Digitalization and Internationalization: A Case Study of a Swiss Bank Expanding into Brazil and South Africa

Digital technologies transform internationalization strategies of multinationals and lead to significant changes in their organizational processes. In this paper, we investigate the digitalization of service multinationals in emerging markets, which present new business opportunities but also high risks due to fast-changing economic, institutional and political environments. Our aim is to identify key drivers and barriers to digitalization that are perceived by service multinationals expanding into emerging markets. We built a single case study of a Swiss bank developing wealth management services in Brazil and South Africa. Our findings show external and internal drivers and barriers to digitalization in fast-changing markets. We provide novel insights into the debate on digitalization and the internationalization of service multinationals.MAD statementThis article aims to Make a Difference (MAD) by investigating the digitalization of service multinationals. Our case study of a Swiss bank provides novel insights into key drivers and barriers to digitalization in fast-changing markets. While extant literature focuses on external and internal drivers, we uncover external and internal barriers to digitalization in the emerging market context. The identified factors are similar in Brazil and South Africa, but we also highlight several country-specific factors. Our findings show that service multinationals need to implement organizational change to overcome the perceived barriers in order to succeed in their ‘digital’ internationalization.