This dissertation explores the digital transformation phenomenon on the economy and business. Specifically, the first part of the document examines the dynamics of digital transformation, seeking to understand the key strategic elements driving change and how business models adapt to support new technological trends. As digitalization of processes keeps on at a steady rhythm, established institutions must remain vigilant for technological innovations that could suddenly revolutionize their industry. It is the case for banking institutions, undergoing impressive changes in their business models and operational frameworks. The results illustrate the key digital technology trends and growth strategies being applied by incumbent institutions in the banking industry.