Asia pacific journal of information systems

The Korea Society of Management Information Systems (한국경영정보학회)
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A Case Study of Digital Transformation: Focusing on the Financial Sector in South Korea and Overseas

  • Eunchan Kim (Department of Intelligence and Information, Seoul National University) ;
  • Minjae Kim (College of Economics and Business Administration, Kyungpook National University) ;
  • Yeunwoong Kyung (Division of Information & Communication Engineering, Kongju National University)
  • Received : 2022.03.31
  • Accepted : 2022.09.07
  • Published : 2022.09.30
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Abstract

This study investigates the adoption and application of digital transformation in the financial sector and analyzes the process and outcomes of digitization and digitalization in the field of the finance industry of South Korea and overseas, in order to seek both managerial and strategic implications for successful implementation of digital transformation in the future. The findings show that, for successful digital transformation, it is necessary to maximize active and systematic use of advanced online and digital technologies that form the basis of business and create an open, horizontal organizational culture and communication system to equally share and distribute advanced technologies and competencies through the entire organization. Furthermore, this study also discovers the legitimacy to concentrate the organizational competencies and know-how in providing technical training for members, expanding customer experience, and improving customer satisfaction services to contribute to improving the quality of life for members of the organization and creating and improving social and public infrastructures, instead of using digital transformation only to improve productivity of organizations or firms. As such, it is necessary to concentrate corporate competencies in establishing and supplying digital transformation that is not just human-centered but also has productivity, innovativeness, and reliability at the same time.

Keywords

Acknowledgement

This work was supported by the National Research Foundation of Korea (NRF) grant funded by the Korea Government (MSIT) (No.2020R1G1A1100493).

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