Rethinking digital transformation in commercial banking: A longitudinal analysis of business model innovation
Abstract
This study investigates how commercial banks in developed and developing countries have adapted their business models in response to Industry 4.0 technologies Drawing on a longitudinal content analysis of 969 annual reports from 57 banks across 33 countries, we identified four distinct phases of adaptation: pre-digital, digitalisation, and two successive waves of digital transformation. Beyond this temporal dimension, the study reveals three heterogeneous strategic models of business model innovation: collaboration, hyper-personalisation, and financial inclusion. These models highlight how contextual asymmetries between developed and developing economies shape diverse pathways of digital transformation. By integrating Industry 4.0 technologies within a business model innovation framework, this research advances theory on digital transformation as a heterogeneous and institutionally embedded process, while offering practical guidance for managers and policymakers seeking to balance innovation, competitiveness, and inclusion.
Identifier Metadata
| Identifier | 110.0309/INT.2026.00283 |
| Canonical | mdoi:110.0309/INT.2026.00283 |
| Resolver URL | https://mdoi.org/110.0309/INT.2026.00283 |
| Resource URL | Open resource |
| Document URL | Open document |
| Content Type | Article |
| Authors | Thiago Felipe, Maria Kaya, Shane Mathews, Rui Torres de Oliveira |
| Year | 2026 |
| Depositor | International Journal of Multidisciplinary Studies and Innovative Researchs Organisation |
| Prefix | 110.0309 |
| Registered | June 23, 2026 |
| Updated | June 23, 2026 |
| Status | Active |
| Visibility | Public |
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