Banks that continually disrupt or meet their target customer's needs will attract and grow loyalty with customers, partners, and employees across the entire ecosystem.
For Line of Business (LOB) and IT leaders looking to deliver value through omni-experience as well as understand the challenges and opportunities of digital transformation, IDC Financial Insights recently published IDC MaturityScape: Omni-Experience Digital Transformation in Retail Banking. This IDC MaturityScape was designed by IDC to enable banks to:
- Assess their capabilities and stage of maturity in omni-experience digital transformation.
- Begin a dialog among business, digital, and technology executives about goals and actions relative to digital transformation initiatives, focusing on delivering an optimal omni-experience across all channels.
- Identify areas of omni-experience digital transformation capability that require strengthening and establishing standards for pursuing omni-experience digital transformation initiatives.
The dimensions of the IDC MaturityScape for omni-experience digital transformation in retail banking – channel (digital and physical) experience, continuous innovation orientation, platform service delivery, and omni-dimensional marketing – represent some of the key capabilities and actions that businesses need to integrate to grow loyalty and improve business performance.
By creating interactive experiences between digitally enabled businesses, an organization's customers, partners and employees will communicate more effectively with each other and with the business products and services that are increasingly created to meet unique and individualized demand. The greatest challenge banks face is the ability to deliver a customized omni-experience in a scalable manner that engages and satisfies the customer experience. The banks that have provided and promoted their innovation within the omni-channel experience are on the right path for further success, with all others finding themselves in a game of rapid catch up, or risk being left behind, reports IDC.
Delivering an optimized omni-experience across the entire ecosystem requires the entire enterprise.
Banks and financial services providers that are able to deliver an optimized omni-experience as part of their digital transformation journey should be able to continually attract and grow loyalty with customers, partners, and employees across the entire ecosystem and positively impact their business performance as a result, according to IDC analysts and researchers.
The Digital Customer
Currently, enterprises are using digital technologies in ways they never anticipated. Unprecedented business transformation, arguably the most radical and significant impact on the world of business since the Industrial Revolution, is optimizing The Cloud, Big Data, the Internet of Things (Iot) and even social media to create customer-centric, enterprise-building digital engagement opportunities. What does this mean for the enterprise? A new digital enterprise is being created, to better serve and inspire the new digital customer.
What is IDC? International Data Corporation (IDC) is a global provider of market intelligence, advisory services, and events for the information technology market. IDC’s Digital Transformation MaturityScape framework suggests that the transformation requires a multi-faceted approach covering five critical areas: leadership transformation, omni-experience transformation, information transformation, operating model transformation, and workforce transformation. Learn more here.