The positive effects of Covid 19 on digital transformation: Evidence from the banking sector of Ghana

Ing. Gyasi Yeboah

Master's thesis

Abstract:

The COVID-19 pandemic wrought unprecedented challenges across various sectors, significantly impacting the banking industry. Capgemini's framework offered a comprehensive digital transformation roadmap, emphasizing critical areas like customer experience, operational agility, and innovative business models. Leveraging a case study and bank selection criteria, this research delved into the pandemic's implications for banking. It revealed an accelerated digital shift prompted by the crisis, demanding a reevaluation of accelerated external transformations. While uncertainty prevailed, the crisis spurred widespread adoption of digital technologies, transforming digitalization from a choice to an imperative for businesses and governments. This trend underscored the readiness of governments, businesses, and customers for the digital era. The study highlighted how banks swiftly embraced digital tools to meet the surging demand for contactless transactions, enhancing online services. The emphasis on safety measures intensified as banks encountered new digital threats, prompting a reassessment of their operational flexibility. Leveraging online work, automation, and AI, banks ensured uninterrupted operations even amidst challenges. Moreover, shifting customer behaviours underscored the need for improved personalised services across all touchpoints to enhance customer experiences. Looking ahead, the study explored the long-term impact of the pandemic on the banking landscape, emphasising the move towards digital business models, collaborations with fintech firms, and the opportunities and challenges associated with emerging technologies like AI, blockchain, and cloud computing. Ultimately, the study underscored the pandemic's profound influence on banking, necessitating a digital transformation. Capgemini's strategy highlighted critical areas of change, emphasising the significance of digital skills, organisational adaptability, and customer-centric approaches for navigating crises efficiently. Armed with these insights, banks stand to emerge more resilient, leveraging lessons learned once the pandemic abates.

Abstract:

The COVID-19 pandemic wrought unprecedented challenges across various sectors, significantly impacting the banking industry. Capgemini's framework offered a comprehensive digital transformation roadmap, emphasizing critical areas like customer experience, operational agility, and innovative business models. Leveraging a case study and bank selection criteria, this research delved into the pandemic's implications for banking. It revealed an accelerated digital shift prompted by the crisis, demanding a reevaluation of accelerated external transformations. While uncertainty prevailed, the crisis spurred widespread adoption of digital technologies, transforming digitalization from a choice to an imperative for businesses and governments. This trend underscored the readiness of governments, businesses, and customers for the digital era. The study highlighted how banks swiftly embraced digital tools to meet the surging demand for contactless transactions, enhancing online services. The emphasis on safety measures intensified as banks encountered new digital threats, prompting a reassessment of their operational flexibility. Leveraging online work, automation, and AI, banks ensured uninterrupted operations even amidst challenges. Moreover, shifting customer behaviours underscored the need for improved personalised services across all touchpoints to enhance customer experiences. Looking ahead, the study explored the long-term impact of the pandemic on the banking landscape, emphasising the move towards digital business models, collaborations with fintech firms, and the opportunities and challenges associated with emerging technologies like AI, blockchain, and cloud computing. Ultimately, the study underscored the pandemic's profound influence on banking, necessitating a digital transformation. Capgemini's strategy highlighted critical areas of change, emphasising the significance of digital skills, organisational adaptability, and customer-centric approaches for navigating crises efficiently. Armed with these insights, banks stand to emerge more resilient, leveraging lessons learned once the pandemic abates.

Keywords

Covid-19 pandemic, Digital transformation, business models, Banking, Ghana, Digitalization, Capgemini Digital Transformation Framework, Customer experience, Operational processes, Busi-ness models, Digital capabilities.

Language used: English

Date on which the thesis was submitted / produced: 9. 1. 2024

Thesis defence

• Date of defence: 30. 1. 2024
• Supervisor: doc. Ahad Zareravasan, PhD
• Reader: Ph.D. Prateek Kalia

Masaryk University

Faculty of Economics and Administration

Master programme / field:
Business Management / Business Management