TECH BUYER May 2020 - IDC Perspective - Doc # AP42431818

Digital Transformation at Australia's Greater Bank: Innovative Approaches by a Digitally Determined Bank

By: Michael AranetaAssociate Vice President, IDC Financial Insights, Steve Shipley (EXT)Independent Contractor

Abstract

This IDC study provides insights and lessons learned on how one financial services institution (FSI), Greater Bank, a midsized mutual bank in Australia, has been able to envision, secure approval and funding, and initiate their digital transformation (DX) program.

Michael Araneta, associate VP, IDC Financial Insights Asia/Pacific says, "The bank's success in DX underscores how DX has to be pushed from the top, and with a compelling call to action. In Greater Bank's case, it was ultimately in its 'right to play,' which is its state of readiness to respond to change. Other banks can learn from how a series of tactical initiatives is brought together in a strategic-level and enterprise-wide call for do-or-die."

Steve Shipley, senior executive adviser, IDC Financial Insights Asia/Pacific adds, "There are significant insights to be gained by the manner in which Greater Bank has envisioned, sold, and is delivering on its DX promise. Being a mutual bank has helped somewhat in being able to fund and support the DX initiative, but all FSIs can achieve the same results using the same approaches and decision criteria. By being bold and innovative, Greater Bank can become a significant player based on their technology, either on their own or through being an attractive partner for trusted third parties."


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