Digital transformation in the financial services sector: new business models and value creation

This cumulative dissertation contributes to the field of digital transformation in the financial services sector by providing a synthesis of a set of peer-reviewed scientific articles aimed toward advancing the understanding of the value of innovation in the digital transformation of business models in the financial services sector. With this aim in mind, this dissertation focuses on three main research topics related to the field of digital transformation in financial services, whereby the first research topic addresses the digital transformation of the financial system driven by the integration of business and process innovations. To support the subsequent implementation of strategic responses based on the complexity and scope of the digital transformation required in the financial services industry, a holistic analysis of the macroeconomic and sector-specific influencing factors underlying the digital transformation in the financial services industry is presented. Furthermore, since the integration of innovations in primary or secondary business processes leads to both positive and negative consequential impacts, the ambivalent effect of the integration of digital innovations on advisory work in traditional financial institutions are further examined. The second research topic addresses the structural transformation of the financial sector inherent to the consolidation and long-term sustainability of financial technology (FinTech) companies, through the identification and empirical classification of the success factors intrinsic to the different FinTech business models. Subsequently, given that the incorporation of digital innovations into business processes not only challenges how traditional financial service providers capture and generate business value, but also how they engage with their customers to deliver value, the third research topic first explores, from a technological perspective, the digitalization of the customer interface leveraged by digital communication innovations such as chatbots, and subsequently examines the implementation of chatbots within the context of the financial industry.