Digital transformation through the lens of COVID-19: The effect of a pandemic on the banking industry
| Main Authors: | van den Bovenkamp, Ruben, Bueters, Rens, Mohylova, Lucie, Mušteric, Teo, Nijhuis, Thomas |
|---|---|
| Other Authors: | Meesters, Kenny |
| Format: | Report Journal |
| Bahasa: | eng |
| Terbitan: |
, 2020
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| Subjects: | |
| Online Access: |
https://zenodo.org/record/4272821 |
Daftar Isi:
- One of the biggest drawbacks of the current pandemic is the inability to condone business in a face-to-face matter. With employees having to work from a remote location, customers having to use services from their own home or mobile devices problems will arise. The objective of this research is to understand how companies in the Financial & Insurance sector have dealt with the COVID-19 pandemic, in specific finding knowledge the sector needs in order to move forward during the pandemic and the post-COVID-19 era. To achieve the relevant knowledge and insights the research will look at the problem from three different angles, namely: IT Governance, Business Process Integration and Cybersecurity Risk Management. The research shows that effect on ITG within banking will be quite minimal in the short run but be more heavily impacted in the longer run. Further, if working from home should become a new norm, the banking industry has to keep on actively rethinking and reinventing its processes as well as services. Lastly, banking business has changed. The new ways of conducting business have given cyber criminals new opportunities, to exploit the chaos that was caused by the pandemic. Appropriate risk mitigation and prevention are deemed necessary.