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Innovation and Development of Digital Finance: A Review on Digital Transformation in Banking & Financial Sector of Sri Lanka

Author

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  • H. M. M Fairooz

    (University of Kelaniya, Sri Lanka.)

  • C. N Wickramasinghe

    (University of Kelaniya, Sri Lanka.)

Abstract

During last few decades, Sri Lanka has shifted from agrarian economy to service economy. In service sector dominant role is played by the Banking and Financial Industry (BFI). Owing to this shift, BFI Industry has experienced a constant evolution by transforming entire BFI industry landscape with new era of convergence service delivery. This evolution can be considered as an extended connectivity and increased speed of information processing by introducing new business models and opportunities in BFI. As one of the developing countries, BFI sector in Sri Lanka is looking for an exceptional level of divergence between technology and finance. However to date, there is not much published studies to explain the nature of digital transformation in BFI industry in Sri Lanka. This study proposed to develop digital transformation framework of BFI Industry in Sri Lanka based on the diffusion of innovation (DOI) theory, technology-organization-environment (TOE) framework and actor-network theory (ANT) to conduct the multi-level analysis of the development of Sri Lanka‘s BFI industry digital transformation. It attempts to create and reveal the process of building and execution of disruptive technology and variety of heterogeneous actors involved in the newly emerging converging industry. This research is a stepping stone in exploring interaction between FinTech and yet unfolding other technology around this context. It also discusses policy implication for Sri Lanka BFI industry, focusing on the expansion of state in fostering the exponential growth of BFI industry within and outside Sri Lanka.

Suggested Citation

  • H. M. M Fairooz & C. N Wickramasinghe, 2019. "Innovation and Development of Digital Finance: A Review on Digital Transformation in Banking & Financial Sector of Sri Lanka," Post-Print hal-05303162, HAL.
    • Handle: RePEc:hal:journl:hal-05303162
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    Cited by:

    1. Avikar Ramsundra & Roger Mason & Thomas Dobbelstein, 2025. "Influence of demographics on drivers of, and preference for, digital personal banking in South Africa," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 14(2), pages 173-204, March.
    2. Jane Chepkemoi & Dr. Hellen W. Sang & Dr. Pius Chumba & Dr. Alfred Bett, 2025. "Digitization of Human Resource Functions and Employee Performance in County Governments in Kenya," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 9(7), pages 3979-3991, July.

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