Abstract
In the increasingly volatile, uncertain, complex and ambiguous (VUCA) business landscape that is impacting the banking environment, strategic partnerships have emerged as a vital mechanism for commercial banks to remain competitive, innovative and customer-centric. This study explores the critical success factors (CSFs) that underpin effective strategic partnerships within a particular South African commercial bank, with a particular focus on non-fintech collaborations. Anchored in the interpretivist paradigm and employing a qualitative, inductive approach, the research drew on insights from 16 semi-structured interviews with professionals directly involved in partnership formation and management. The thematic analysis revealed six interrelated CSFs: internal support and alignment, strategic fit and relevance, mutual value and alignment, team organisational structure, trust and relationship management, and external environmental factors. The findings highlight the importance of internal coherence, leadership commitment and clearly articulated value propositions in driving partnership success. These findings lead to the following recommendations: strengthen internal governance and ensure strategic alignment; build capability development and empowerment within partnership teams; clearly articulate and communicate value creation; elevate partnership strategy as a priority on the executive agenda; formalise the partnership life cycle process; foster a culture of trust and collaboration; and prepare for the future by promoting agility and ecosystem thinking. The study contributes to both theory and practice by offering a contextualised framework for evaluating and managing strategic partnerships in the commercial banking sector, and provides actionable recommendations for enhancing organisational readiness, governance and long-term value creation.