View source for A literature review about customer-centricity in future business models in finance.

== Title ==
Beyond Smart Technologies, what else matters for achieving successful Digital Transformation in Financial Entities?
== Details ==
* Author: Houssem Gharbi
* Title: Beyond Smart Technologies, what else matters for achieving successful Digital Transformation in Financial Entities?
* Supervisor: Prof. Dr. Jörg Osterrieder
* Degree: Bachelor of Science
* University: Bern University of Applied Sciences
* Year: 2023
* Status: working Paper 

== Summary ==
This literature review emphasizes the significance of customer focus in fostering innovation and growth within the financial services industry. It highlights the value of customer co-creation and the positive impact that smart technologies can have on enhancing customer relationships. The study recognizes the challenges associated with implementing customer-centric business models and emphasizes the importance of balancing risks and benefits. Furthermore, it suggests that further research is necessary to comprehensively comprehend how these technologies influence customer experiences. The summary underscores the ongoing importance of studying customer-centricity to effectively respond to evolving customer needs and advancements in technology.
The results section of the study addresses key aspects such as gaps in defining digital transformation, the dynamic nature of business models, and the criticality of customer-centric approaches. It explores consumer acceptance of smart technologies and the role of empathic AI in establishing trust with customers. The section stresses the need for innovative business models to navigate the challenges posed by digitalization and advocates for specialized discussions regarding customer-centric models and the implications of empathic AI.
The ensuing discussion highlights the significance of considering the influence of customers and smart technology on future business models in the financial sector. It recommends that financial institutions adopt advanced technological solutions and customer-centric models to adapt to digital transformation. Building customer confidence and integrating AI with empathy are identified as vital factors. The section also addresses obstacles such as resistance to change, privacy concerns, and data security that need to be addressed. Further research is needed to gain a comprehensive understanding of how customer integration with smart technology affects satisfaction, business success, and environmental responsibility. Customer-centricity, trust, and acceptance of innovative technologies are essential for financial institutions to enhance their offerings and maintain competitiveness in the digital era.
Practical guidance and steps are provided for financial institutions and managers to embrace customer-centric business models and effectively undergo digital transformation. Prioritizing customer-centricity, investing in technologies like empathetic AI, and collaborating with fintech players are recommended strategies. Encouragement is given to foster a culture of experimentation, prioritize financial education, and strike a balance between financial performance and social/environmental impact. Managers are advised to stay informed about digital transformation, develop data-driven strategies, invest in human resources and technology, and communicate a compelling value proposition to customers. Steps to establish customer-centric models include collecting customer data, creating customer personas, leveraging technology for personalized experiences, and fostering a customer-centric organizational culture.

== Important Links ==
https://drive.google.com/drive/u/0/folders/1WJ42AUEEdwBaKU8nhpCRKFUvzA5j6nIo

Contact
* [mailto:joerg.osterrieder@bfh.ch Prof. Dr. Jörg Osterrieder]* [mailto:houssem.gharbi@students.bfh.ch Houssem Gharbi]