The Role of Sustainability and Innovation in Financial Services Business Transformation ()
ABSTRACT
Purpose: This study discusses the
effects of transformative service in the financial sector. Unlike conventional
research, it reports how business transformation can play a vital role in human
well-being. The main objective is to reveal how financial services can affect
the welfare of people, communities, regions, and worldwide perspectives. Design/Methodology/Approach: The study used Confirmatory factor
analysis and Structural Equation Modeling using SPSS (Amos). Findings: While appreciating the role of consumers as agents of
service-driven business transformation, the study demonstrates how service
transformation can promote an ecosystem that helps to accomplish rising
sustainability goals. Originality: The
main focus was to explain how social and environmental sustainability,
responsible consumption and innovativeness are related to a firm’s attractiveness,
value creation and customer satisfaction. Research Limitations: This study uses a cross-sectional survey design and it doesn’t have a holistic approach for all stakeholders.
Predominantly, it considers the customer as a change agent in business
transformation. Practical Implications: The study discusses a broader
customer perspective instead of an extremely narrow and limiting
traditional dyadic firm-customer perspective. It can enhance responsible
production and consumption. It develops a comprehensive framework to help
academicians, service leaders, and policymakers to recognize and solve service
systems’ unsustainability. Social Implications: The research contributes to
addressing, understanding, upgrading, and integrating the financial service
system for business transformation, which can positively influence individuals
and collectives.
Share and Cite:
Mousa, S. and Bouraoui, T. (2023) The Role of Sustainability and Innovation in Financial Services Business Transformation.
Theoretical Economics Letters,
13, 84-108. doi:
10.4236/tel.2023.131005.
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