ORCHESTRATING DIGITAL METAMORPHOSIS: STRATEGIC GOVERNANCE OF CONCURRENT TRANSFORMATION INITIATIVES IN THE FINANCIAL SERVICES REALM

Abstract

Digital transformation is essential for the competitiveness of the financial services sector; yet managing multiple initiatives simultaneously poses substantial challenges. This research explores effective management strategies by analyzing current processes, technology, human resources, and cultural dynamics within the sector. Utilizing machine learning models, the study identifies critical success factors, such as digital maturity and leadership strategy, and provides actionable insights for strategic planning.

Purpose: The study aims to develop practical strategies for simultaneous management of multiple digital transformation projects in financial services, aligning them with organizational goals to enhance overall performance.

Design/Methodology/Approach: Employing a mixed-methods strategy, this research integrates quantitative and qualitative methods, including surveys and a systematic literature review. Data preprocessing and feature selection were conducted using Random Forest Classifier and Mutual Information methods, followed by training and evaluating various machine learning models.

Findings: The study demonstrates that effective management of multiple digital transformation initiatives can positively impact organizational performance. The RandomForestClassifier proved most effective in binary classification settings, highlighting the benefits of simplifying complex problems.

Originality/Value: This research provides a strategic framework for managing digital transformation projects within financial institutions and offers implementable strategies based on machine learning insights. By identifying key factors for success, the study equips financial institutions to navigate digital transformation complexities and improve performance.

Paper Type: Research Paper