Accelerating the Digital Transformation in Bank XYZ

Abstract : In current fast-paced and highly competitive business climate, organizations progressively recognize the necessity of embracing digital transformation. Due to developments in technology and the unprecedented effects of the COVID-19 pandemic, the banking sector is one of the sectors that has experienced significant disruptions. Digital transformation has become increasingly crucial for banks to remain competitive, sustain business continuity, and meet shifting customer demands. However, the mere adoption of digital technologies is insufficient. In order to adapt with the digital era, it is essential to assess the effectiveness of digital transformation initiatives. As Bank XYZ started and continued to undergo their digital transformation, the company has measured its digital maturity the prior year and the result leaned toward the “Digital Master” stage. However, there could be indications that the digital transformation has not been implemented optimally. Using the Digital Mastery and the Digital Transformation Compass framework, the research emphasizes the importance of accelerating digital transformation for Bank XYZ through digital maturity and digital transformation evaluation to analyse its digital transformation progress while recognizing areas for improvement. The result shows that the current digital maturity result display the same trend as the year prior that the company has reached the “Digital Master” stage affected by the current composition of senior executives and the availability of strategic agenda that drives the digital transformation within the company. However, when the digital transformation was analysed further, the transformation progress is still in the moderate level. It can be concluded that that while initiatives have been implemented, there are improvements need to be made with the aim of advancing Bank XYZ’s digital transformation process. This research proposes business solutions that focuses on enhancing synergies withing the organization to accelerate the digital transformation