IDEAS home Printed from https://ideas.repec.org/a/sae/sagope/v13y2023i4p21582440231214590.html
   My bibliography  Save this article

Embracing Digital Transformation in Financial Services: From Past to Future

Author

Listed:
  • Mohammed Muneerali Thottoli
  • Md. Aminul Islam
  • Mohd Faizal bin Yusof
  • Md. Sharif Hassan
  • Md. Arif Hassan

Abstract

Financial services are significantly impacted by digital transformation, which has been believed as one of the primary trends reshaping society and industry. A comprehensive understanding of digital transformation from an academic and management perspective is required, and it is crucial to close the knowledge gap using bibliometric and qualitative research techniques. Hence, the purpose of this paper is to identify the extensive research themes in digital transformation in financial services from 2000 to 2021, their significance and interdependencies, to determine which trending topics seem to be the most influential, to trace the evolution of digital transformation in the financial service, and to address new and under-researched field of research that is intriguing for future research. This study used a bibliometric analysis of 288 peer-reviewed research articles published over the last 22 years in digital transformation in financial services. The data were extracted from the Scopus database and used various bibliometric analyses such as conceptual structure analysis, co-citation network analysis, social structure, and keyword analysis using R software. The findings show an overall increasing trend in journal publications, author productivity, collaborative research by institutions, and countries’ collaboration from the year 2019, as well as major insights from co-citation analysis. According to Lotka’s law, most authors (769, or 95.77%) contributed only one article. In addition, the study assesses multiple research areas, such as the effects of digital transformation in financial services, applied technology and insights, and digitalization processes, comprising the latest trending topics in this research stream that extensively cover up in financial services. One of the limitations of this study is that it used only a single database. The author recommends that the findings of this research be reinforced with more targeted and extensive qualitative literature in this field of study. This study establishes a framework for policymakers, academics, and researchers to investigate the areas where digital technologies influence financial services. This study also highlighted several cutting-edge digital technologies used for different functions of the financial services of an organization. This study illustrates the bibliometric structure of the digital transformation literature in financial services and provides insights into the literature’s growth year over year. It provides a comprehensive understanding of this evolving field, guiding future research and facilitating informed decision-making in the financial industry.

Suggested Citation

  • Mohammed Muneerali Thottoli & Md. Aminul Islam & Mohd Faizal bin Yusof & Md. Sharif Hassan & Md. Arif Hassan, 2023. "Embracing Digital Transformation in Financial Services: From Past to Future," SAGE Open, , vol. 13(4), pages 21582440231, December.
    • Handle: RePEc:sae:sagope:v:13:y:2023:i:4:p:21582440231214590
    DOI: 10.1177/21582440231214590
    as

    Download full text from publisher

    File URL: https://journals.sagepub.com/doi/10.1177/21582440231214590
    Download Restriction: no
    File URL: https://libkey.io/10.1177/21582440231214590?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Aria, Massimo & Cuccurullo, Corrado, 2017. "bibliometrix: An R-tool for comprehensive science mapping analysis," Journal of Informetrics, Elsevier, vol. 11(4), pages 959-975.
    2. Mohammed Muneerali Thottoli, 2021. "Practical knowledge in preparing financial statements and ICT-enabled financial plans: An empirical study among entrepreneurial students in Oman," International Entrepreneurship Review, Centre for Strategic and International Entrepreneurship at the Cracow University of Economics., vol. 7(1), pages 21-31.
    3. Kavita Karan Ingale & Ratna Achuta Paluri, 2020. "Financial literacy and financial behaviour: a bibliometric analysis," Review of Behavioral Finance, Emerald Group Publishing Limited, vol. 14(1), pages 130-154, December.
    4. Yuehua Zhao & Rongying Zhao, 2016. "An evolutionary analysis of collaboration networks in scientometrics," Scientometrics, Springer;Akadémiai Kiadó, vol. 107(2), pages 759-772, May.
    5. Tobias Riasanow & Lea Jäntgen & Sebastian Hermes & Markus Böhm & Helmut Krcmar, 2021. "Core, intertwined, and ecosystem-specific clusters in platform ecosystems: analyzing similarities in the digital transformation of the automotive, blockchain, financial, insurance and IIoT industry," Electronic Markets, Springer;IIM University of St. Gallen, vol. 31(1), pages 89-104, March.
    6. Abdulazeez Abdulquadri & Emmanuel Mogaji & Tai Anh Kieu & Nguyen Phong Nguyen, 2021. "Digital transformation in financial services provision: a Nigerian perspective to the adoption of chatbot," Journal of Enterprising Communities: People and Places in the Global Economy, Emerald Group Publishing Limited, vol. 15(2), pages 258-281, May.
    7. Henry Small, 1973. "Co‐citation in the scientific literature: A new measure of the relationship between two documents," Journal of the American Society for Information Science, Association for Information Science & Technology, vol. 24(4), pages 265-269, July.
    8. Dangzhi Zhao & Andreas Strotmann, 2008. "Evolution of research activities and intellectual influences in information science 1996–2005: Introducing author bibliographic‐coupling analysis," Journal of the American Society for Information Science and Technology, Association for Information Science & Technology, vol. 59(13), pages 2070-2086, November.
    9. Ahmed H. Alsharif & Nor Zafir Md Salleh & Rohaizat Baharun & Alharthi Rami Hashem E, 2021. "Neuromarketing research in the last five years: a bibliometric analysis," Cogent Business & Management, Taylor & Francis Journals, vol. 8(1), pages 1978620-197, January.
    10. Angelopoulos, Michail & Kontakou, Christina & Pollalis, Yannis, 2019. "Digital Transformation and Lean Management. Challenges in the Energy Industry of Utilities. A Review," MPRA Paper 95523, University Library of Munich, Germany.
    11. Apriliyanti, Indri Dwi & Alon, Ilan, 2017. "Bibliometric analysis of absorptive capacity," International Business Review, Elsevier, vol. 26(5), pages 896-907.
    12. Jörn Block & Christian Fisch & Farooq Rehan, 2020. "Religion and entrepreneurship: a map of the field and a bibliometric analysis," Management Review Quarterly, Springer, vol. 70(4), pages 591-627, November.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Priya Shah & Richa Singh Dubey & Shashikant Rai & Douglas W. S. Renwick & Saurabh Misra, 2024. "Green human resource management: A comprehensive investigation using bibliometric analysis," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(1), pages 31-53, January.
    2. Mingchun Cao & Ilan Alon, 2020. "Intellectual Structure of the Belt and Road Initiative Research: A Scientometric Analysis and Suggestions for a Future Research Agenda," Sustainability, MDPI, vol. 12(17), pages 1-40, August.
    3. Bo Liu & Wei Song & Qian Sun, 2022. "Status, Trend, and Prospect of Global Farmland Abandonment Research: A Bibliometric Analysis," IJERPH, MDPI, vol. 19(23), pages 1-30, November.
    4. Zhichao Wang & Valentin Zelenyuk, 2021. "Performance Analysis of Hospitals in Australia and its Peers: A Systematic Review," CEPA Working Papers Series WP012021, School of Economics, University of Queensland, Australia.
    5. Shuo Xu & Liyuan Hao & Xin An & Hongshen Pang & Ting Li, 2020. "Review on emerging research topics with key-route main path analysis," Scientometrics, Springer;Akadémiai Kiadó, vol. 122(1), pages 607-624, January.
    6. Bhukya, Ramulu & Paul, Justin, 2023. "Social influence research in consumer behavior: What we learned and what we need to learn? – A hybrid systematic literature review," Journal of Business Research, Elsevier, vol. 162(C).
    7. Manta Eduard Mihai & Davidescu Adriana Ana Maria & Geambasu Maria Cristina & Florescu Margareta Stela, 2023. "Exploring the research area of direct taxation. An empirical analysis based on bibliometric analysis results," Management & Marketing, Sciendo, vol. 18(s1), pages 355-383, December.
    8. Joel O. Botai & Christina M. Botai & Katlego P. Ncongwane & Sylvester Mpandeli & Luxon Nhamo & Muthoni Masinde & Abiodun M. Adeola & Michael G. Mengistu & Henerica Tazvinga & Miriam D. Murambadoro & S, 2021. "A Review of the Water–Energy–Food Nexus Research in Africa," Sustainability, MDPI, vol. 13(4), pages 1-26, February.
    9. Saymon Ricardo Oliveira Sousa & Wesley Vieira Silva & Claudimar Pereira Veiga & Roselaine Ruviaro Zanini, 2020. "Theoretical background of innovation in services in small and medium-sized enterprises: literature mapping," Journal of Innovation and Entrepreneurship, Springer, vol. 9(1), pages 1-26, December.
    10. Liu, Yunmei & Yang, Liu & Chen, Min, 2021. "A new citation concept: Triangular citation in the literature," Journal of Informetrics, Elsevier, vol. 15(2).
    11. Lambert Kofi Osei & Yuliya Cherkasova & Kofi Mintah Oware, 2023. "Unlocking the full potential of digital transformation in banking: a bibliometric review and emerging trend," Future Business Journal, Springer, vol. 9(1), pages 1-18, December.
    12. Secinaro, Silvana & Calandra, Davide & Lanzalonga, Federico & Ferraris, Alberto, 2022. "Electric vehicles’ consumer behaviours: Mapping the field and providing a research agenda," Journal of Business Research, Elsevier, vol. 150(C), pages 399-416.
    13. Ruth Zárate Rueda & Yolima Ivonne Beltrán Villamizar & Luis Eduardo Becerra Ardila, 2023. "A Retrospective Approach to Pro-Environmental Behavior from Environmental Education: An Alternative from Sustainable Development," Sustainability, MDPI, vol. 15(6), pages 1-19, March.
    14. Toshiyuki Hasumi & Mei-Shiu Chiu, 2022. "Online mathematics education as bio-eco-techno process: bibliometric analysis using co-authorship and bibliographic coupling," Scientometrics, Springer;Akadémiai Kiadó, vol. 127(8), pages 4631-4654, August.
    15. Janbaz, Mehdi & Hassan, M. Kabir & Floreani, Josanco & Dreassi, Alberto & Jiménez, Alfredo, 2022. "Political risk in banks: A review and agenda," Research in International Business and Finance, Elsevier, vol. 62(C).
    16. Annarelli, Alessandro & Battistella, Cinzia & Nonino, Fabio & Parida, Vinit & Pessot, Elena, 2021. "Literature review on digitalization capabilities: Co-citation analysis of antecedents, conceptualization and consequences," Technological Forecasting and Social Change, Elsevier, vol. 166(C).
    17. Andrej Kastrin & Dimitar Hristovski, 2021. "Scientometric analysis and knowledge mapping of literature-based discovery (1986–2020)," Scientometrics, Springer;Akadémiai Kiadó, vol. 126(2), pages 1415-1451, February.
    18. Yicheng Wei & Qiaoping Zhang & Jing Guo & Min Chen, 2023. "Learning to teach through noticing: a bibliometric review of teacher noticing research in mathematics education during 2006–2021," Palgrave Communications, Palgrave Macmillan, vol. 10(1), pages 1-15, December.
    19. Yun, Jinhyuk & Ahn, Sejung & Lee, June Young, 2020. "Return to basics: Clustering of scientific literature using structural information," Journal of Informetrics, Elsevier, vol. 14(4).
    20. AHMAD Idris & ALNI Rahmawati & ARNI Surwanti & MAMDUH M. Hanafi, 2023. "Financial Literacy To Improve Sustainability: A Bibliometric Analysis," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 18(3), pages 24-43, December.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sae:sagope:v:13:y:2023:i:4:p:21582440231214590. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: SAGE Publications (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.