Your company’s digital transformation cannot wait until COVID-19 subsides

By Michael Ruttledge | Citizens Chief Information Resources Officer

In the aftermath of a crisis, companies tend to retrench and their technology spending often takes a hit. However, the COVID-19 pandemic has clearly accelerated the shift to digital, demonstrating the competitive advantage of a smart technology strategy, so it might just be time for companies to double-down on digital.

The digital shift is on

Stay-at-home rules have meant more employees needing to work from home, and more consumers have turned to e-commerce platforms, some for the first time. This shift in behavior will likely remain post-COVID-19, impacting businesses and society in a variety of ways. Companies may rethink their office spaces, the convenience of e-commerce may win over more converts, and increased health and safety concerns may be the tipping point for a wide range of businesses.

If your company doesn’t have a strategy to win — and retain — customers on the digital playing field, you are not going to be able to compete, or perhaps even survive. It's critical that your strategy starts with the right digital infrastructure and that your teams can adapt to changing technologies and customer needs. Every company is different and some may be farther along the digital transformation journey than others, but the right talent and operating model will allow you to support a resilient business that can rise to any challenge.

At Citizens, our next-generation technology (NGT) strategy has four main objectives: speed-to-market, operational efficiency, innovation and stability. We're achieving those objectives by working in an Agile way with a DevSecOps model; implementing Platform as a Service using data and APIs; enhancing our engineering talent and tools; and remaining focused on protecting our core operations.

Digital transformation in action

It was clear even before the COVID-19 pandemic that banks, along with many other companies, would need to embrace digital transformation to compete effectively in today’s economy. Consumers expect seamless digital solutions, and companies that cannot provide them and take advantage of the latest technology are being left behind.

Having the right talent and an operating model where engineers are embedded in the business as well as Agile teams that are working to solve problems is key. During the current crisis, these teams are flexing to solve new problems as they arise while also preparing for the post-COVID-19 environment.

At Citizens, a digital transformation and implementation of our NGT strategy were well under way when the pandemic hit, so technology teams were able to adapt and shift about 70% of the colleague base to a work-at-home model in three weeks. We were also able to build out a Small Business Administration Paycheck Protection Program (PPP) loan-processing portal in just 48 hours.

Investing now for the future

In many ways, the pandemic provides a use case for some of a company’s most creative and transformative digital thinking.

Digital capabilities were already defining winners and losers in many “non-tech” sectors — retail, travel, hospitality — of today’s economy. Digital technology will continue to open the door for new competitors to disrupt longtime players who are behind the technology curve and seize market share.

Smart companies that double-down on their digital focus now can compete effectively with potential disruptors and take control of their future.

Currently, core platforms on demand enabled through APIs and cloud architecture will help meet the demands for mobility, interoperability, and security. Teams that embrace Agile, design thinking, and iterative development will help companies stay in the driver’s seat. Having top engineering talent empowered in an innovative corporate culture will help in the middle and longer term as companies look to stay ahead and as advances such as artificial intelligence and quantum computing open more doors.

An investment in your digital transformation now, even during this time of crisis, will be crucial for your company to be well positioned to take advantage of new opportunities as the economy rebounds.