<![CDATA[Indonesian banking has digitalized rapidly, with several commercial banks converting to fully digital business models under OJK Regulation Number 12/POJK.03/2021, yet whether this shift delivers measurable financial gains remains unsettled. This study examines whether comprehensive digital transformation is associated with significant changes in the financial performance of Indonesian commercial banks’ financial performance. Focusing on six banks that completed full digital transformation by 2021, the study uses a quantitative pre–post comparative design with quarterly data from three years before and three years after each bank’s transformation date, covering 2018–Q1 2025. Financial performance is assessed through seven indicators: CAR, NPL, ROA, ROE, NIM, BOPO, and LDR. Paired-samples t-tests and Wilcoxon signed-rank tests are used based on normality test results. The findings show that digital transformation generates heterogeneous financial effects rather than uniform improvement. The most consistent positive changes appear in asset quality and interest margin, with NPL improving in five of six banks and NIM improving in five banks. Profitability, operational efficiency, capital adequacy, and intermediation capacity show mixed and bank-specific outcomes. The discussion interprets these results through dynamic capabilities theory and the resource-based view, emphasizing that financial gains depend on capability reconfiguration and execution quality rather than digital adoption alone.]]>
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