Deriving Critical Sucess Factors for the Adoption of Digital Products and Services in European Financial Institutions: A Qualitative Study of how to Successfully Adopt Products and Services

Frederik Emil Ellekilde & Lukas Juel Hammerich

Studenteropgave: Kandidatafhandlinger


Purpose - Digitalization is taking place at an unprecedented rate and due to the COVID-19 pandemic this rate has been increasing even further during the last twelve months. Organizations must be successful in their efforts to digitalize and adopt new products and services in order to stay competitive. This is not an easy task, and therefore the purpose of this thesis is to study how this can be done and investigate what elements are vital to the success of a digital adoption. Research Approach - The study focuses on financial institutions and employs a qualitative research approach relying mostly on primary data gathered through semi-structured interviews with twelve financial institutions of differing types. Using the critical success factors methodology, we seek to discover what factors influence adoption of digital services and which ones are critical for financial institutions to succeed. Results - The study results in eight critical success factors for the adoption of digital products and services in financial institutions, where two apply to the industry as a whole, four apply to incumbent banks, and two apply to fintechs. The overall areas in which financial institutions must succeed include legislation, technology, and people. Limitations - Overall, the study is limited by its narrow research question, as this only focuses on financial institutions. Therefore, we are not able to generalize the results to other industries. Further research should broaden the scope to investigate whether similar parameters apply in other industries. Goal - It is the goal of the thesis that financial institutions throughout the financial services industry can use the results to better understand how to become successful in their efforts to adopt new digital products and services. Business Administration and Information Systems, (Kandidatuddannelse) Afsluttende afhandling
Antal sider104
VejlederePhilipp Hukal