Successful Digital Transformation in Finance. Customer-Centricity and Future Business Models Beyond Smart Technologies
Successful Digital Transformation in Finance. Customer-Centricity and Future Business Models Beyond Smart Technologies

Author: Houssem Gharbi

Publisher: GRIN Verlag

Published: 2024-01-24

Total Pages: 113

ISBN-13: 3346999025

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Bachelor Thesis from the year 2023 in the subject Economics - Finance, grade: 100, University of Applied Sciences Bern (Bern university of applied sciences), course: Digital Business Management, language: English, abstract: 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.

The Imagination Machine
The Imagination Machine

Author: Martin Reeves

Publisher: Harvard Business Press

Published: 2021-06-08

Total Pages: 248

ISBN-13: 1647820871

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A guide for mining the imagination to find powerful new ways to succeed. We need imagination now more than ever—to find new opportunities, rethink our businesses, and discover paths to growth. Yet too many companies have lost their ability to imagine. What is this mysterious capacity? How does imagination work? And how can organizations keep it alive and harness it in a systematic way? The Imagination Machine answers these questions and more. Drawing on the experience and insights of CEOs across several industries, as well as lessons from neuroscience, computer science, psychology, and philosophy, Martin Reeves of Boston Consulting Group's Henderson Institute and Jack Fuller, an expert in neuroscience, provide a fascinating look into the mechanics of imagination and lay out a process for creating ideas and bringing them to life: The Seduction: How to open yourself up to surprises The Idea: How to generate new ideas The Collision: How to rethink your idea based on real-world feedback The Epidemic: How to spread an evolving idea to others The New Ordinary: How to turn your novel idea into an accepted reality The Encore: How to repeat the process—again and again. Imagination is one of the least understood but most crucial ingredients of success. It's what makes the difference between an incremental change and the kinds of pivots and paradigm shifts that are essential to transformation—especially during a crisis. The Imagination Machine is the guide you need to demystify and operationalize this powerful human capacity, to inject new life into your company, and to head into unknown territory with the right tools at your disposal.

Digital and Social Media Marketing
Digital and Social Media Marketing

Author: Nripendra P. Rana

Publisher: Springer Nature

Published: 2019-11-11

Total Pages: 337

ISBN-13: 3030243745

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This book examines issues and implications of digital and social media marketing for emerging markets. These markets necessitate substantial adaptations of developed theories and approaches employed in the Western world. The book investigates problems specific to emerging markets, while identifying new theoretical constructs and practical applications of digital marketing. It addresses topics such as electronic word of mouth (eWOM), demographic differences in digital marketing, mobile marketing, search engine advertising, among others. A radical increase in both temporal and geographical reach is empowering consumers to exert influence on brands, products, and services. Information and Communication Technologies (ICTs) and digital media are having a significant impact on the way people communicate and fulfil their socio-economic, emotional and material needs. These technologies are also being harnessed by businesses for various purposes including distribution and selling of goods, retailing of consumer services, customer relationship management, and influencing consumer behaviour by employing digital marketing practices. This book considers this, as it examines the practice and research related to digital and social media marketing.

Managing Digital Transformation
Managing Digital Transformation

Author: Andreas Hinterhuber

Publisher: Routledge

Published: 2021-05-26

Total Pages: 350

ISBN-13: 1000387844

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This book provides practising executives and academics with the theories and best practices to plan and implement the digital transformation successfully. Key benefits: an overview on how leading companies plan and implement digital transformation interviews with chief executive officers and chief digital officers of leading companies – Bulgari, Deutsche Bahn, Henkel, Lanxess, L’Oréal, Unilever, Thales and others – explore lessons learnt and roadmaps to successful implementation research and case studies on the digitalization of small and medium-sized companies cutting-edge academic research on business models, organizational capabilities and performance implications of the digital transformation tools and insights into how to overcome internal resistance, build digital capabilities, align the organization, develop the ecosystem and create customer value to implement digital strategies that increase profits Managing Digital Transformation is unique in its approach, combining rigorous academic theory with practical insights and contributions from companies that are, according to leading academic thinkers, at the forefront of global best practice in the digital transformation. It is a recommended reading both for practitioners looking to implement digital strategies within their own organisations, as well as for academics and postgraduate students studying digital transformation, strategy and marketing.

What's Your Digital Business Model?
What's Your Digital Business Model?

Author: Peter Weill

Publisher: Harvard Business Press

Published: 2018-04-17

Total Pages: 167

ISBN-13: 163369271X

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Digital transformation is not about technology--it's about change. In the rapidly changing digital economy, you can't succeed by merely tweaking management practices that led to past success. And yet, while many leaders and managers recognize the threat from digital--and the potential opportunity--they lack a common language and compelling framework to help them assess it and guide them in responding. They don't know how to think about their digital business model. In this concise, practical book, MIT digital research leaders Peter Weill and Stephanie Woerner provide a powerful yet straightforward framework that has been field-tested globally with dozens of senior management teams. Based on years of study at the MIT Center for Information Systems Research (CISR), the authors find that digitization is moving companies' business models on two dimensions: from value chains to digital ecosystems, and from a fuzzy understanding of the needs of end customers to a sharper one. Looking at these dimensions in combination results in four distinct business models, each with different capabilities. The book then sets out six driving questions, in separate chapters, that help managers and executives clarify where they are currently in an increasingly digital business landscape and highlight what's needed to move toward a higher-value digital business model. Filled with straightforward self-assessments, motivating examples, and sharp financial analyses of where profits are made, this smart book will help you tackle the threats, leverage the opportunities, and create winning digital strategies.

Digital Entrepreneurship
Digital Entrepreneurship

Author: Mariusz Soltanifar

Publisher: Springer Nature

Published: 2020-11-13

Total Pages: 339

ISBN-13: 3030539148

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This open access book explores the global challenges and experiences related to digital entrepreneurial activities, using carefully selected examples from leading companies and economies that shape world business today and tomorrow. Digital entrepreneurship and the companies steering it have an enormous global impact; they promise to transform the business world and change the way we communicate with each other. These companies use digitalization and artificial intelligence to enhance the quality of decisions and augment their business and customer operations. This book demonstrates how cloud services are continuing to evolve; how cryptocurrencies are traded in the banking industry; how platforms are created to commercialize business, and how, taken together, these developments provide new opportunities in the digitalized era. Further, it discusses a wide range of digital factors changing the way businesses operate, including artificial intelligence, chatbots, voice search, augmented and virtual reality, as well as cyber threats and data privacy management. “Digitalization mirrors the Industrial Revolution’s impact. This book provides a complement of perspectives on the opportunities emanating from such a deep seated change in our economy. It is a comprehensive collection of thought leadership mapped into a very useful framework. Scholars, digital entrepreneurs and practitioners will benefit from this timely work.” Gina O’Connor, Professor of Innovation Management at Babson College, USA “This book defines and delineates the requirements for companies to enable their businesses to succeed in a post-COVID19 world. This book deftly examines how to accomplish and achieve digital entrepreneurship by leveraging cloud computing, AI, IoT and other critical technologies. This is truly a unique “must-read” book because it goes beyond theory and provides practical examples.” Charlie Isaacs, CTO of Customer Connection at Salesforce.com, USA "This book provides digital entrepreneurs useful guidance identifying, validating and building their venture. The international authors developed new perspectives on digital entrepreneurship that can support to create impact ventures.” Felix Staeritz, CEO FoundersLane, Member of the World Economic Forum Digital Leaders Board and bestselling author of FightBack, Germany

Knowledge, Innovation and Sustainable Development in Organizations
Knowledge, Innovation and Sustainable Development in Organizations

Author: Marta Peris-Ortiz

Publisher: Springer

Published: 2018-07-16

Total Pages: 263

ISBN-13: 3319748815

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This volume explores the ways in which knowledge and innovation impact business and economic sustainability, offering a wide-ranging and richly illustrated study of knowledge, innovation and sustainability of organizations from a dynamic capabilities perspective. In organizational theory, dynamic capability is defined as an organization’s ability to react and adapt adequately and rapidly to external change. In today’s global economy, pursuing sustainable strategies and practices is critical to organizational success. Complying with externally and internally imposed sustainability targets might initially appear as a restriction for organizations; however, they can be transformed into a new set of opportunities. This means that the classic ways in which management absorbs the experiences associated with evolving conditions, organizational frameworks and markets must be reconsidered in light of the preservation of the technological, environmental and social ecosystems. Featuring research and case studies from sectors such as NGOs, SMEs, education and agriculture, this book offers students, academics, practitioners and policymakers a multi-faceted understanding of how and why knowledge, innovation and sustainability are intricately linked—and offers insight into best practices that balance organizational and societal needs.

Digital Entrepreneurship
Digital Entrepreneurship

Author: Ronny Baierl

Publisher: Springer

Published: 2019-08-02

Total Pages: 208

ISBN-13: 3030201384

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Digital technologies have become a new economic and social force, reshaping traditional business models, strategies, structures, and processes. Digital entrepreneurship, which focuses on creating new ventures and transforming existing businesses by developing novel digital technologies or their novel usage, is seen as a critical pillar for economic growth, job creation, and innovation by many countries. Further, digital technologies have also enabled the growth of the sharing economy, linking owners and users and disrupting the previous dualism of businesses and customers.This volume discusses the management of new technology-based firms and technology projects initiated in academic or industrial contexts. The contributions feature new theoretical concepts, ethical considerations, empirical data analysis (qualitative and quantitative), archival and historical methods, design science approaches, action and field research, as well as management science methods, informatics and cybernetics.

Driving Digital
Driving Digital

Author: Isaac Sacolick

Publisher: AMACOM

Published: 2017-08-24

Total Pages: 317

ISBN-13: 081443861X

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Every organization makes plans for updating products, technologies, and business processes. But that’s not enough anymore for the twenty-first-century company. The race is now on for everyone to become a digital enterprise. For those individuals who have been charged with leading their company’s technology-driven change, the pressure is intense while the correct path forward unclear. Help has arrived! In Driving Digital, author Isaac Sacolick shares the lessons he’s learned over the years as he has successfully spearheaded multiple transformations and helped shape digital-business best practices. Readers no longer have to blindly trek through the mine field of their company’s digital transformation. In this thoroughly researched one-stop manual, learn how to: • Formulate a digital strategy • Transform business and IT practices • Align development and operations • Drive culture change • Bolster digital talent • Capture and track ROI • Develop innovative digital practices • Pilot emerging technologies • And more! Your company cannot avoid the digital disruption heading its way. The choice is yours: Will this mean the beginning of the end for your business, or will your digital practices be what catapults you into next-level success?

Information Systems Research
Information Systems Research

Author: Bonnie Kaplan

Publisher: Springer Science & Business Media

Published: 2004-06-30

Total Pages: 745

ISBN-13: 1402080948

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Information Systems Research: Relevant Theory and Informed Practice comprises the edited proceedings of the WG8.2 conference, "Relevant Theory and Informed Practice: Looking Forward from a 20-Year Perspective on IS Research," which was sponsored by IFIP and held in Manchester, England, in July 2004. The conference attracted a record number of high-quality manuscripts, all of which were subjected to a rigorous reviewing process in which four to eight track chairs, associate editors, and reviewers thoughtfully scrutinized papers by the highly regarded as well as the newcomers. No person or idea was considered sacrosanct and no paper made it through this process unscathed. All authors were asked to revise the accepted papers, some more than once; thus, good papers got better. With only 29 percent of the papers accepted, these proceedings are significantly more selective than is typical of many conference proceedings. This volume is organized in 7 sections, with 33 full research papers providing panoramic views and reflections on the Information Systems (IS) discipline followed by papers featuring critical interpretive studies, action research, theoretical perspectives on IS research, and the methods and politics of IS development. Also included are 6 panel descriptions and a new category of "bright idea" position papers, 11 in all, wherein main points are summarized in a pithy and provocative fashion.