THEORETICAL PERSPECTIVES ON DIGITAL TRANSFORMATION IN FINANCIAL SERVICES: INSIGHTS FROM CASE STUDIES IN AFRICA AND THE UNITED STATES

Abstract

This review paper explores the theoretical perspectives on digital transformation in financial services, with a focus on insights from Africa and the United States. It delves into key theories and models such as the Diffusion of Innovations Theory, the Technology Acceptance Model (TAM), and the Unified Theory of Acceptance and Use of Technology (UTAUT), and their application to understanding the adoption and impact of digital technologies in financial services. The paper highlights the challenges faced by financial institutions, including regulatory hurdles, cybersecurity threats, and technological disparities, while also discussing the transformative opportunities digital transformation presents for enhancing service delivery and financial inclusion. A comparative analysis reveals how these theoretical frameworks apply across different regions, emphasizing the need for continuous theoretical development to navigate the evolving digital financial landscape. Keywords: Digital Transformation, Financial Services, Theoretical Perspectives, Comparative Analysis.