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Institutional Transformation Effectiveness In Digital Era: The Case Of Bank Indonesia

Author

Listed:
  • Prayudhi Azwar

    (Bank Indonesia)

  • Cicilia Anggadewi Harun

    (Bank Indonesia)

  • Annes Nisrina Khoirunnisa

    (Bank Indonesia)

Abstract

Employing System Thinking (ST) and Bayesian Networks (BN), this research has developed framework for a digital transformation of a central bank. The transformation is influenced by three key elements: technology-driven transformation, human capital digital capabilities, and digitalized policymaking capacities. The role of transformative digital leader is the initial critical factor in the causal loop diagram (CLD). Institutional digital leadership is set as the end state of digital transformation, which reflects the lev el of digital maturity. The strength analysis in the BN confirms that the most significant influence on the maturity level of the digital transformation is the digitalized policy making capacities. The combination of digitalized policy-making capacities, human capital digital capabilities, and technology-driven transformation serves as the key factors of central banks transformation towards digital maturity, respectively. The results also show the necessity of addressing operational and cyber risks, formulating robust regulations, and enhancing technological resilience to ensure sustainability and effectivity of the integrated digital central bank transformation.

Suggested Citation

  • Prayudhi Azwar & Cicilia Anggadewi Harun & Annes Nisrina Khoirunnisa, 2024. "Institutional Transformation Effectiveness In Digital Era: The Case Of Bank Indonesia," Working Papers WP/15/2024, Bank Indonesia.
    • Handle: RePEc:idn:wpaper:wp152024
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    More about this item

    Keywords

    Digital central bank; digital transformation; system thinking; bayesian network; public policy; human capital capabilities; digitalized policy making capacities;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
    • Z18 - Other Special Topics - - Cultural Economics - - - Public Policy

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