Digital transformation and the COVID-19 challenge

Ravi Bhalla and Elizabeth Osta
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Ravi Bhalla: Head of Group Design, Lloyds Banking Group, UK

Journal of Digital Banking, 2021, vol. 5, issue 4, 291-304

Abstract: This paper aims to provide frameworks, insights and approaches for organisations ranging in size and sector, to help them navigate through the challenges that COVID-19 has presented. The authors maintain that the role and environment of digital transformation need to be reframed. They have constructed and posed a holistic operating model framework that has been designed for the challenge organisations currently face and will continue to face in the future. It argues that finance and technology are fundamental enablers that transcend across the model, while due consideration is required for customer, operations and supply chains. Sustainability risks and levers are posed for each model component together with examples of how organisations ranging in size, sector and digital maturity have responded either proactively or reactively to the COVID-19 specific challenges; therefore, each section provides useful lessons and takeaways for organisations to consider how best to apply in their specific organisations and contexts.

Keywords: digital transformation; COVID-19; finance; technology; customer experience; operations; supply chain; cloud; Application Programming Interfaces; agile; strategy; operating model (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2021
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