Key Leadership Skills required for Digital Transformation: A Delphi Study based on Financial Institutions in Namibia

Key Leadership Skills required for Digital Transformation: A Delphi Study based on Financial Institutions in Namibia

Digital transformation (DT) provides financial institutions with opportunities for growth as well as an expanded reach to a variety of market spaces. One major challenge of DT efforts is the skillset of leaders along with the lack of the commitment to drive the DT initiative. The insufficient digital leadership skills and undefined digital strategies may lead to failed DT and wasted resources. This study followed a Delphi approach to identify the critical skills necessary for leaders in financial service organizations embarking on a DT journey. Based on an initial panel of 10 experts employed in financial institutions in Namibia, the top 3 skills identified pertained to (1) assessing the real benefits of the DT initiative, (2) garnering buy-in from business colleagues for DT initiatives and (3) analysing data for meaningful conclusions. The study also identified ways in which financial institutions can develop skills for DT amongst the leadership teams.