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IDC MaturityScape Benchmark: Omni-Experience Digital Transformation in Retail Banking in Asia/Pacific, 2017

IDC MaturityScape Benchmark: Omni-Experience Digital Transformation in Retail Banking in Asia/Pacific, 2017

This study presents the results of IDC Financial Insights' 2017 Omni-Experience Digital Transformation in Retail Banking in the Asia/Pacific MaturityScape Benchmark Survey. This study should be viewed as a supplement to IDC MaturityScape: Omni-Experience Digital Transformation in Retail Banking 1.0 (IDC #US40134716, June 2016). Together, these two reports provide a comprehensive overview of IDC's MaturityScape framework for omni-experience DX in retail banking, which identifies the stages, dimensions, outcomes, and actions required for banks to deliver impact and business outcomes. This MaturityScape for omni-experience DX enables banks to:Assess their capabilities and stages of maturity in omni-experience DX.Answer key questions, including "What is the role of DX in supporting business change?"; "Where are our competitors?"; and "What is the path to improve and achieve the level of maturity that a retail bank needs?"Enable a dialog among business, digital, and technology executives about goals and actions relative to DX, focusing on delivering an optimal omni-experience.Identify areas and capabilities that need to be strengthened and establish standards for pursuing these focused initiatives.The key insights of this study include: More than 80% of Asia/Pacific banks are still in the early stages of the maturity model — the ad hoc and opportunistic stages. Our numbers indicate that the financial services industry in this region is a laggard in terms of omni-experience DX maturity when compared with that of the United States, where most of the banks have moved ahead to the opportunistic and repeatable stages of maturity. This highlights the need for Asia/Pacific banks to improve their omni-experience by adapting better to the demands of the customer and changes in technology.The integration of "advice," a higher-value interaction in a bank's customer engagement value chain, and multichannel capability are indicative of a bank's omni-experience competency. Around 37% of Asia/Pacific banks use all available channels — branch, contact center, online, and mobile — to help customers by giving them expert advice regarding the bank's products and services. Some markets stand out. Singapore banks are endeavoring to use all available channels for advice-led interactions.At this point, the biggest challenge for deploying an omni-experience program is the perceived high cost to implement these projects. These projects still do not align well with the strategic intent of most organizations. In terms of delivering an omni-experience business framework, the major challenge is undoubtedly the integration of new systems and technologies to existing back-end IT."Several customer trends in the Asia/Pacific region will drive the pursuit of omni-experience excellence. Certainly, financial institutions have to respond to the big shift toward multichannel interactions and how these interactions are increasingly integrated to customer lifestyle," says Michael Araneta, associate VP, IDC Financial Insights."Omni-experience is in the top 3 priorities of the banking sector in Asia/Pacific. Still, we see more than 80% of these banks in the early stages of the maturity model, much behind the United States, indicating that there is a large opportunity that can be captured by investing in digital transformation and creating superior customer engagement. Customers today expect banks to deliver easy, convenient, and consistent interactions across multiple channels," adds Sneha Kapoor, senior research manager, for IDC Financial Insights.

Please Note: Extended description available upon request.

IDC MaturityScape Benchmark Figure
Executive Summary
Analysis of omni-experience DX in retail banking Maturity Benchmark Data
Stages of the Omni-Experience DX in the Retail Banking Maturity Framework
Survey Findings: Maturity Distribution Across Stages
Dimensions of the Omni-Experience DX in Retail Banking Maturity Framework
Survey Findings: Maturity Distribution Across Dimensions
Evaluating Omni-Experience DX in Retail Banking Maturity: Survivors and Thrivers
Survey Findings: Comparison of Survivors and Thrivers
Advice for Technology Buyers
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