Impacts of digitization on operational efficiency in the banking sector: Thematic analysis and research agenda proposal

The purpose of this paper is twofold: (i) to identify the thematic categories and central topics connecting digitization and operational efficiency in the banking sector; and (ii) to develop a research agenda to guide future research endeavors to advance knowledge related to digital operational efficiency (DOE). Employing a two-stage content-centric review approach, this study comprehensively outlines overarching themes and subsequently delves into specific dimensions. The first stage aimed to provide an overview of research connecting operational efficiency and digitization in the banking sector and to refine the search criteria for content analysis. The second stage employed content analysis concentrated on journal articles published between 2018 and 2023. Central topics include enhancing banking industry performance through industry 4.0 technology and partnerships, the impact of the COVID-19 pandemic on bank digital transformation, organizational adaptations for embracing new digital business models, and elevating customer experience through novel operational paradigms. The research agenda proposed include the following: DOE conceptual development; digital bank break-even analysis; optimization of the product and service portfolio offered by digital banks; and consumer experience and level of service of digital banks. By delving into the impact of industry 4.0 technologies, pandemic, and digital business models, this paper enriches our understanding of the complex interplay between digitization and operational efficiency. The proposed research agenda offers a roadmap for future scholarly endeavors, contributing to the evolution of theoretical frameworks in this field. This paper offers insights relevant for banking industry professionals, providing them with valuable guidance on how to enhance their performance, optimize their digital product and service portfolio, and elevate the overall customer experience in the rapidly evolving landscape of digital banking.