Understanding the Fundamentals of Digital Transformation in Financial Services: Drivers and Strategic Insights

Journal of Artificial Intelligence and Big Data | Vol 3, Issue 1

Table 2. Summary of Key Studies on Digital Transformation,Innovation, and Sustainability in Financial Services

Reference	Focus	Benefits	Challenges	Future Study/Contribution
Wensheng (2020)	China's smart financial ecosystems include platforms for rural financial information services.	Increased efficiency of rural financial services by 20%. Enhances rural financial inclusion and service accessibility.	Limited to the Chinese context; potential difficulties in adapting model to other regions.	Future research could focus on cross-border applications of the model and extending the platform's functionalities for broader financial service areas.
Li et al. (2020)	The evolution of blockchain, bitcoin, and cryptocurrency in transforming financial services.	Provides insights into how blockchain and cryptocurrency redefine financial services.	Challenge of understanding the evolving nature of digital currencies and their practical adoption.	Future studies could explore how blockchain can integrate with existing financial systems and provide practical use cases beyond cryptocurrencies.
Hrustek, Tomicic Furjan, Pihir (2019)	Drivers of new business model development and digital transformation (DT) in organisations.	Identifies key DT drivers—customer needs, new technologies, and organisational goals—that guide business model innovation.	Difficulty in quantifying the impact of specific DT drivers; balancing technology adoption with business needs.	Future research could explore industry-specific DT drivers and how organisations can tailor their digital transformation strategies.
Sánchez et al. (2019)	A cloud service-based paradigm for automatically assessing software engineering competencies in relation to learning objectives.	Provides a structured process for evaluating competencies, helping students identify their academic training needs.	Limitations in automating the evaluation process, ensuring fairness in assessment.	Expanding the cloud service model to other fields, enhancing educational services and training programs.
Pan (2016)	Finding sustainability trends in the financial services sector by text mining corporate sustainability reports.	Identifies critical sustainability challenges in the financial sector, including governance, client centricity, and financial crime control.	Variability in sustainability efforts across financial institutions, lack of standardised reporting.	Helping financial institutions align with sustainability trends and identify areas for improvement.