Abstract
Purpose – The purpose of this paper is to analyse the effectiveness of technological innovation as a strategy for driving competitive advantage and increasing market share in the Namibian banking sector. Design/methodology/approach – A comprehensive literature review was done with the collaboration of a quantitative research approach to draw data relating to technological innovations and their impact on competitive advantage. Employees at Nedbank and FNB in Windhoek were selected as respondents representing the entire Namibian banking sector population. Results – The findings revealed a positive correlation between technological innovations as a strategy and competitive advantage and increased market share. Conclusion – The current fourth industrial revolution (4IR) expects organisations, banks in particular to tailor make their strategies to technological advancements the revolutions brings with else risk losing market share to existing competitors and emerging challenger banks.
Highlights
History has noted that great wars won by countries resulted from military strategies that endured through the battles, and such is the same with the businesses in a VUCA 21st century
The findings revealed a positive correlation between technological innovations as a strategy and competitive advantage and increased market share
A purposive/ judgemental sampling technique was used to Dennis Tsanga, Christeline Januarie, Mekelaye Kamati, Asa Romeo Asa Technological Innovation as a Strategy for Competitive Advantage within the Namibian Banking Industry select the sample of 80 respondents, with 40 respondents from employees at Nedbank and the other 40 respondents from FNB employees as they are well acquainted with the issues pertaining to technological innovations at their workplaces
Summary
History has noted that great wars won by countries resulted from military strategies that endured through the battles, and such is the same with the businesses in a VUCA 21st century. One of the key areas of sustainable competitive advantage in this era is technological innovations. The Namibian banks are expected to seek the precise approach/strategy that will drive and manage technological innovations to ensure an increased share of the market and sustainable competitive advantage. Many academics and companies have been researching how the banking sector is being significantly disrupted by technological advancements resulting in increased publications of this topic. This paper aims to add to this body of knowledge by looking at technological innovations as a strategic driver of competitive advantage in the banking sector. This paper is organized in the following manner: Preceding this introduction about technological innovation as a strategy for competitive advantage, section 2 embroiders the literature review on the subject matter, outlining the concept of strategy and strategic management, technological innovation, and digital technology in the banking sector with the importance of technological innovation strategy concluding the section.
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