Authors: Jerry Silva, Michael Araneta, Lawrence Freeborn, Carlos Gonzalez

Abstract

This IDC study describes the IDC MaturityScape for digital transformation in banking. It identifies the stages, dimensions, outcomes, and actions required for businesses to digitally transform their operations, organizations, products, and services. This study also serves as a guide for bank line-of-business (LOB) and technology executives to identify areas in need of improvement in support of digital transformation in five key areas or disciplines:

• Leadership DX
• Omni-Experience DX
• WorkSource DX
• Operating Model DX
• Information DX

The IDC MaturityScape for digital transformation in banking provides snapshots of the stages of maturity that a bank must achieve in each of those five dimensions. This study:

• Describes the framework of the IDC MaturityScape for digital transformation in banking in terms of how the five disciplines can be transformed, progressing from ad hoc and uncoordinated efforts through to an aspirational view of a fully optimized, continually transforming business
• Provides guidance to LOB and IT executives on the areas in which they need to improve DX competencies

This IDC MaturityScape will enable the bank's business and technology leaders to assess their current state and readiness to undertake digital transformation as a competitive strategy. A future IDC MaturityScape Benchmark study on DX in banking will summarize the findings of an IDC DX survey to be conducted with banks worldwide.

"Digital transformation is more than just the buzzword du jour; it is nothing less than the process that will separate the banks that will flourish over the next decade from the institutions that will perish from nonaction," says Jerry Silva, Global Banking research director for IDC Financial Insights. "And the banks that have demonstrated strong innovation and market presence are the ones that are committed to a DX culture, starting with the CEO."

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