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Navigating the challenges to digital transformation : the case of a pan African Commercial Bank
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Magnus-Eweka, Emmanuel (2023) Navigating the challenges to digital transformation : the case of a pan African Commercial Bank. DBA thesis, University of Warwick.
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Official URL: http://webcat.warwick.ac.uk/record=b3977882
Abstract
The financial service industry has enjoyed decades of outstanding success, with many banks consolidating their dominant positions built over time to become market leaders. However, many face stiff competition from new, nimble asset-light entrants aggressively competing for market share. Mounting pressures result from obsolete strategies and deficient business models that once worked very well. Change management, optimal organisation strategy, and leadership challenges are all impacting the ability of financial service firms to pivot operations to become more agile effectively. On other fronts, the regulatory environment is heating up, with increased compliance requirements. There is also a constellation of internal pressures necessitating the need to radically innovate and stand out by leveraging innovative technology to serve customers better. Owing to these pressures, most banks have embarked on a Digital Transformation (DT) journey to redefine how they do business. Most of them plan to leverage the promises of DT to compete better and to help them achieve operating efficiency and reduced business costs whilst ultimately increasing market share and dominance. The unspoken reality is that the DT journey includes significant hurdles and uphill challenges, such as re-engineering business models and leveraging a robust digital technology infrastructure whilst addressing enterprise change issues. However, most banks need help with the transition process to become truly transformed, while others still need to catch up in the journey despite spending vast sums of shareholder funds. This study aims to develop a new set of tools and a set of interventions that will aid in understanding and assessing the pain points and barriers to a successful transition with practical steps on how best to truly digitally transform. To fully understand the challenges, this research reviews the various elemental forces that make up the transformation process. It also examines how these challenges impact the organisation, including its leadership, emphasising the collective technological components that drive successful transformation. The study, conducted through a case study approach, also examined the challenges faced by one of the most respected African banks (Guarantee Trust Bank, now formally known as GTCO) and its reactions to the quest to attain digital maturity. The research aims to answer the challenges through an intervention framework on how best to navigate the impediments to a successful transformation.
Item Type: | Thesis (DBA) | ||||
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Subjects: | H Social Sciences > HD Industries. Land use. Labor H Social Sciences > HG Finance |
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Library of Congress Subject Headings (LCSH): | Organizational change, Business planning, Strategic planning, Financial services industry -- Africa, Banks and banking -- Africa | ||||
Official Date: | April 2023 | ||||
Dates: |
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Institution: | University of Warwick | ||||
Theses Department: | Warwick Business School | ||||
Thesis Type: | DBA | ||||
Publication Status: | Unpublished | ||||
Supervisor(s)/Advisor: | Henfridsson, Ola | ||||
Format of File: | |||||
Extent: | 260 pages : illustrations | ||||
Language: | eng |
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