Details
| Original language | English |
|---|---|
| Pages (from-to) | 155-179 |
| Number of pages | 25 |
| Journal | Zeitschrift fur die gesamte Versicherungswissenschaft |
| Volume | 109 |
| Issue number | 2-4 |
| Publication status | Published - Nov 2020 |
Abstract
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.
Keywords
- Banks and Insurances, Digital Transformation, Financial Services Sector, Influencing Factors, Qualitative Research
ASJC Scopus subject areas
- Business, Management and Accounting(all)
- Accounting
- Economics, Econometrics and Finance(all)
- Finance
- Economics, Econometrics and Finance(all)
- Economics and Econometrics
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In: Zeitschrift fur die gesamte Versicherungswissenschaft, Vol. 109, No. 2-4, 11.2020, p. 155-179.
Research output: Contribution to journal › Article › Research › peer review
}
TY - JOUR
T1 - Influencing factors for the digital transformation in the financial services sector
AU - Werth, Oliver
AU - Schwarzbach, Christoph
AU - Rodríguez Cardona, Davinia
AU - Breitner, Michael H.
AU - Graf von der Schulenburg, Johann Matthias
N1 - Publisher Copyright: © 2020, The Author(s).
PY - 2020/11
Y1 - 2020/11
N2 - 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.
AB - 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.
KW - Banks and Insurances
KW - Digital Transformation
KW - Financial Services Sector
KW - Influencing Factors
KW - Qualitative Research
UR - http://www.scopus.com/inward/record.url?scp=85097295589&partnerID=8YFLogxK
U2 - 10.1007/s12297-020-00486-6
DO - 10.1007/s12297-020-00486-6
M3 - Article
AN - SCOPUS:85097295589
VL - 109
SP - 155
EP - 179
JO - Zeitschrift fur die gesamte Versicherungswissenschaft
JF - Zeitschrift fur die gesamte Versicherungswissenschaft
SN - 0044-2585
IS - 2-4
ER -