Digitization in the banking sector
Digitization (action by which analogue processes, procedures, and objects are converted to digital format) can lead to the internal transformation of companies’ business models, strategies, processes, and procedures, which we generally call digital transformation.
This digital transformation, or the ability to carry it out, could be seen as a competitive advantage. If we take the banking sector as an example and, within it, we differentiate purely digital players and compare them to traditional players, we could conclude that the competitive advantage is not just about digitization and digital transformation of the former, but a much broader positioning that encompasses the company’s attitude towards innovation – called innovation orientation –, of which one of its results would be, for example, digitization and subsequent digital transformation.
This article aims to identify the key characteristics of purely digital players when compared to their traditional competitors in relation to innovation orientation and what differential characteristics have helped them achieve that level of digitization and digital transformation – understood as a result of such innovation orientation – successfully.
ODS
Arturo Callau BerenguerAssociate Professor of Strategic Management at the UOC and lecturer of Global Business and Corporate Strategy at the University of Derby (UK). Doctor from the UOC, PDD from IESE (University of Navarre), Bachelor of Law from the UOC, MBA by Thunderbird (Arizona State University, U.S. – Fulbright fellow), and industrial engineer from the UPC and École Centrale Supélec in Paris (France). He combines his work as a teacher with being head of management control of equity investment portfolio in international banking, real estate, private equity, and capital risk of one of the main banking entities in the country.
