Digital transformation framework for the New Zealand financial industry
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Other Title
Authors
Jose, Mylene
Author ORCID Profiles (clickable)
Degree
Master of Applied Management
Grantor
Otago Polytechic | Te Pūkenga, New Zealand Institute of Skills and Technology
Date
2023
Supervisors
Skelton, Lorraine
Mehdipour, Farhad
Mehdipour, Farhad
Type
Masters Thesis
Ngā Upoko Tukutuku (Māori subject headings)
Keyword
digital transformation
financial industry
digital transformation framework
financial industry
digital transformation framework
ANZSRC Field of Research Code (2020)
Citation
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.
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CC BY-NC-ND Attribution-NonCommercial-NoDerivs 4.0 International