Influencing factors for the digital transformation in the financial services sector

Digital transformation affects almost every area in societies and has consequences for incumbent companies. With qualitative research, we explore the influencing factors for digital transformation in the financial services sector. We use a PEST-model and Porter’s Five Forces as the underlying struct...

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Bibliographic Details
Published in:Zeitschrift für die gesamte Versicherungs-Wissenschaft 2020-11, Vol.109 (2-4), p.155-179
Main Authors: Werth, Oliver, Schwarzbach, Christoph, Rodríguez Cardona, Davinia, Breitner, Michael H., Graf von der Schulenburg, Johann-Matthias
Format: Article
Language:English
Subjects:
Commercial Law
Economics and Finance
Finance
Investments and Securities
Macroeconomics/Monetary Economics//Financial Economics
Original Article
Public Health
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Summary:Digital transformation affects almost every area in societies and has consequences for incumbent companies. With qualitative research, we explore the influencing factors for digital transformation in the financial services sector. We use a PEST-model and Porter’s Five Forces as the underlying structure for our analysis. Our interviews and findings show that the financial services sector face the same current challenges, but their impact is perceived higher in the banking than in the insurance sector concerning social factors and bargaining power of buyers. The character of the current development is evolutionary rather than disruptive. Almost all incumbents currently focus on modernizing and consolidating their backend-systems. The aim is to enable them for new customer-oriented services. A primary driver for the digital transformation is the threat of a broader market entry by BigTechs. Our research provides a comprehensive overlook about the influencing factors of digital transformation using statements from experts in the field.
ISSN:0044-2585
1865-9748
DOI:10.1007/s12297-020-00486-6