Abstract:
PURPOSE : The fourth industrial revolution (4IR) enables firms to leverage various emerging
technologies to reduce operating costs, improve business efficiencies and gain competitive
advantage. This article uncovers the determinants influencing emerging technology adoption,
particularly artificial intelligence (AI), cloud computing and distributed ledger technologies
(DLT), in South African (SA) financial services firms.
DESIGN/METHODOLOGY/APPROACH : Seventeen technology experts from the SA banking,
insurance, financial technology and financial regulation and compliance sectors were
interviewed. A semi-structured interview was used to conduct one-on-one interviews,
followed by a focus group interview. Qualitative data were analysed using a thematic
network analysis.
FINDINGS/RESULTS : The results revealed that the determinants – adopter traits, technology
usability, industry characteristics, organisational leadership and organisational characteristics
– were influential towards technology adoption. It is suggested that the new model could be
strengthened further by incorporating a new construct, leadership diversity, which had not
been previously proposed in the literature.
PRACTICAL IMPLICATIONS : By understanding the influential adoption determinants, leaders can
take bold, calculated risks in adopting AI, cloud computing and DLT. However, the importance,
prior to adopting these technologies, of clearly understanding the need for them, and their
business benefits is also emphasised.
ORIGINALITY/VALUE : Research on the adoption of AI, cloud computing and DLT in the SA
financial sector is limited. This article leverages the models of the diffusion of innovations
(DOI), the technology–organisation–environment (TOE) and the technology readiness index (TRI) to propose a new model that illustrates technology adoption in the SA financial sector at
individual and firm levels.
