Financial technology in a South African banking institution to achieve strategic sustainability

Purpose: The aim of this article was to better understand the alignment of banking business models with disruptive technologies. Design/methodology/approach: An explorative study was used to uncover participants’ views of technology adoption in a particular banking institution in South Africa. Data were collected via semi-structured interviews with 12 participants. Employing a qualitative approach, interpretive techniques were used to decode, describe and translate themes and concepts of certain phenomena. Findings/results: Disruptive technologies offered by Fintechs are generally embraced, provided they are fit-for-purpose and deliver a value proposition to drive client-centric growth. Partnering with Fintechs plays a pivotal role in alignment between business and information technology, enabling banks to leverage technology to reach broader markets. This enables scalable growth, which is vital to sustainability. Practical implications: The study assists South African financial institutions in aligning business models to continuously evolve with disruptive shifts in technology, and leverage technologies offered by Fintechs to maintain market relevance and grow competitive advantage in a sustainable manner. Originality/value: It is especially pertinent to banks in South Africa and other developing nations, as it highlights important implications for partnering with Fintech companies. In addition to validating the Improved Technology Acceptance Model framework, it reveals more factors to consider when partnering with Fintechs. The results contribute to the literature on the adoption of disruptive technologies, as well as relations between banks and Fintechs, in order to improve partnerships between these entities.