A Governance Framework for Digital Transformation in Banking: Unveiling Archetypes through Latent Class Analysis

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Khosropour Hossein; Elyasi Mehdi; Ghazinoori Seyed Soroush; Taghva Mohammadreza

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Journal Paper

Paper Information

Journal: Journal of Information Technology Management Year:2025 | Volume:17 | Issue:3 Page(s): 117-147

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Title

A Governance Framework for Digital Transformation in Banking: Unveiling Archetypes through Latent Class Analysis

Author(s)

Khosropour Hossein | Elyasi Mehdi | Ghazinoori Seyed Soroush | Taghva Mohammadreza | Issue Writer Certificate

Keywords

Digital Transformation

Digital governance

Digital Banks

Digital Innovations

Latent Class Analysis

Abstract

The banking industry is undergoing a significant transformation driven by digital technologies, evolving customer behaviors, and increasing regulatory pressures. To remain competitive, banks must adopt governance frameworks that integrate Digital Innovations to enhance operational efficiency and improve environmental, social, and governance (ESG) performance. This study identifies governance framework archetypes essential to Digital Transformation in banks through a comprehensive research methodology, including a literature review of Digital governance frameworks, a comparative analysis of 11 leading Digital Banks worldwide, and Latent Class Analysis to uncover key archetypes. Our findings reveal nine distinct governance archetypes, categorized into three dimensions: structural, including Centralized, Semi-centralized, and Open Innovation-oriented banks; dedicated processes, comprising Continuous Improvement, Vanguard, and Fast Follower banks; and relational mechanisms, featuring Self-empowering, Explorer, and Relationship-oriented banks. This classification advances the understanding of governance approaches that effectively support banks in their Digital Transformation journeys. The implications of these archetypes are substantial, offering a framework for banks to align their strategies with Digital Transformation initiatives. By adopting these governance structures, banks can better navigate the complexities of the digital landscape, foster innovation, and ultimately enhance their service offerings while addressing the evolving demands of customers. This research contributes to the growing body of knowledge on Digital governance in banking and provides guidance for financial institutions striving to succeed in an increasingly digital world.

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