The Role of Sustainability and Innovation in Financial Services Business Transformation

Abstract

Purpose: This study discusses the effects of transformative service in the financial sector. Unlike conventional research, it reports how business transformation can play a vital role in human well-being. The main objective is to reveal how financial services can affect the welfare of people, communities, regions, and worldwide perspectives. Design/Methodology/Approach: The study used Confirmatory factor analysis and Structural Equation Modeling using SPSS (Amos). Findings: While appreciating the role of consumers as agents of service-driven business transformation, the study demonstrates how service transformation can promote an ecosystem that helps to accomplish rising sustainability goals. Originality: The main focus was to explain how social and environmental sustainability, responsible consumption and innovativeness are related to a firm’s attractiveness, value creation and customer satisfaction. Research Limitations: This study uses a cross-sectional survey design and it doesn’t have a holistic approach for all stakeholders. Predominantly, it considers the customer as a change agent in business transformation. Practical Implications: The study discusses a broader customer perspective instead of an extremely narrow and limiting traditional dyadic firm-customer perspective. It can enhance responsible production and consumption. It develops a comprehensive framework to help academicians, service leaders, and policymakers to recognize and solve service systems’ unsustainability. Social Implications: The research contributes to addressing, understanding, upgrading, and integrating the financial service system for business transformation, which can positively influence individuals and collectives.