Digitalization-Enabled Evolution of Customer Value Creation: An Executive View in Financial Services

Digitalization is disrupting existing businesses and changing the positions and roles of incumbent players and customers. The present study aims to create understanding of how digitalization has changed customer value creation process and how companies could facilitate customers’ digital value formation? For this purpose, we make a qualitative inquiry and use inductive logic with rich data from the represented industry—the financial sector—which enables us to detect the evolution during past thirty years from executive point of view. We define digitalization-enabled evolution in the value creation sphere, in the value creation ecosystem, and in related process integration. Our contribution is based on defining digital value formation, revealing changes due to digitalization in related conceptualizations and showing how phase and nature of digital value formation can be detected by identifying the locus of value formation.