The digital transformation of Jordanian fintech

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A study in the International Journal of Economics and Business Research, looks at the part digital transformation has played in improving efficiency in financial systems across Jordan's public shareholding industrial companies. Information and communications technology has changed industries around the world and continues to do so.

This research, from Khalid Alomari, Ali Salah, and Rukana Alshweesh of Al-Hussein Bin Talal University, in Ma'an, Jordan, focuses on the impact of changing technology on Jordan's industrial sector. They point out that businesses are readily adopting digital tools to streamline their operations and improve how they make decisions.

The term "digital transformation" is rather broad and encompasses changes in many different areas: business models, operations, and customer interactions, as well as financial systems. Technology is important for providing accurate and timely financial data to guide day-to-day operations as well as long-term strategy.

Of course, data volumes are enormous given all the technology that can soak up information. It is increasingly obvious that traditional methods of handling financial information are no longer sufficient.

The research touches on various elements of digital transformation, including customer engagement and innovation in business models and ultimately the effect on financial performance. Companies that embrace new business models incorporating digital tools and platforms can improve their internal operations and position themselves to better meet the needs of their customers. Adapting to rapidly changing digital trends is now a business necessity if organizations are to gain and sustain their competitive advantage.

Companies across Jordan are modernizing in terms of fintech and this will eventually have a wider impact on the Jordanian economy itself, the research suggests. It will boost national competitiveness, create new growth opportunities, and perhaps even lead to sustainable economic development.

More information: Khalid Alomari et al, The impact of digital transformation on the effectiveness of electronic financial systems, International Journal of Economics and Business Research (2024). DOI: 10.1504/IJEBR.2024.142497

Provided by Inderscience