Benefits and Challenges of Digital Transformation Technologies in the Financial Services Sector: A Case Study of two Commercial Banks in Zambia
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This paper focuses on issues affecting digital transformation technologies (DTTs) in the financial services sector, especially banks. Many banks have made huge investments in technologies to guarantee uninterrupted operations and optimize service provision. This paper ascertains the benefits and challenges that contribute to the effective application of Digital Transformation Technologies (DTTs) in commercial banks. It explores various factors that impact the usage of DTTs and employee performance. The study methodology encompassed both qualitative and quantitative techniques. Online questionnaires were used to collect data. Bank Annual reports were analyzed to collect information that related to the aim of the study.
Findings revealed that increased efficiency, improved data collection and innovation were the main benefits of using DTTs in the financial services sector. The main challenges identified in the study included employee resistance to change, complexity of systems and cybersecurity. Banks need to address these issues and recommendations were made for them to engage specific stakeholders for successful DTTs implementation and usage. Organizations must budget and allocate adequate finances to procure the technologies and train employees The findings of the study are expected to contribute to the body of knowledge on DTTs and provide valuable insights for policy makers to make informed decisions. Future research areas identified for further study include insurance, health, and manufacturing sectors with specific focus on Artificial Intelligence and Cloud computing technologies.
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