Digitalization as a tool for corporate resilience

"To prevent similar events from disrupting our operations, Revolut has developed its own payment technology and a cloud-based infrastructure (a payment processing engine and proprietary gateways directly connected to networks like Visa, Mastercard, and Amex). This approach allows us to avoid reliance on third-party providers and maintain operational continuity even during outages. We thus ensure control, reliability, and an enhanced user experience by managing the entire payment process end-to-end. For example, our infrastructure leverages multiple network providers, enabling us to quickly implement a backup in case of disruptions and ensure business continuity. Furthermore, direct control over the infrastructure and reduced reliance on external providers allow us to respond to issues more quickly."

This perspective highlights the difference between companies that view digitalization as a strategic tool to enhance organizational resilience and those that misunderstand the concept, often falling victim to biases and superficial approaches.

Paraphrased and reduced to a single statement, most typical objections during digitalization consultations could be summarized as follows: "We are already modern; we no longer use fax machines." This reveals a limited understanding of the digitalization process.

True digital transformation requires a systemic approach that goes far beyond introducing new software or IoT devices. Effective digitalization must be approached holistically. It is not just about adopting new technologies but integrating processes, tools, and strategies to build a resilient infrastructure.

A critical element is a thorough assessment of technological and operational risks, including measures to mitigate them, such as implementing robust IT/OT security strategies, detailed disaster recovery plans, and, of course, continuous employee training.

Digitalization must not be reduced to a superficial technological update. It must become an integrated process that not only enhances the user experience but also strengthens the overall resilience of the company. Recent disruptions remind us of the urgent need to abandon outdated mindsets and adopt a strategic approach to digital transformation, prioritizing security and operational continuity.