Digital Resiliency in Banking

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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