Digital Resiliency in Banking
Given the impact of the COVID-19 pandemic, resiliency has become a business priority. But traditional approaches struggle to integrate business resiliency with new digital realities. Resiliency is more than just a compliance exercise. To survive, banks must be able to rapidly respond and adapt to both incremental and extreme change. To do this requires a new approach to resiliency — digital resiliency. The framework proposed in this IDC Perspective applies specifically to banks and highlights six distinct but interdependent organizational dimensions necessary for achieving digital resiliency. "A digital resiliency framework provides senior bank executives with a practical approach for working with technology in an agile way to build up resiliency in the organization, ready to tackle the challenges of future shocks and business crises." — Associate Research Director George Briford, IDC Financial Insights
Please Note: Extended description available upon request.
- Executive Snapshot
- Situation Overview
- Introduction
- Digital Resiliency — A Definition
- Three Maturity Levels:
- The Six Organizational Dimensions of IDC's Digital Resiliency Framework
- The Connection Between Digital Resiliency and Risk
- The Six Organizational Dimensions: Selected Use Cases and Recommendations
- Leadership and Organization
- Make Resiliency a Board-Level Topic
- Technology Implications
- Install a Culture of Learning and Innovation
- Technology Implications
- Secure an Open Communication Style
- Technology Implications
- Workforce Resiliency
- Design Comprehensive Onboarding (Who)
- Technology Implications
- Ensure Remote Working Conditions (Where)
- Technology Implications
- Enable a Client-Centric Workforce Through Automation (What)
- Technology Implications
- Establish Agility Through a Flexible Workforce (How)
- Technology Implications
- Customers and Ecosystems
- Build a Customer-Centric Bank
- Technology Implications
- Optimize the Ecosystem
- Technology Implications
- Brand & Reputation
- Ensure Empathetic Communication
- Technology Implications
- Financial Resiliency
- Manage Capital & Solvency Requirements
- Technology Implications
- Manage Liquidity
- Technology Implications
- Manage Asset Quality
- Technology Implications
- Integrate Financial Planning, Budget Forecasting, and Accounting Processes
- Technology Implications
- Operational Resiliency
- Establish an Operational Resiliency Approach
- Technology Implications
- Work in an Agile Manner
- Technology Implications
- Deliver Data & IT Solutions in an Agile Manner
- Technology Implications
- Pool Operations and Resources Efficiently
- Technology Implications
- Treat Data as a Business Asset
- Technology Implications
- Become a Partner in Ecosystems
- Technology Implications
- Advice for the Technology Buyer
- Learn More
- Related Research
- Synopsis
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