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Defining the digital banking innovation maturity model: A comprehensive maturity assessment for the digital banking innovation framework

Author

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  • Vaidya, Shripad Ramakant

    (Gokul Gagan, India)

Abstract

COVID-19 has driven a paradigm shift, where banks have started digitising their entire life cycle operations, including front, middle and back office, either by modernising the legacy or by integrating with the new-age Technology wrappers and involving various innovations such as artificial intelligence (AI)–machine learning (ML), robotic process automation (RPA), data analytics, internet of things (IOT), augmented reality (AR)–virtual reality (VR), Blockchain, open banking and many more such tech themes. This paper suggests the way maturity can be assessed for a comprehensive digital transformation and innovation adoption programme. As the entire global banking world lacks a universal model of defining maturity, this newly defined ‘digital banking innovation maturity’ acts as a guide to a ‘comprehensive maturity assessment’. This assessment methodology is a blend of multiple perspectives such as (a) unique innovative themes created by the bank, (b) level of adoption of the best innovations and transformation suiting the business needs of banks, (c) The business value achieved from such adoptions based on any existing structured process of tracking the efforts. Four major parameters of this assessment include 1. digital banking innovation capabilities, 2. digital banking proliferation, 3. efforts to create a digital roadmap and 4. level of tracking the business value derived from investments in terms of their return on investment (ROI). This ‘digital banking innovation maturity model’ helps to introspect on such efforts and investment. The model can also help to define a process within the organisation for smooth functioning of such large transformation programmes. In addition, it gives an assurance to top management to research, adopt, experiment and proliferate to achieve the best value or outcome from each such investment. This assessment can help banks and financial institutions to create a good brand perception across the globe while striving for the highest maturity.

Suggested Citation

  • Vaidya, Shripad Ramakant, 2022. "Defining the digital banking innovation maturity model: A comprehensive maturity assessment for the digital banking innovation framework," Journal of Digital Banking, Henry Stewart Publications, vol. 7(1), pages 46-61, June.
    • Handle: RePEc:aza:jdb000:y:2022:v:7:i:1:p:46-61
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    More about this item

    Keywords

    digital banking innovation; comprehensive maturity assessment; banking industry benchmark; digital banking innovation roadmap; digital banking innovation assessment; innovation ROI; 5-level maturity assessment for digital banking assessment;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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