For better or worse, digital technologies are reshaping everything, from customer behaviors and expectations to organizational and manufacturing systems, business models, markets, and ultimately society. To understand this overarching transformation, this paper extends the previous literature which has focused mostly on the organizational level by developing a multi‐level research agenda for digital transformation (DT). In this regard, we propose an extended definition of DT as “a socioeconomic change across individuals, organizations, ecosystems, and societies that are shaped by the adoption and utilization of digital technologies.” We suggest four lenses to interpret the DT phenomenon: individuals (utilizing and adopting digital technologies), organizations (strategizing and coordinating both internal and external transformation), ecosystems (harnessing digital technologies in governance and co‐producing value propositions), and geopolitical frameworks (regulating the environments in which individuals and organizations are embedded). Based on these lenses, we build a multi‐level research agenda at the intersection between the bright and dark sides of DT and introduce the PIAI framework, which captures a process ofperception,interpretation, andactionthat ultimately leads to possibleimpact. The PIAI framework identifies a critical research agenda consisting of a non‐exhaustive list of topics that can assist researchers to deepen their understanding of the DT phenomenon and provide guidance to managers and policymakers when making strategic decisions that seek to shape and guide the DT.

Purpose: Intellectual capital is widely acknowledged as the most critical resource of modern organizations. Nevertheless, empirical evidence on its actual contribution to the dynamics of the value creation process remains scarce, especially within certain sectors and geographic regions. The purpose of this paper is to address this gap by investigating the effects of intellectual capital and its components on business performance in banking institutions within Luxembourg and Belgium.Design/methodology/approach: This empirical research is conducted using a dedicated survey instrument administered to over 200 banks. Data analysis is achieved through structural equation modeling.Findings: Results indicate that human capital contributes both directly and indirectly to business performance in the banking sector. Structural and relational capital are positively related to business performance, though results are not statistically significant. Surprisingly, relational capital has been evidenced to negatively moderate the effect of structural capital on performance.Research limitations/implications: Traditional limitations of a cross‐sectional study apply with respect to the attribution of causality and the time lag effects.Practical implications: A set of reliable items to capture intellectual capital has been identified and represents actionable knowledge for implementing an intellectual capital dashboard in banks. The dominant role of human capital also provides insight to managers with respect to business performance levers.Originality/value: Disentangling the effects of intellectual capital on business performance is of the utmost importance in service firms, as they are heavily reliant on intangible resources and capabilities. This research contributes to develop current understanding of these effects. Moreover, interaction effects between human, structural and relational capital have also been uncovered, thus extending prior knowledge on these complex relationships.

(2019). The Future of Fintech. Research-Technology Management: Vol. 62, No. 4, pp. 59-63.