019). 2.2 INTRODUCTION The literature review in this study served the purpose of examining leadership competencies, exploring the role of leadership during digital transformation, and identifying research gaps in the SA banking sector. The review is structured as follows: Introduction of concepts – Introduction of the concepts related to leadership competencies, research gaps, and the impact of digital transformation in the SA banking sector. 23 Benefits and challenges of effective leadership – Synthesis of the potential benefits and challenges associated with effective leadership and leadership transformation during digital transformation in the banking industry. Competencies for effective leadership - Focus on the specific competencies required for effective leadership and leadership transformation in the SA banking sector during digital transformation. Systematic Literature Review - Presents a systematic review to address the following research questions: • "What are the specific leadership competencies needed to address gaps in the SA banking sector during digital transformation, and how can leaders effectively transform their leadership in the digital age?" • "What leadership style do you believe has the most effective impact in the success of Digital Transformation within the SA banking sector? • "What are the best practices for leading employees through the changes brought on by Digital Transformation?" • "What is the role of leadership in driving digital transformation in the SA banking sector?" The aim of this systematic review was to identify gaps in the existing literature and develop a conceptual framework to guide the study. Based on the rationale developed in the introduction, it is assumed that effective leadership and leadership transformation are critical for addressing gaps in the banking sector during digital transformation. 2.2.1 LEADERSHIP COMPETENCIES, GAPS, AND THE IMPACT OF DIGITAL TRANSFORMATION IN THE SA BANKING SECTOR Within the context of the literature review, it becomes apparent that effective leadership competencies are imperative for the success of digital transformation in the SA banking sector (Tiekam, 2019). Existing literature emphasises the significance of digital leadership skills, encompassing strategic visioning, digital fluency, and change management, as pivotal drivers for digital transformation (Diener & Spacek, 2021; Lee & Choi, 2019; Naidoo & Naidoo, 2020; Oberer, 2018). Nevertheless, identified within the 24 literature are gaps in leadership competencies where leaders lack the necessary digital skills and knowledge essential for the effective implementation of digital transformation strategies (Diener & Spacek, 2021). Van Dyk and Van Belle (2019) observed that numerous leaders in the SA banking sector exhibited deficiencies in digital fluency, understanding, and skillsets, thereby hindering their capacity to propel digital transformation. Tiekam's (2019) research posits that leaders in South Africa need to possess digital leadership skills, such as strategic visioning and change management, to adeptly navigate the challenges and opportunities presented by digital technologies. In addition, another study suggested that leaders must cultivate a growth mindset and the ability to foster a culture of innovation, attributes often found lacking in traditional hierarchical organisations (Oberer, 2018). Beyond these skills, existing research underscored the need for leaders to foster numerous competencies and skills (Larson & DeChurch, 2020). Therefore, leaders must possess both technical and social skills, including data analytics and communication, to successfully lead digital transformation efforts (Larson & DeChurch, 2020; Lee & Choi, 2019). The possession of these skills augments the likelihood of a successful digital transformation. Literature also accentuated the benefits of Digital Transformation (DT) for the SA banking sector, encompassing improved customer experience, enhanced operational efficiency, and heightened competitiveness (Naidoo. & Naidoo, 2020). However, DT introduces substantial challenges, necessitating leaders to adeptly manage data privacy and security risks (Diener & Spacek, 2021). Ethical challenges surface in the digital era, emphasising the need for leaders to strike a delicate balance between the benefits of new technologies and the potential risks they pose (Huang et al., 2019). Consequently, the critical competencies of leaders spearheading digital transformation in the SA banking sector must encompass ethical considerations (Dubru, 2019; Bhatta, 2021). To harness benefits and mitigate risks, leaders must possess the requisite competencies for ensuring success. Dubru (2019) has identified the critical competencies essential for leaders in the digital transformation of banking in SA, encompassing the ability to foster a customer-centric culture, build strategic partnerships, and leverage technology to enhance business outcomes (Dubru, 2017). Consequently, effective leadership 25 competencies, recognition of gaps, and understanding the impact of digital transformation emerge as critical concepts in the SA banking sector. Leaders in the sector must possess specific digital leadership skills to successfully drive digital transformation while adeptly addressing challenges such as data privacy, security risks, and ethical considerations (Neeley & P., 2019). Leaders equipped with the necessary digital skills, knowledge, and mindset can leverage technology to drive innovation, enhance customer experience, and achieve business success (Tiekam, 2019). 2.2.2 DIGITAL TRANSFORMATION IN THE BANKING SECTOR: OPPORTUNITIES AND CHALLENGES In the DT landscape, potential benefits have included growth, improved customer experiences, cost reduction, and increased transactional speed (Naidoo. & Naidoo, 2020; PwC, 2022). In addition, it has had the capacity to foster financial inclusion and alleviate poverty by enhancing access to financial services, particularly in under-served communities (World Economic Forum, 2020). Leadership assumes a pivotal role in capitalising on these opportunities and navigating challenges to ensure the success of DT within the banking sector (Naidoo. & Naidoo, 2020). Tiekam (2019) underscored the necessity for SA leaders to possess digital leadership skills for the effective execution of digital transformation. Moreover, recognising the integral role of employees, these skill sets can be cultivated through effective leadership (World Economic Forum, 2020). The DT landscape within the banking sector not only presents numerous opportunities for growth and increased efficiency (Naidoo and Naidoo, 2020) but also poses challenges for leaders. They are compelled to adapt swiftly to technological advancements, manage changes in organisational structures and cultures, and address emerging ethical concerns, such as privacy and data security (Bhatta, 2021; Huang et al., 2019; Lee, J, & Choi, 2019). The adoption of digital technologies amplifies cybersecurity risks, necessitating leaders to implement robust measures for risk mitigation (Tiekam, 2019). The rapid pace of technological change may have led to skill gaps among employees and leaders, emphasising the need for continuous training and development initiatives (Lee & Choi, 2019; Tiekam, 2019). Leadership has been confronted with challenges related to workforce transformation, cultural change, and regulatory compliance during the process of digital transformation (Naidoo. & Naidoo, 2020; Tiekam, 2019). 26 Creating a culture of innovation and digital adoption has been deemed essential for enabling workforce transformation and ensuring the success of DT initiatives (Larson & DeChurch, 2020; PwC, 2019). Consequently, the realm of digital transformation within the banking sector not only presents opportunities but also poses challenges that have necessitated adept leadership. 2.3 SPECIFIC COMPETENCIES REQUIRED FOR EFFECTIVE LEADERSHIP DURING DIGITAL TRANSFORMATION Digital transformation emerges as a critical facet within the SA banking sector, demanding effective leadership to propel and oversee the transformational journey (Mokwena, Antwi-Agyei, & Marivate, 2021). This section undertook a thorough analysis of literature, drawing insights from fifteen selected articles (Appendix B), to articulate key competencies essential for leadership and its transformation during the digital evolution within the banking sector (Kamara, Sheng, Akram, & Agyekum, 2020). By scrutinising common themes and contrasting findings within these selected articles, this review aimed to shed light on the crucial skills and attributes that leaders must possess to adeptly navigate the digital transformation process in the industry. Numerous articles highlight the impact of digital transformation on the SA banking sector, detailing shifts in business operations and strategies (Abrahams & Burke, 2019; Sibanda & Ramrathan, 2017). However, the fifteen selected articles chosen for the purposes of this study (Nowell, Norris, White, & Moules, 2017) offered a comprehensive examination of these impacts. The authors illuminated the challenges faced by leaders in managing this transformation, encompassing resistance to change, skills gaps, and cultural shifts (Guo & Xu, 2021). The findings derived from this review bear practical implications for leaders in organisations. Ultimately, contributing to the existing knowledge on leadership in the context of digital transformation, offering guidance for leaders in the SA banking sector and beyond to ensure the successful adoption and implementation of digital strategies. 27 2.3.1 COMPETENCIES FOR EFFECTIVE LEADERSHIP DURING DIGITAL TRANSFORMATION A study conducted by Tiekam (2019) explored digital leadership skills crucial for the successful digital transformation of SA organisations, with a specific focus on the banking sector. The study highlighted six critical competencies that leaders needed to instill and nurture in teams to propel digital transformation: digital vision, digital culture, digital literacy, digital strategy, digital communication, and digital innovation (Tiekam, 2019). Another study underscored that digital transformation necessitated a shift in leadership style towards more collaborative, adaptive, and visionary approaches (Oberer.B. & Erkollar, 2018). Leaders are required to possess not only technical and digital skills but also soft skills, encompassing management and communication skills. Oberer (2018), on the other hand, focused on the concept of Leadership 4.0, delineating the competencies indispensable for effective leadership in the digital age. This paper identified four key areas of competency: cognitive, interpersonal, intrapersonal, and operational. Cognitive competencies included analytical thinking, creativity, and digital literacy. Interpersonal competencies encompassed empathy, communication, and teamwork. Intrapersonal competencies involved self-awareness, adaptability, and resilience. Operational competencies covered the ability to manage change, lead innovation, and drive results (Oberer, 2018). These findings underscored the increasing necessity for leadership to possess specific cognitive skills during the evolution of technology. This perspective aligned with other research emphasising softer interpersonal skills in leadership (Tiekam, 2019; Michael D, Todd, Higgs, & McIntosh, 2017). However, existing research did not provide a definitive understanding of whether South African leaders possessed all the required skills (Tiekam, 2019; Oberer.B. & Erkollar, 2018). As a result, it became imperative for organisations to assess and develop the competencies of their leaders, ensuring that they were fully equipped to lead successful digital transformations. In addition, the success factors linked to these competencies needed to be measured. 2.3.2 BARRIERS TO DIGITAL TRANSFORMATION IN THE BANKING INDUSTRY: A MANAGERIAL PERSPECTIVE Diener and Spacek (2021) undertook a study focusing on the barriers to digital transformation in the banking industry, examining them from a managerial perspective. Despite the recognised benefits of digital transformation, many banks encounter 28 challenges in its implementation, attributed to various barriers including regulatory constraints, legacy disputes, and cultural resistance (Diener & Spacek, 2021; Naidoo. & Naidoo, 2020). Effective leadership and management emerge as pivotal elements capable of surmounting these barriers by fostering a culture of innovation, investing in new technologies, and promoting collaboration across different departments (Naidoo. & Naidoo, 2020). While the article does not specifically concentrate on the South African (SA) banking sector, the issues and barriers discussed hold relevance for banks in SA, as they grapple with similar challenges in implementing digital transformation. Consequently, the insights presented in this article can assist SA banking leaders in comprehending the barriers to digital transformation and formulating strategies and leadership practices to overcome them. 2.3.3 GAPS IN LEADERSHIP COMPETENCIES Naidoo and Naidoo (2020) delved into the role of leadership in propelling digital transformation within the SA banking sector. Their qualitative study, comprising semi- structured interviews with ten managers and senior managers across six major SA banks, aimed to pinpoint the crucial leadership competencies needed for successful digital transformation. Among the paramount competencies identified were a strategic vision for digital transformation, effective communication and collaboration skills, and the ability to adeptly manage change and risk (Naidoo. & Naidoo, 2020). Further insights from the study underscored the potential deficiency in these competencies among many leaders in the banking sector, exposing a gap in the development of digital leadership skills. Notably, these findings emerged a year after the publication of a paper addressing skills for leaders during digital transformation (Tiekam, 2019). Hence, additional research becomes imperative to gain a more nuanced understanding of the specific leadership competencies requisite for the triumph of digital transformation within the banking industry. 2.3.4 ORGANISATIONAL CULTURE Baird and Wang (2020) asserted that organisational culture plays a pivotal role in steering successful digital transformation initiatives. Their study underscored the 29 imperative of aligning the existing organisational culture with the requisites of digital transformation, emphasising the significant role of leaders in moulding the culture to bolster these endeavours. Other studies, particularly those focusing on dimensions of digital capabilities, innovation, and agility (Ahn, Chang, & Heo, 2020), echoed the importance of fostering a culture that encourages experimentation, risk-taking, and continuous learning for effective digital transformation. These collective findings reinforced the understanding that organisational culture stands as a critical factor in the landscape of digital transformation. Leaders are tasked with cultivating a culture that nurtures innovation, agility, and continuous learning within their organisations (Baird & Wang, 2020). Such a culture not only propels the adoption of new technologies but also fosters an environment conducive to experimentation and enables data-driven decision-making, ultimately culminating in successful outcomes for digital transformation initiatives (Ahn, et al., 2020; Baird & Wang, 2020). 2.3.5 ETHICAL LEADERSHIP CHALLENGES DURING DIGITAL TRANSFORMATION Bhatta (2021) conducted a comprehensive literature review on emerging ethical challenges of leadership in the digital era, identifying ethical dilemmas that digital leaders face, including privacy concerns, cybersecurity threats, and the ethical use of data. This suggested that digital leaders need to develop ethical leadership competencies to navigate these challenges effectively and develop a sense of responsibility and accountability towards an ethically led digital society. "Leadership 4.0: Digital Leaders in the Age" by Oberer (2018) highlights the role of leadership in creating a positive digital culture and addressing ethical challenges that arise during digital transformation. Oberer (2018) further argues that digital leaders must focus on developing a shared vision and a sense of purpose, aligning their organisation's culture with the digital age, and building trust and collaboration among employees to create a sustainable digital future. Therefore, there is an opportunity to further analyse this theme and its potential contribution to leadership transformation during digital transformation within the SA banking sector. 30 2.4 LEADERSHIP STYLE AND THE SUCCESS OF DIGITAL TRANSFORMATION IN THE SA BANKING SECTOR The choice of leadership style can have a significant impact on the success of DT initiatives within the SA banking sector. Different leadership styles offer unique approaches to managing change and driving innovation. Several studies have explored the effectiveness of different leadership styles in the context of digital transformation. 2.4.1 TRANSFORMATIONAL LEADERSHIP Transformational leadership was identified as a promising leadership style for driving digital transformation and can be applied in the context of the banking sector in SA (Bass & Riggio, 2020). Transformational leaders inspire and motivate employees to embrace change, envision a better future and encourage them work towards it (Bass & Riggio, 2021). This leadership style promotes a sense of shared vision, fosters creativity and innovation, and encourages employees to adopt a proactive approach to change. Research has shown that transformational leadership positively influenced employees' attitudes and behaviours during digital transformation efforts (Avolio & Yammarino, 2020). It enhanced their commitment to change, increased their willingness to embrace new technologies, and improved their job satisfaction (Avolio & Yammarino, 2020). By effectively communicating the vision, providing guidance, and serving as role models, transformational leaders created an environment conducive to successful digital transformation. 2.4.2 PARTICIPATIVE LEADERSHIP Participative leadership, characterised by involving employees in decision-making processes, can also be effective in the context of digital transformation. By seeking input from employees and considering their perspectives, participative leaders create a sense of ownership and engagement (Wang, Hou H., & Li, 2022). This collaborative approach can enhance employee commitment and facilitate the adoption of digital initiatives in the SA banking sector. Studies have shown that participative leadership positively influenced employees' attitudes towards digital transformation (Shin et al., 2020). It fostered a sense of empowerment and autonomy, leading to increased job satisfaction and commitment to change (Shin et al., 2020). Furthermore, involving employees in decision-making processes can harness their diverse expertise, improve problem-solving capabilities, and generate innovative ideas, contributing to the success of digital transformation efforts. 31 However, in a fast-paced industry like banking, participative leadership can also slow down decision-making processes and lead to conflicts or indecision, potentially hindering swift responses to market changes and urgent issues (Northouse, 2018). Balancing the benefits of employee involvement with the need for efficient decision-making is crucial. 2.4.3 SERVANT LEADERSHIP Servant leadership is found to be particularly relevant to the banking sector, where leaders prioritise serving the needs of their employees, fostering their growth and development, and enabling their success (Choudhary, Akhtar, & Zaheer, 2020). In the context of digital transformation, servant leaders in the banking sector can create a supportive environment that empowers and encourages employees to embrace change (Kim & Park, 2021). They achieve this by prioritising the needs and development of their team members, actively listening to their concerns, providing the necessary resources, and training, and fostering a culture of trust and collaboration (Kim & Park, 2021). This approach helps employees feel valued and supported, enhancing their willingness and ability to adapt to new digital initiatives and changes (Choudhary, Akhtar, & Zaheer, 2020). In addition, this leadership style promotes employee engagement and facilitates a culture of continuous learning and adaptation (Kim & Park, 2021). Research has shown that servant leadership has a positive impact on employees' attitudes and behaviours during digital transformation initiatives in the banking sector (Choudhary, Akhtar, & Zaheer, 2020). While servant leadership fosters a climate of trust, promotes open communication, and supports employees in acquiring new digital skills (Kim & Park, 2021), it's important to recognize that not all leaders in the SA banking sector may adopt this approach. Existing leaders may have leadership styles they are accustomed to, which may still yield favourable results. Indeed, there are various ways of influencing employees that can produce similar outcomes, such as transformational leadership or transactional leadership, which also prioritize employee well-being and development while achieving organizational goals (Northouse, 2018; Bass & Riggio, 2006). Therefore, the success of digital transformation efforts may depend on the alignment between leadership style and organizational culture. Additionally, leaders may need to adapt their leadership approaches to meet the evolving needs of digital transformation, striking a balance between traditional leadership practices and innovative approaches. 32 2.5 BEST PRACTICES FOR LEADING EMPLOYEES THROUGH DIGITAL TRANSFORMATION Leading employees through the changes brought on by digital transformation requires the implementation of best practices that support their adaptation and engagement. 2.5.1 CLEAR COMMUNICATION AND VISION According to Lee & Kim (2019) Clear communication was essential to ensure that employees understood the purpose, goals, and benefits of digital transformation initiatives. Leaders articulated compelling visions aligned with the organisation's strategy and effectively communicated the rationale behind the changes (Burke, 2017). Effective communication involved not only transmitting information but also actively listening to employees' concerns and addressing them promptly (Burke, 2017). Transparent communication-built trust, reduced resistance to change, and fostered a sense of shared purpose (Baird & Wang, 2020). Consistently communicating the vision and progress of digital transformation kept employees informed and engaged throughout the process. 2.5.2 EMPLOYEE EMPOWERMENT AND SKILL DEVELOPMENT Empowering employees and investing in their skill development were crucial for successful digital transformation in the banking sector in SA. Research studies highlighted the significance of employee empowerment and skill development in driving digital transformation initiatives. Ziadlou (2021) emphasised the importance of empowering employees and equipping them with the necessary skills and knowledge to adapt to technological changes. The findings showed that empowered employees were more adaptable and innovative in embracing digital transformation (Ziadlou, 2021). As leaders in the banking sector played a critical role in promoting employee empowerment and skill development, they provided opportunities for training and development to enhance employees' digital competencies (Larjovuori, Bordi, & Tammi, 2018). By equipping employees with the necessary knowledge and skills, leaders enabled them to effectively contribute to digital initiatives (Ziadlou, 2021). Furthermore, leaders needed to empower their employees by delegating responsibilities, encouraging experimentation, and creating a supportive culture that embraced risk-taking and learning from failures (Hsiao, Yang, & Lee, 2022). This approach allowed employees to take ownership of their roles and make decisions within their areas of expertise (Hsiao, 33 Yang, & Lee, 2022). Therefore, by empowering employees and investing in their skill development, leaders in the banking sector fostered a workforce capable of adapting to digital changes, driving innovation, and contributing to the success of digital transformation initiatives. However, this must be balanced with the critical need for accuracy and protection of clients' information (Garcia & Rodriguez, 2019). Given the stringent regulatory environment, employees must prioritize compliance and adherence to regulations to mitigate risks (Johnson et al., 2021). Nonetheless, fostering a learning orientation remains valuable. Leaders can promote a 'growth mindset' where mistakes are seen as opportunities for growth (Dweck, 2006). By nurturing a culture of continuous learning and providing training and resources, employees can enhance their skills and confidence (Brown & Miller, 2018). Additionally, leaders can implement feedback mechanisms for constructive analysis of mistakes, facilitating improvement and preventing recurrence (Edmondson, 2019). Ultimately, achieving a balance between innovation and risk management is vital for driving successful digital transformation initiatives while upholding the integrity and security of banking operations. 2.5.3 CHANGE MANAGEMENT AND SUPPORT Leaders in the SA banking sector play a critical role in driving and supporting digital transformation. Rehman et al., (2021) emphasised that leaders addressed change resistance by engaging with employees, addressing concerns, and highlighting the benefits of digital transformation. In their role as change champions, leaders have the opportunity to cultivate a positive mindset among their teams, which is characterized by a proactive and optimistic outlook, resilience in the face of challenges, and a belief in the ability to adapt and succeed (Rehman et al., 2021). Creating a positive mindset involves more than just superficial positivity; it requires leaders to instil a sense of purpose, meaning, and optimism in their employees (Rehman et al., 2021). One-way leaders can foster a positive mindset is by providing clarity and vision regarding the digital changes ahead. By articulating a compelling vision for the future and demonstrating confidence in the team's ability to navigate challenges, leaders can inspire hope and optimism among employees (Diener & Spacek, 2021). Additionally, leaders can encourage a growth mindset, where failures and setbacks are viewed as opportunities for learning and growth rather than as insurmountable obstacles (Diener & Spacek, 2021). Ultimately, creating a positive mindset and motivating employees to 34 embrace digital changes requires authentic leadership that is grounded in empathy, transparency, and a genuine concern for the well-being and success of team members (Rehman et al., 2021). 2.6 THEORETICAL FOUNDATIONS OF LEADERSHIP AND DIGITAL TRANSFORMATION 2.6.1 DIGITAL TRANSFORMATION IMPACT Digital transformation has exerted a significant influence on leadership in the contemporary business landscape. To comprehend this impact, a theoretical framework integrating the Technology Acceptance Model (TAM) and the Transformational Leadership Theory (TLT) is employed (Al-Qaysi, Al-Turfi, & Al-Taie, 2020; Fouad A.B. & Kazim, 2019). The TAM, an established theory explaining the acceptance and use of technology by individuals, and TLT, a leadership theory emphasising a leader’s ability to inspire and motivate followers towards a common goal (Avolio & Yammarino, 2020; Venkatesh & Xu, 2012; Alalwan & Rana, 2017; Kim & Lee, 2020), together provide a comprehensive understanding. The TAM is instrumental in understanding how the adoption of digital technologies by employees in the banking industry influence their behaviour and leadership performance (Al-Qaysi, et. al., 2020; Obeidat, Al-Suradi, & Tarhini, 2021; Zhou, 2021). This theory posits that an individual’s acceptance of technology is influenced by perceived usefulness and ease of use (Zhou, 2021). Concerning leadership, employees perceiving digital technologies as useful and user-friendly are more likely to integrate them into their leadership practices, thereby enhancing leadership effectiveness and organisational outcomes (Al-Qaysi, et al., 2020; Sada, et al., 2021). TLT offers a valuable perspective on how leaders inspire and motivate employees to adapt to digital transformation (Avolio & Yammarino, 2020; Liu, Li, & Liang, 2021). This theory underscores the significance of transformational leaders who inspire their followers to pursue a common goal (Hsiao, Yang, & Lee, 2022). In the context of digital transformation, transformational leaders can inspire and motivate their employees to embrace new digital technologies and integrate them into their leadership practices (Al- Tamimi, Nordin, & Ali, 2021; Bass & Riggio, 2020; Hsiao, et al., 2022; Sada, et al., 2021), 35 resulting in increased innovation, productivity, and organisational performance (Avolio & Yammarino, 2020; Kurt & Afzal, 2019). The integration of TAM and TLT forms a valuable framework for understanding the impact of digital transformation on leadership (Al-Qaysi, et al., 2020). This framework suggests that the adoption of digital technologies by employees can enhance the effectiveness of their leadership, while transformational leadership can inspire and motivate employees to embrace new digital technologies, thereby driving organisational performance (Hsiao, et al., 2022). To ensure a clear understanding of the framework's concepts, relevant terms such as technology acceptance, transformational leadership, and digital transformation were defined. Examples were provided to illustrate their use. The integration of the TAM and TLT frameworks facilitated a comprehensive exploration of the impact of digital transformation on leadership in the SA banking sector. The proposed framework was visually represented to describe the existing relationships between and among variables, incorporating the key constructs of the TAM and TLT and their relevance to leadership in the banking industry. Figure 1: Visual illustration integrated TAM and TLT Leadership in the South African banking Sector TAM TLT Percieved uesfulness Attitude towards use Percieved ease of use Individualised Consideration Inspirational Motivation Idealised Influence 36 The diagram illustrates how two theoretical frameworks, the TAM and the TLT, were used to create a conceptual framework for analysing leadership in the SA banking sector. The central box in the diagram, labelled "Leadership in the SA Banking Industry," serves as the focus of the study. The two arrows pointing towards the central box represent the TAM and TLT frameworks, integrated into the conceptual framework. The TAM and TLT boxes represent the two theoretical frameworks in use. The TAM box has three arrows pointing towards it, labelled "Perceived usefulness," "Perceived ease of use," and "Attitude towards use," key elements relevant to the study. The TLT box also has three arrows pointing towards it, labelled "Idealised influence," "Inspirational motivation," and "Individualised consideration," also relevant to the study. The constructs in the TAM and TLT boxes are connected to the "Leadership in the SA Banking Industry" box through arrows, indicating their impact on leadership behaviour. Where the TAM constructs can influence leaders to be more open and proactive in adopting new digital tools, while perceived usefulness can lead leaders to champion technology adoption, resulting in more committed and enthusiastic teams. TLT constructs like inspirational motivation allow leaders to articulate a compelling vision of the future, energizing and aligning the workforce towards digital transformation goals, while individualized consideration helps leaders provide personalized support, enhancing employee engagement and adaptability. The diagram may be expanded by adding other relevant constructs or arrows, enhancing the representation of the TAM and TLT framework integration. This expansion aids in providing a comprehensive analysis of leadership behaviour in the SA banking sector. The framework guides the literature review by determining what literature to review and which variables to examine. It helps identify key drivers of technology acceptance and transformational leadership impacting leadership behaviour in the banking industry. Additionally, the framework influences research design, including methodology, sampling strategy, and data analysis techniques. The integration of TAM and TLT provides a theoretical framework that elucidates the relationships between variables and their underlying mechanisms. This combined approach offers insights into how factors such as technological acceptance and transformational leadership traits interact to influence behaviour and outcomes within the context of the SA banking industry (Raza et al., 2020)." 37 Several studies, including those by Raza et al. (2020) and Al-Qaysi et al. (2020), have employed the TAM and TLT frameworks to investigate the impact of digital transformation on leadership in various industries, including banking. For instance, Al- Qaysi et al. (2020) explored the impact of digital transformation on leadership behaviour in the Iraqi banking industry using these frameworks. Similarly, Sada et al. (2021) examined the relationship between digital transformation and leadership in the Nigerian banking industry. These studies provide evidence supporting the usefulness of the TAM and TLT frameworks in investigating the impact of digital transformation on leadership in the banking industry. Further studies beyond banking, such as in healthcare and education, have also utilised the TAM and TLT frameworks. Kuo, Chiu, Liu, and Ma (2019) found that transformational leadership played a significant role in facilitating the adoption of digital technologies in healthcare organisations. Similarly, Zhang et al. (2020) used the TAM and TLT in educational leadership, revealing a positive relationship between transformational leadership and teachers’ adoption of digital technologies in the classroom. Moreover, the TAM and TLT frameworks have been expanded to incorporate other relevant theories or concepts. Yang et al. (2020) employed the TAM, TLT, and the Job Demands-Resources model to investigate the impact of digital transformation on leadership in the hospitality industry. Their findings highlighted the significant role of transformational leadership in moderating the relationship between job demands and employees’ adoption of digital technologies. Hsiao et al. (2022) further incorporated the Technology-Organisation-Environment (TOE) framework to examine the impact of digital transformation on leadership in Taiwan's banking industry. In summary, these studies support the efficacy of the TAM and TLT frameworks in investigating the impact of digital transformation on leadership. They also demonstrate the potential for incorporating other relevant theories or concepts. 2.6.2 EMPIRICAL EVIDENCE This research collected and analysed empirical evidence to explore the applicability of the proposed theoretical framework for understanding leadership in the SA banking 38 sector during digital transformation. Qualitative methods, such as interviews with C Suite leaders in the banking sector, were used to collect data. C-suite leaders were selected since these are the executives that run a given organization. These leaders are crucial to digital transformation and play a key role in setting the direction (McKinsey, 2023). By collecting data from C Suite leaders, the study aimed to explore the framework's relevance and identify any additional components necessary for navigating digital transformation in the banking sector. The analysis process involved categorising interview responses to identify emerging patterns and themes through qualitative thematic analysis. The proposed theoretical framework provided a foundation for studying leadership in the SA banking sector during digital transformation. The framework included key components like effective communication, innovation, strategic thinking, and collaboration, providing a comprehensive approach to studying leadership during digital transformation in the SA banking sector. The empirical evidence was refined through qualitative methods such as in-depth interviews with banking sector leaders, thematic analysis of interview data, and iterative refinement of the framework based on emergent themes and patterns. 2.7 PROPOSITIONS From the theoretical framework above, four key propositions were derived, as presented in the table below. This provides a clear and concise overview of how the propositions relate to the specific questions regarding transformational leadership, leading employees through change, the role of leadership in digital transformation, and leadership competencies needed in the SA banking sector. Overall, it aligns with the key problem statement of Leadership during DT in the SA banking sector. Table 1 Questions and propositions Questions Propositions “What leadership style do you believe has the most effective impact in the success of Digital Transformation within the SA banking sector, Explain?” P1 – The success of digital transformation in SA banking relies on leaders inspiring and motivating employees to adopt new technologies 39 Questions Propositions “What are the best practices for leading employees through the changes brought on by Digital Transformation?” P2 – Leading through digital transformation requires transformational leadership, motivating employees to adapt, and integrating digital tech into leadership practices. “What is the role of leadership in driving digital transformation in the SA banking sector?” P3 – Leadership drives digital transformation in SA banking by inspiring employees to embrace new tech, boosting innovation, productivity, and performance “What are the specific leadership competencies needed to address gaps in the SA banking sector during digital transformation?” P4 - Leaders in SA banking need skills like communication, innovation, strategy, and collaboration to tackle digital transformation challenges and succeed. 2.8 CONCLUSION OF LITERATURE REVIEW The exploration into leadership during digital transformation in the SA banking industry, undertaken through a systematic literature review, unveiled critical insights. The literature emphasised the pivotal role of effective leadership in successfully navigating the intricacies of the rapidly evolving digital landscape. However, it also highlighted notable gaps in current knowledge, paving the way for the formulation of a comprehensive conceptual framework. Various leadership styles, including transformational, participative, and servant leadership, emerged as influential in steering successful digital transformations within the banking sector. These styles were found to inspire and motivate employees, foster innovation, and create a positive organisational climate conducive to change. Best practices for leading employees through digital transformation encompassed clear communication, vision articulation, and employee empowerment, underlining the significance of proactive leadership. The integration of the TAM and TLT provided a solid theoretical foundation. This framework underscored the interconnectedness of technology adoption and leadership effectiveness, shedding light on how leaders could inspire and motivate employees to embrace digital changes. 40 Moving beyond theoretical underpinnings, the research proposed four key propositions. These propositions focused on the effectiveness of leadership styles in driving DT success, best practices for guiding employees through changes, the pivotal role of leadership in steering digital transformation, and the specific leadership competencies needed to address gaps in the SA banking sector during this transformative process. To substantiate and refine this conceptual framework, the research transitioned into the empirical phase. Utilising qualitative methods, interviews with C Suite leaders in the banking sector were conducted. This empirical evidence sought to validate the proposed framework and identify any additional components crucial for navigating digital transformation successfully. In essence, this literature review provides a comprehensive overview of the dynamics between leadership and digital transformation in the SA banking sector. From identifying gaps in existing knowledge to proposing a robust conceptual framework and formulating key propositions, the review sets the stage for an in-depth exploration of leadership's role in the ever-evolving digital landscape. 41 CHAPTER 3. RESEARCH METHODOLOGY 3.1 INTRODUCTION This chapter provides a comprehensive overview of the research methodology applied to address the research questions. It elaborates on the chosen research approach, explaining its relevance, and provides insights into the research paradigm and data collection methods. The chapter serves to intricately detail how the research was carried out. The researcher is employed in an organisation actively involved in digital transformation strategies. This professional background contributed to a practical understanding of leadership within the realm of DT. While acknowledging potential biases, the structured and scientific foundation of the chosen philosophical approach ensured objectivity in research observations (Gravetter & Forzano, 2017). 3.2 RESEARCH APPROACH This study embraced a qualitative research approach to explore the pivotal role of leadership in propelling successful digital transformation initiatives within the SA banking sector. Creswell (2023) underscored that qualitative research relies on textual and visual data, which involves unique steps in data analysis, and employs diverse procedures. Qualitative research facilitated an in-depth exploration of participants' experiences, perspectives, and practices (Creswell & Poth, 2018). This approach contributed to a nuanced understanding of leadership competencies, styles, and digital leadership skills in driving successful digital transformation. It also shed light on ethical considerations and cultural factors influencing leadership practices and their impact on digital transformation within the SA banking landscape (Creswell & Poth, 2018). Acknowledging the intricate complexities of human experience, social and cultural influences, and the significance of diverse stakeholder perspectives was paramount in comprehending the dynamics of digital transformation in the SA banking sector (Braun & Clarke, 2019; Creswell & Poth, 2018; Dionne, 2021). 3.3 RESEARCH PARADIGM Qualitative researchers navigate various interpretive paradigms, such as positivist, postpositivist, constructivist, critical, and feminist-post structural assumptions (Creswell, Hanson, Clark, & Morales, 2007). For this study, the chosen paradigm was the constructivist worldview, which aligns with the research question. This alignment 42 emphasised individuals' pursuit of understanding their world and forming subjective meanings of their experiences. 3.4 RESEARCH DESIGN AND DATA COLLECTION METHODS 3.4.1 RESEARCH DESIGN In this qualitative study, the research design was informed by disciplines such as anthropology, sociology, the humanities, and evaluation (Creswell, Qualitative, 2023). Rooted in sociology and the humanities, the phenomenological design method was employed to capture the lived experiences of participants undergoing digital transformation within the SA banking sector (Creswell, Qualitative, 2023). This method facilitated a detailed analysis of leadership competencies, styles, and digital leadership skills driving successful digital transformation in the banking sector (Creswell & Poth, 2018; Yin, 2018). 3.4.2 METHODOLOGICAL ADVANTAGES Incorporating multiple sources of data, including observations and document analysis, enabled methodological triangulation, thereby enhancing the robustness and credibility of the findings. Real-world experiences shared by leaders in the banking sector allowed for an in-depth exploration of how leaders could effectively transform their leadership in the digital age, offering insights into leadership development for the digital era. While this study provides valuable insights, it has limitations, such as focusing on a specific case within the SA banking sector, which may affect the generalisability of the findings to other contexts. However, as discussed by Creswell in his work on qualitative research methodologies (Creswell, 2023), the insights gained may still be applicable to similar industries undergoing digital transformation. Thematic analysis, including thematic, content, and phenomenological approaches, addressed these limitations, contributing robust insights into leadership competencies, styles, and digital skills required for successful digital transformation in the banking sector (Creswell & Poth, 2018; Braun & Clarke, 2021). 43 3.5 DATA COLLECTION METHODS 3.5.1 SEMI-STRUCTURED INTERVIEWS The primary data collection method involved conducting semi-structured interviews with eleven selected participants in person. These interviews, lasting thirty to forty-five minutes, were audio recorded with participants' consent. Semi-structured interviews provided flexibility to explore participants' experiences and perspectives in detail, allowing for follow-up questions (Guest et al., 2006). Despite challenges such as potential time constraints and difficulties in participant recruitment, interviews were meticulously scheduled in advance to secure participants' availability, with the added option for online sessions. These measures ensured a comprehensive exploration of factors influencing the study's problem and the identification of emerging themes in the data (Braun & Clarke, 2013). A total of 11 interviews were conducted during the process, falling short of the initially targeted 20. This deviation was attributed to practical constraints and challenges in participant recruitment, particularly when targeting C-suite executives (O'Reilly & Parker, 2013; Denzin, 2017)Despite the reduction in the number of interviews, the analysis consistently revealed recurring themes and patterns, indicating a level of saturation in the collected information (Saunders et al., 2018). Saturation, defined as the point at which no new information or insights emerge from additional data collection, was observed, affirming the comprehensive understanding gained from the 11 conducted interviews. This acknowledgment of data saturation reinforces the robustness of the study, ensuring that enough interviews were conducted to thoroughly explore the research questions and provide meaningful insights. While the initial target was 20 interviews, the achieved saturation at 11 interviews suggests that the study reached a point of information richness where additional interviews did not contribute substantially to the emerging themes. The decision to conclude data collection at this point was guided by the principle of saturation, aligning with qualitative research practices (Saunders et al., 2018). The identification of recurring patterns and themes across the data indicated that the information gathered was comprehensive and sufficient for addressing the research objectives. As such, the study provides a robust understanding of leadership during digital transformation within the SA banking sector, supported by the depth and richness of the collected data. 44 3.6 POPULATION AND SAMPLING 3.6.1 POPULATION The population for this study included C-suite leaders with expertise and experience in digital transformation within the SA banking sector. These leaders were specifically chosen from one of the major banks in SA, ensuring a focused and relevant sample. While this decision limited the study to one bank due to competitive information constraints and time considerations, it was deemed appropriate as it aligned with the research objectives of investigating leadership's impact on digital transformation in the SA banking sector. 3.6.2 UNIT OF ANALYSIS AND LEVEL OF ANALYSIS The unit of analysis in this study was defined as leaders driving digital transformation within the selected bank. 3.6.3 SAMPLING METHOD, SAMPLING FRAME, AND SIZE Purposive sampling was employed for the deliberate selection of participants with extensive experience in leading digital transformation. The sample consisted of eleven C-suite executives from the chosen bank, ensuring that participants possessed the necessary insights to contribute meaningfully to the research study. Interviews, lasting 30 to 45 minutes, were conducted to explore key themes. These sampling and data collection methods aligned effectively with the research objectives, ensuring the inclusion of participants with relevant expertise and experience. 3.7 MEASUREMENT INSTRUMENT In line with the phenomenological design approach outlined in Section 3.3, an interview guide (Appendix D) served as the measurement instrument. This guide, structured with specific questions related to the challenges and improvements in leadership during digital transformation, facilitated a systematic examination of the research topic. The interview guide included both structured and open-ended questions. While not aiming for quantifiable data, these questions facilitated a systematic exploration of the phenomenon under investigation, enabling a rich and nuanced understanding. Emphasis was placed on open-ended inquiries to delve into the complexities of participants' 45 experiences, allowing for a comprehensive analysis that extends beyond numerical comparison. In addition, the open-ended questions encouraged participants to share detailed perspectives, experiences, and opinions, enriching the understanding of challenges and potential areas for improvement in leadership during digital transformation. The selection of the interview guide as the measurement instrument was deemed appropriate, providing a comprehensive approach to gathering data in line with the research objectives. 3.8 PROCEDURE FOR DATA COLLECTION To acquire insights into leadership during digital transformation within the SA banking sector, a purposive sampling technique was employed (Patton, 2015). Personalised communication through emails and phone calls-initiated contact with potential participants. While networking was utilised for participant recruitment, the researcher took care to prevent familiarity from influencing the interview process by maintaining an objective stance. This was achieved by using a standardised interview protocol, ensuring questions were consistently asked in a neutral manner, and by recording and transcribing interviews verbatim for accurate analysis. In addition, the researcher engaged in regular reflection and consultation with colleagues to mitigate potential biases. During the initial contact, the study's purpose and significance were explained, and the expected time commitment for participation communicated. Participants' knowledge and expertise were emphasised, and the semi-structured interviews were conducted all in person. Prior to the interviews, participants' consent to audio-record the sessions were obtained, ensuring accurate data capture for later transcription and analysis, with due respect to privacy and confidentiality. The interview guide, detailed in Annexure E, outlined specific open-ended questions aligned with the study's objectives. A pilot study was conducted involving a small subset of two participants meeting inclusion criteria. This aimed to evaluate question effectiveness, identify potential issues, and ensure a robust data collection process. Findings informed adjustments to the interview guide, optimised subsequent data collection, and addressed any logistical challenges, contributing to the study's overall validity. 46 3.9 DATA ANALYSIS APPROACH AND INTERPRETATION To analyse the collected data and derive meaningful insights, a thematic analysis approach was employed, well-suited for exploring and interpreting qualitative data (Braun & Clarke, 2019). Thematic analysis involved identifying patterns, themes, and categories within the data, providing a comprehensive understanding of the research topic (Braun & Clarke, 2019). The analysis process commenced with transcribing the audio recordings of the interviews verbatim, serving as the primary data source. Transcriptions were carefully reviewed and cross-checked with the original recordings for accuracy and reliability. A systematic coding process was then employed, generating initial codes by identifying relevant units of meaning within the transcriptions (Saldaña, 2021). These codes were refined and organised into themes, representing recurring patterns or topics within the data. Themes were further examined and compared across the entire dataset to ensure consistency and coherence. Attention was given to both manifest and latent content, capturing explicit surface-level meaning and underlying implicit meanings and interpretations (Braun & Clarke, 2019). The coding and theme development process were conducted meticulously by the researcher, ensuring consistency. Any discrepancies or uncertainties in coding or theme identification were carefully reviewed. Interpretation of the identified themes involved examining relationships, connections, and implications within and across the themes (Braun & Clarke, 2021). The researcher critically analysed the data to gain a deep understanding of leadership challenges and opportunities during digital transformation within the SA banking sector. Interpretations were guided by research objectives and relevant theoretical frameworks. In addition, the study sought to analyse all data via the Microsoft Power BI tool. This tool, an assembly of software services, apps, and connectors, transformed unrelated data sources into coherent, visually immersive, and interactive insights (Microsoft, 2023). Incorporating Microsoft Power BI complemented the thematic analysis, providing an additional layer of visual and interactive representation to enhance the overall understanding and presentation of the study's findings. 3.10 LIMITATIONS OF THE STUDY While efforts were made to conduct a comprehensive and insightful study, certain limitations are acknowledged. The study focused on a specific bank in the SA banking 47 sector, limiting the generalisability of findings to a broader context. The relatively small sample size of eleven participants may impact the wider applicability of the study's findings. The research was also constrained by the specific time frame allocated for data collection and analysis, potentially limiting the depth of exploration. 3.11 QUALITY ASSURANCE To ensure the robustness and trustworthiness of the findings, key aspects of transferability, dependability, credibility, and confirmability were considered. Meticulous qualitative research methods were incorporated, adhering to established guidelines, aiming to provide valuable insights into leadership practices and challenges in the context of digital transformation. In terms of transferability, the research offered detailed descriptions of the research context, participants, and data collection methods. By presenting a comprehensive picture of the study's settings and participants, readers could assess the potential applicability of the findings in similar contexts, enhancing the generalisability of the study's insights within the SA banking sector (Nowell et al., 2017). To establish dependability, documentation of the research process was ensured. This included transparently documenting the research design, data collection procedures, and analysis techniques (Creswell & Creswell, 2018). By maintaining a thorough record, the study aimed to enable peer scrutiny and potential replication, promoting consistency and reliability in the research process and outcomes (Creswell & Poth, 2018). The credibility of this study was reinforced by prioritising research validity, as advocated by Yin (2016). A study is considered valid when the data interpretation aligns accurately with the studied work (Yin, 2016). To achieve this, meticulous attention was given to formulating interview questions that facilitated the collection of rich and relevant data. Each question in the interview guide was carefully crafted to address specific problems, ensuring their effectiveness in measuring the constructs under investigation. These methodological approaches played a crucial role in establishing the accuracy of the qualitative research, guaranteeing that the findings authentically reflected the phenomenon under study (Creswell & Creswell, 2018)."The pilot study, a crucial precursor to the main research, aimed to enhance the credibility of the study by refining the research design, data collection methods, and analysis approach (Yin, 2016). Through a small subset involving two participants meeting inclusion criteria, the pilot 48 study provided valuable insights that influenced adjustments to the interview guide and optimised subsequent data collection. This iterative process ensured the robustness of the study design and its alignment with the investigation of leadership during digital transformation in the SA banking sector. Confirmability was achieved through reflexive practices by the researcher. Critical reflection on personal biases, assumptions, and preconceived notions that may influence data interpretation was undertaken. By adopting a reflexive stance and acknowledging the potential influence of the researcher on the research process, the study aimed to enhance the objectivity and neutrality of the findings (Creswell & Poth, 2018). 3.12 ETHICAL CONSIDERATIONS This research adhered to ethical guidelines, ensuring the rights, privacy, and well-being of participants were protected (Bryman, 2016). Informed consent was obtained from all participants, emphasising voluntary participation, confidentiality, and the right to withdraw at any stage without repercussions. Prior to data collection, participants were provided with detailed information about the research purpose, procedures, potential risks, and benefits, facilitating their informed decision-making process. Consent forms were distributed and collected before each interview, underscoring participants' willingness to participate. In addition, participants were assured of the confidentiality and anonymity of their responses, with data reported in aggregate form to prevent identification. To address potential power imbalances, the researcher-maintained transparency and openness during interactions with participants, fostering an environment conducive to honest and uninhibited responses (Bryman, 2016). Furthermore, the researcher, drawing on professional experience, ensured that participants' perspectives were valued, acknowledged, and respected throughout the research process. Any potential conflicts of interest were proactively managed, and participants were informed of the researcher's role and affiliations. In the subsequent chapter, the findings of the study will be presented and discussed in detail, providing a nuanced understanding of leadership dynamics during digital transformation in the SA banking sector. 49 CHAPTER 4. FINDINGS 4.1 INTRODUCTION This chapter is dedicated to unveiling the findings obtained from a qualitative exploration of leadership perspectives amid digital transformation within the SA banking sector. The overarching goal is to clarify insights gathered from semi-structured interviews with senior executives, avoiding detailed discussions that will be reserved for Chapter 5 Discussion of Results. The research questions guiding this qualitative study are derived from the propositions and interview questions outlined in Chapter 3. Proposition 1 (P1) - P1 – The success of digital transformation in SA banking relies on leaders inspiring and motivating employees to adopt new technologies. Research Question 2 - What are the best practices for leading employees through the changes brought on by Digital Transformation? Proposition 2 (P2) - Leading through digital transformation requires transformational leadership, motivat