The financial sector is undergoing a profound transformation driven by digitalization and technological advancements. In this dynamic landscape, financial institutions are reassessing their strategies to stay competitive. The integration of smart technologies and the pursuit of customer-centric business models are key elements in this transformative journey.
As technology reshapes traditional paradigms, the financial industry experiences a seismic shift towards digital transformation. Fintech's emergence and the importance of smart services redefine operations, challenge business models, and create avenues for innovation. This literature review explores the theoretical framework of digital transformation, dissecting definitions, and explaining its impact on finance.
The review investigates future business models in finance, emphasizing their digital aspects and the delicate balance between replication and innovation. Shifting focus to customers, it explores the evolving concept of customer-centricity and the role of customers as co-creators in business models. Integration of customers with smart technology becomes a critical aspect, examining technology acceptance and the role of empathic AI.
Methodologically, the review outlines a systematic approach, including the identification of relevant research databases, search keywords, and meticulous study selection. The results section uncovers gaps, perspectives, and recommendations in existing literature, providing a foundation for discussion.
The discussion navigates barriers hindering customer acceptance of smart technology, explores factors in implementing customer-centric business models, and delves into building trust in the digital era. The paper concludes by outlining future research directions and offering practical insights for financial institutions.
In essence, this review serves as a compass through the complex terrain of digital transformation in finance, unraveling future business models, customer-centricity, and the integration of smart technologies. It contributes valuable insights to academics, practitioners, and decision-makers in the financial industry.
Inhaltsverzeichnis (Table of Contents)
- Management summary.
- Introduction
- Introduction and relevance of the topic.
- Problem description
- Research questions.
- Objectives of the literature review
- Theoretical framework
- Digital transformation in finance.
- Definition and explanation of digital transformation in finance.
- Overview of Fintech and its impact on digital transformation.
- Importance of smart services in digital transformation
- Future business models (BM) in finance
- Significance of BM in finance
- BM and its digital aspect.
- Replication and innovation of BM.
- Customers in business models (BM) of the future....
- Customers as co-creators: Importance of customers' needs in future BM
- Designing for the future: Customer-centric BM management.…….....
- Balancing between risks and benefits: Navigating the future BM in finance...\n
- Customer integration with smart technology in financial institutions: Examining\nacceptance and the role of empathic Al....
- Integrating customers with smart technologies in financial institutions
- Customer acceptance of new technologies in financial institutions..\n
- Role of empathic Al in customer integration with smart technology.
- Methodology
- Design
- Identification of relevant research databases and search keywords
- Conducting a systematic search.
- Screening and selecting studies.
- Extraction and analysis of data..
- Interpretation of the findings..
- Literature review.
- Choice of the topic.
- Course of literature search..
- Search terms and limits..
- Inclusion and exclusion criteria..
- Selection and number of studies found
- Assessment and evaluation
- Ethical considerations ........
- Results of literature review
- Exploring digital transformation and Fintech: Gaps, perspectives and\nrecommendations for future research
- Defining the digital transformation: Gaps, perspectives, and recommendations for\nfuture research
- Understanding the intersection of finance and technology: Importance of fintech\nliterature and developing a foundational comprehension.
- The significance of conceptualizing fintech and technological innovation.
- Reimagining business models and customer integration in financial services\ninnovation..………….
- The evolving concept of business models: the need for updated approaches in the\nfinancial industry...
- Navigating the digitalization dilemma: the importance of innovating business models\nfor future success
- The need for more specialized and structured discussions on customer-centric\nbusiness models in financial services.....
- Bridging the gap: investigating the need for a theoretical model and methodical\napproach in integrating customers in financial services innovation
- Exploring the role of Al and smart technologies in enhancing customer trust and\nacceptance in financial services
- Investigating consumer acceptance of smart technologies in financial institutions…..
- Empathic ai and customer trust: implications for financial services
- Importance of the findings of this literature review.......
- Discussion
- Overcoming the barriers to customer acceptance of smart technology in financial\nservices ....
- Important factors to consider when deciding to implement a customer-centric\nbusiness model in financial firms .....
- Building Trust with Customers: Respond to shifting customer expectations by\nincorporating smart technology and gaining customer trust...
- Limitations and future research directions
- Conclusion and answer to research question....
- Hints for practice......
- Hints for practice for financial institutions.
- Hints for practice for managers
- Steps that to create customer-centric business models.
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This literature review aims to investigate the significance of customer focus in promoting innovation and growth within the financial services industry. It explores the value of customer co-creation and the positive impact of smart technologies on enhancing customer relationships.
- The impact of digital transformation on the financial services industry.
- The importance of customer-centric business models in a digital environment.
- The role of smart technologies, such as Artificial Intelligence (AI), in enhancing customer experience and building trust.
- The challenges and opportunities associated with integrating customers with smart technologies.
- The need for further research to comprehensively understand the implications of customer-centricity and smart technologies in financial services.
Zusammenfassung der Kapitel (Chapter Summaries)
- Introduction: This chapter introduces the topic of customer-centricity in the financial services industry, highlighting the relevance and importance of the research. It defines the problem, outlines the research questions, and sets out the objectives of the literature review.
- Theoretical Framework: This chapter provides a theoretical foundation for the research. It explores key concepts such as digital transformation in finance, future business models, and customer integration with smart technology. It examines the significance of Fintech, smart services, and the role of AI, particularly empathic AI, in shaping the future of financial services.
- Methodology: This chapter details the research methodology used in the review, including the design, search strategy, data extraction and analysis, and ethical considerations.
- Results of Literature Review: This chapter presents the findings of the literature review, analyzing key themes and identifying gaps in existing research. It examines the challenges of defining digital transformation, the importance of innovative business models, and the critical role of customer-centric approaches in navigating the digital landscape.
- Discussion: This chapter discusses the implications of the findings, highlighting the barriers to customer acceptance of smart technology and the importance of building trust with customers through empathetic AI.
Schlüsselwörter (Keywords)
This literature review focuses on the impact of digital transformation, customer-centricity, and smart technologies on the financial services industry. Key concepts include customer-centric business models, Fintech, Artificial Intelligence (AI), particularly empathic AI, customer integration, and acceptance of new technologies. The review also examines the importance of customer needs, business model innovation, and the challenges associated with balancing risks and benefits in a digital environment.
- Quote paper
- Houssem Gharbi (Author), 2023, Successful Digital Transformation in Finance. Customer-Centricity and Future Business Models Beyond Smart Technologies, Munich, GRIN Verlag, https://www.grin.com/document/1438752
