Factors affecting the efficiency of IT governance in Sri Lankan payment card industry

Abstract

The role of money as the major medium of exchange has been rapidly changing over time and customers value the ease, flexibility, security, and convenience that cashless payment methods provide. Today payment card industry (PCI) is highly technical and information oriented. IT plays a major role in this industry with the main objectives of secure payments with customer satisfaction. On the other hand, IT is a key strategic weapon of the player that can be used to increase the overall organization strategic business objective. However, use of IT is not sufficient to face the challenges, problems, and competition. IT should be properly and carefully governed to align people, processes, and technology to meet the overall organizational strategic objectives. This will enable the PCI players to become the top of the industry gaining the competitive advantage over the other rivals. There is a global expansion and a demand for IT governance in PCI. Sri Lanka is also in the early stage of adapting to IT governance; therefore, this is an important research area at this time. The purpose of this research is to identify the main factors which affect to the efficiency of IT Governance usage in PCI and to analyze how they contribute to making the industry more attractive, efficient and effective. In this research, a conceptual framework is proposed to capture the impact on the perceived user satisfaction and overall organization performance in the aspect of IT Governance adaptation in Technology, Organization, and Environmental Context. Finally, research analysis and findings show that effective IT governance is essential in Sri Lankan payment card business to increase the user satisfaction and overall organization performance. More attention needs to be paid for domain expert’s availability, compliance of rules and regulations, technology adaptation and obtaining support from 3rd party vendors. Research findings show that there is a big potential and an opportunity to effective IT governance in Sri Lankan payment card industry. It also discusses the identified recommendations to improve IT Governance to increase the PCI user satisfaction and overall organization performances.