Looking through the lenses of openness, agility, and innovative capacity, this joint IDC and DXC InfoBrief identifies top challenges, areas for investment, and overarching principles for Australian banks. Each of these lenses has clear implications for both customers and employees, which will result in increased business and customer benefits.

How do we move forward? First, banks need to have an honest conversation about what is and isn’t working for their business during this incredibly stressful time. Second, they need to truly commit to transforming and recognise that buzzwords in name only are useless. They need to understand that agility, innovation, and digitisation only bring value if they are conceived, planned, and implemented properly.

At the heart of digitisation is data; how it flows, how it is managed, and how banks can derive value from it to better serve customers. Earning and validating customer trust and confidence depends on data to inform the paths to follow, and the actions to take. It is the foundation of realigned banking services in a societal framework of the ‘new norm’, reshaping customer needs and expectations. A sound, digital data strategy will build loyalty among customers, and minimise attrition.

Leaders must ensure they learn from the disruptions experienced recently, and use it as an opportunity to re-imagine the employee experience for a more agile and resilient business in the long term.

Customers' expectations are rapidly changing, and it is not just about efficient service. In today's world, positive customer interactions are more valuable than process efficiency. Discover how Australian banks can accelerate business performance and drive quantifiable value through a customer experience and interaction improvement program.

To respond to the changes in customer expectations and demand, DXC's consulting services provides end-to-end solutions to help financial organisations deliver effective business outcomes for a smoother customer journey.

With the rise of online engagement and increasing cyber-attacks, security of customer data is essential to sustain consumer trust. DXC has the experience, tools, knowledge and resources to secure your enterprise by identifying, mitigating and removing cyber risks, while optimising the security architecture to enable adaptable business operations.

As data unlocks creativity for banks, it will empower initiatives that will increase customer trust, and increase profitability per customer. A sound, digital data strategy will build loyalty among customers, and minimise attrition. Work with our Analytics team to develop a organizational wide data strategy.