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Disruptive change within financial technology: A methodological analysis of digital transformation challenges

Laurie Hughes Orcid Logo, Jonathan JM Seddon Orcid Logo, Yogesh Dwivedi Orcid Logo

Journal of Information Technology

Swansea University Author: Yogesh Dwivedi Orcid Logo

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DOI (Published version): 10.1177/02683962231219512

Abstract

The digital transformation of the FinTech industry has revealed a plethora of significant challenges for industry decision makers and wider stakeholder groups as organisations contend with the onset of new regulatory frameworks, legacy systems, flexible business models and alignment with corporate s...

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Published in: Journal of Information Technology
ISSN: 0268-3962 1466-4437
Published: SAGE Publications
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URI: https://cronfa.swan.ac.uk/Record/cronfa65098
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Abstract: The digital transformation of the FinTech industry has revealed a plethora of significant challenges for industry decision makers and wider stakeholder groups as organisations contend with the onset of new regulatory frameworks, legacy systems, flexible business models and alignment with corporate social responsibility practice. The reshaping of organisations and drive to greater levels of decentralisation and employee centric practice, presents a cultural shift for the sector, with implications for the success and resulting benefits of change across the industry. This study aims to develop novel insight to the ‘lived in’ impact of digital transformation within the FinTech industry from a factor interdependency perspective. This research adopts a mixed methods approach incorporating Interpretive Structural Modelling, Analytical Hierarchy Process and interviews with expert participants, to offer a unique perspective on the challenges and unintended consequences of industry level technological change. The findings highlight the high levels of interdependency and priority for challenges related to the investment in products and infrastructure for new markets, criticality of stakeholder support and development of a digital mindset for the adoption of new technologies.
Keywords: Financial technology, digital transformation, interpretive structural modelling, analytical hierarchy process
College: Faculty of Humanities and Social Sciences

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