News from 2021-10-15 / KfW Development Bank
Digital Transformation Strategy for Financial Cooperation
By 2025, KfW Development Bank is aiming to become a leading national and international partner in the development and financing of digital solutions, thus contributing to the achievement of the SDGs.
KfW Development Bank is actively shaping the digital transformation – both in-house and for its partners – and is facilitating a data-based approach to work, while also connecting data, knowledge and stakeholders. Its digital strategy here is based on three objectives: digital delivery, digital enablement and agenda setting.
The goal is to increase the efficiency and quality of the bank’s own performance. To do this, KfW Development Bank develops, implements and uses digital approaches throughout the entire value creation chain. The aim here is to systematically integrate digitalisation into staff’s day-to-day life at work and also into local Financial Cooperation projects, beginning with the project design, proceeding to the processes and forms of cooperation with partner banks and clients, and ending with implementation of projects. At the same time, the focus is also on increasing access to digital services and tools in partner countries, thereby helping to reduce the “digital gap” around the world.
Digital enablement is needed to advance digital transformation. The idea here is to facilitate identification, development and implementation of digital solutions, both internally by KfW and externally by partner countries working independently. The relevant skill sets need to be established on a broad scale in order to establish a fundamental understanding of digital technologies, their potential, opportunities for application and risks. Furthermore, the development of expert knowledge and expertise within the individual institutions and digital enablement at a structural level are also essential. To achieve this, extensive communication and awareness-raising campaigns are taking place concerning the role and importance of digitalisation for achieving the SDGs.
KfW Development Bank is actively contributing to the national and international agenda in the field of (D4D)and establishing itself as a skilled D4D partner based on the responsible use and transparent provision of data. To achieve this, it is an active member of the Federal Ministry for Economic Cooperation and Development’s , while also developing specific approaches and strategies. Furthermore, it is stepping up its dialogue and cooperation with relevant stakeholders in the field of D4D on an ongoing basis. These stakeholders include multi- and bilateral development organisations and UN organisations, as well as NGOs and research institutes.
The relationships between the three elements of digital delivery, digital enablement and agenda setting create the conditions needed for digital transformation. The way that KfW Development Bank works will change significantly and the quality of its promotional activities will improve.