Digital transformation framework for the New Zealand financial industry
Author: Mylene Jose
Supervisors: Lorraine Skelton, Farhad Mehdipour
Jose, M. (2023). Digital transformation framework for the New Zealand financial industry. (A thesis submitted in partial fulfilment of the degree of Master of Applied Management at Otago Polytechnic Auckland International Campus). https://doi.org/10.34074/thes.6330
Abstract
This research aimed to contribute valuable insights and knowledge that can benefit practitioners, policymakers, and other researchers engaged in New Zealand's financial industry by providing a deeper understanding of digital transformation and to propose a comprehensive and customised digital transformation framework that aligns with the country's financial landscape.
The research methodology involved a multi-faceted approach, beginning with a comprehensive literature review encompassing historical aspects, fundamental concepts, and an extensive examination of various digital transformation frameworks to establish a robust theoretical foundation. Data collection comprised two qualitative methods from the participants. The first method included interviews through a focus group, and the second method utilised a questionnaire method. These approaches allowed for the gathering of structured data ranging from low to high-level codes and in-depth exploration of critical issues and insights.
Subsequently, data analysis involved using thematic analysis, facilitating the identification of patterns and themes to draw conclusions. This methodological approach ensured a well-rounded investigation of digital transformation frameworks and consideration of participants’ responses from within the financial industry in New Zealand.
This research explored diverse factors influencing DT in New Zealand's financial industry, covering societal, cultural, governmental, regulatory, Māori cultural values, and economic aspects. It also addressed organisational, societal, cultural, and economic requirements for a proposed New Zealand DT framework, with participants’ validation categorised into acceptance, change management, governance, adaptability, alignment, communication, cybersecurity, financial regulation, market dynamics, and more. The study achieved its objective by integrating these factors into a proposed DT framework tailored to New Zealand's financial industry, drawing from the KPMG DT framework, participants’ insights, and researcher-proposed elements. The resulting framework emphasises well-defined guidance and strategy, standardisation, flexibility, risk management, collaboration, customer-centricity, regulatory compliance, data security, digital inclusion, technology adoption, organisational culture, and cross-cultural considerations. This adaptation addressed a critical gap and produced a comprehensive, customised DT framework aligning with New Zealand's unique financial requirements.
The limitations of the research encompass concerns regarding its generalisability to other industries in New Zealand, the potential dominance of voices in the focus group potentially affecting the diversity of perspectives, time constraints in focus group discussions, the digital transformation framework's scope covering all financial industry aspects, and the small, purposively selected sample size.
Keywords
digital transformation, financial industry, digital transformation framework
Licence
A copy of the thesis is publicly available under a Creative Commons Attribution Non-Commercial No Derivatives licence CC BY-NC-ND 4.0 International
