Sustainable innovations in developing economies: a woven theoretical approach with qualitative evidence from Uganda

Abstract

Purpose The purpose of this study is to present a theoretical framework that utilizes a success story to elucidate sustainable innovations in Ugandan financial institutions. It provides valuable insights from the standpoint of a developing African nation. Design/methodology/approach The study utilized a qualitative methodology, specifically in-depth interviews with employees of Stanbic Bank Uganda. A story was constructed to depict their pragmatic experiences, emphasizing the contextual backdrop, actions taken, outcomes and lessons learned. The 12th participant marked the point of data collecting saturation. Findings The results suggest that financial institutions that use sustainable solutions are able to mitigate operational risks, cut costs, increase revenue and achieve long-term success. Institutional logics exert a significant influence on the behavior, practices and decision-making processes of individuals or organizations, hence impacting their inclination toward innovation and openness to change. While organizational resilience facilitates the ability to change, maintain excellence and remain competitive. Networks facilitate the exchange of information across institutions, enabling them to stay updated on market trends, regulatory changes and emerging risks. This, in turn, assists in making educated decisions. Originality/value This study is innovative in its utilization of a success story to exemplify sustainable improvements in financial institutions in Uganda. While several studies exist world over on sustainable innovations, this study is the first to use a success story and proposes a theoretical model that illustrates how institutional logics, networks and organizational resilience contribute to the development of sustainable innovations in a developing country.