IIF Authors

Status: Will be live at 03/23/2020 12:54

Realizing The Digital Promise: Digital Transformation and COVID Adaptation

In the midst of COVID-19 adaptation and the adoption of new remote working practices, the IIF and Deloitte have continued researching our Realizing The Digital Promise three-part series, interviewing various Chief Digital Officers and Heads of Innovation. This continues to generate considerable insights on the enduring issues with effecting digital transformation in financial institutions, and also on the practicalities of working in the current situation, with some striking parallels in the challenges faced.

This brief article is a supplement to the IIF-Deloitte series, and captures some of the topical insights shared: both in success stories with the deployment of new technological solutions, and also in some of the cultural adaptation challenges, where some aspects of the current predicament may present a microcosm of the digital transformation journey. While it is currently too early to confidently predict how the post-COVID world will look, we will observe the extent to which the forced experience of adapting to the COVID-19 environment may ultimately provide a cultural catalyst in the enabling new operational styles, and greater agility and adaptivity.

More immediately, the IIF and Deloitte will deliver the second and third reports in our Realizing The Digital Promise series, respectively exploring the key enablers for transformation and the proactive actions that financial institutions can take with their external partners, and the necessary public policy settings. The IIF and Deloitte also welcome all further comment and feedback, both on the broader topic of digital transformation and the specific COVID-19 observations described in this article. Please join that conversation with us via LinkedIn here.