Critical factors affecting digital resilience in the Sri Lankan banking sector: a systematic review

Digitalizing the Sri Lankan banking sector has heightened its vulnerability to cyber threats and operational disruptions, making digital resilience critical for maintaining continuity. This systematic literature review (SLR) employs the Technology-Organization-Environment (TOE) framework to explore and categorize the factors affecting digital resilience in the Sri Lankan Banking Sector. A review of 45 studies from 2016 to 2024 highlights three major categories: technological factors (e.g., cybersecurity measures, IT infrastructure, and emerging technologies like AI and blockchain), organizational factors (e.g., leadership, employee training, and strategic planning), and environmental factors (e.g., regulatory compliance, customer trust, and vendor management). The findings suggest that a holistic and integrated approach is necessary for enhancing digital resilience, specifically balancing technological innovation, organizational agility, and compliance with regulatory requirements. Moreover, the review identifies significant gaps in the current literature regarding Sri Lanka-specific empirical studies, recommending future research into the application of emerging technologies such as AI and blockchain to enhance resilience in developing economies. Additionally, the study proposes strategies to improve digital resilience, including strengthening cybersecurity infrastructure, fostering leadership-driven digital initiatives, updating business continuity plans, and advocating for flexible regulatory frameworks that balance innovation with security. The study underscores the need for an integrated approach to digital resilience. It suggests that future research should focus on targeted interventions to enhance resilience within the Sri Lankan banking sector and broader financial domain.