Digital Transformation in the Value Chain Disruption of Banking Services

Digital transformation is a collection of actions taken by organizations or a country to adopt new digital technologies to capture their interests and change the performance of an organization tremendously with a focus on disruptive technologies. Organizations need a clear strategy, proper organizational structure, digital capabilities, supportive organizational culture, and a balanced governance system to make the digital change. Stepping into the digital world and presenting innovative models (social media, mobile, big data, cloud computing, internet of things, artificial intelligence, fin-tech, blockchain, virtual reality, and augmented reality) give banks great opportunities to present new valuable offers, especially by combining their existing services with new digital capabilities. This study describes how to implement the digital transformation and respond to the disruption in an Iranian specialized bank (Bank Maskan), the steps, and how to go through these steps. Due to the complexity of the issues in the field of digital technologies, the Delphi method has been used to gather opinions and reach consensus among banking industry experts. In this research, we have sought to establish a clear process for the development and exploitation of innovations through new technologies and digital approaches in the bank by implementing digital transformation. In order to prepare the conditions, facilitate, and accelerate the passage of the digital transformation stages and to achieve the desired situation, a set of projects and measures have been determined. These projects are mainly about information technology and classified into three categories: infrastructure, development, and business based on the nature and level of their impact on business.