Digital transformation is a novel and frequently misinterpreted phenomenon. Several institutions, companies, customers, and regulators in the financial services sector are currently grappling with digital transformation, especially with the advent of financial technologies (Fintech). In recent times, the upsurge in the application of Fintech has had a tremendous impact on how financial services are provided to society. Yet, there exists a gap in the literature as to the actual meaning and nature of digital transformation in this sector. In this study, data from semi-structured and unstructured interviews with experts and practitioners in the financial services sector in Nigeria will be qualitatively synthesized to inductively build a theoretical framework and model for digital transformation. From the model and framework, an expanded knowledge on the digital transformation of the financial services sector in Nigeria will be derived. The insight will succinctly make sense of factors that drive digital transformation, capabilities that are digitally transformed, and processes of transformation, including tangible and intangible impacts resulting from the transformation. Furthermore, the implications of the digital transformation of financial services will be evaluated in terms of how sustainable development is framed and understood in Nigeria. Researchers can apply the framework to structure their work and have a clearer picture of digital transformation’s extensive scope and impacts or replicate the study in other contexts or industries to decipher its applicability. In addition, regulators, and practitioners (e.g., banks, insurance, and Fintech companies) may also apply the model to formulate policies and refine their products/services respectively.

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Feb 1 2023