1.    Key message: -

Prestigious honorary Invitation by UK based “Journal of Digital Banking” to an Indian National from Mumbai who is an International Banking expert to contribute an article in the global journal, where CA Shripad Vaidya has suggested a CMADBI© model of Comprehensive Assessment of Digital Innovation. Using this model, banks can judiciously structure to spend money in Digital Innovations, while methodically tracking the real benefit of the Digital spend and not just invest without tracking the resultant benefit.  In essence, this CMADBI© model will save a lot of money to the banks in the longer run.

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2.  What is CMADBI - as published in the Journal of Digital Banking:

CMADBI©= Comprehensive Maturity Assessment for the Digital Banking Innovation Framework

CA Shripad Vaidya, an international digital Banking expert and who has held various positions such as Consulting Director at Oracle Corporation or Banking Leader at TCS, was specially invited to contribute to an article by a leading publication house in London, UK, called “Henry Stewart Publication” which publishes “Journal of Digital Banking” for CEOs, Managing Directors, Banking industry experts and various directors in the banking and financial field.

Shripad has authored an article called “Comprehensive Maturity Assessment for the Digital Banking Innovation framework” - CMADBI© in their volume 7 of year 2022-23.

This CMADBI© model is useful for the entire global Banking and Financial Services industry across the world to assess and rank their excellence in adopting their Digital Innovations efforts not only from the purposes of creating capabilities, but also from creating the culture of tracking the business benefits.

Various digital innovation themes include Artificial Intelligence / Machine Learning (AI-ML), Blockchain, Data Analytics, Internet of things (IOT), Open API platform, Augmented Reality (AR)- Virtual Reality (VR) / Web 3.0 / Meta, , Cloud, Integration etc.

Four major parameters of the maturity assessment model CMADBI© include.

a. Digital Banking Innovation capabilities

b. Digital Banking Proliferation across the entire organization

c. Digital innovation Roadmap Introspection by the organization

d. Tracking the Business Value derived

 

3.   Published online at the Website of Henry Stewart -

Article title:-

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

Link Details: -

https://www.henrystewartpublications.com/jdb/v7

 

 

4.    What are the advantages of using this maturity Model to global banks and financial Institutions?

· This CMADBI© model helps banks to save a huge cost in the longer run as it structurally navigates the way to spend and track on digital innovation.

· It is a ready banking Industry model (similar to ISO or SEI CMM model or Malcom Baldridge model) to assess the level of maturity for the investment done for Digital Innovations in the global banking world.

· Creating digital culture across the entire organization while stressing the need to see how digital initiatives are created and then tracked for ROI as well as roadmap.

· Methodical view to devise a cultural change in view of tracking the roadmap and future investment in the Digital transformation

· Realizing the true potential of the organization’s maturity in adopting digital environment

· Creating futuristic path for organized way of adopting the innovation culture

· Creates a Path to generate a scientific roadmap with business level tracking.

· Enhancing the organization brand value with a higher scoring over a period of time.

· High scoring of CMADBI© can generate customer confidence about the structured innovation of any bank or financial institution.

 

 

5.    Who can use this Model

·       Bank

·       Financial institution

·       NBFC

·       Any other banking or non-banking finance organization

·       This model can be also used in any other industry, as its attributes are very useful across multiple industries

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6. Brief about CA Shripad Vaidya

 

Shripad Vaidya is Fellow Chartered Accountant from ICAI and Qualified Independent Director (IICA- MCA, Govt of India). He is also a certified international payment expert and Oracle Cloud certified professional.

He has 32 years industry experience within Banking, Financial Services, Information technology, consulting, manufacturing etc. He has held positions such as Consulting Director of Oracle, Banking Leader of TCS or Global Head of Retail Banking Practice at Polaris software.

Shripad is a bestseller of an international course in Digital Banking Innovations at Udemy platform with 6500+ subscribers across 130+ countries. He is a bestseller author at Amazon on his Digital Banking book for student’s community

He was a key Judging panelist at Global Finance Magazine, NY, USA where he judged “Best Internet Banks” across 2002 to 2007 and the participant banks included Citibank, Bank of America, HSBC, Standard Chartered, Wells Fargo, CBA, ICICI and 200+ international banks.

He defined digital strategy for banks such as Axis Bank, BB&T while at TCS. He has previously assessed Digital Banking for banks such as ABN Amro, Commonwealth Bank of Australia.

Currently he is a CEO of the firm, Digital Innovation consulting, which consults financial institutions and telecom companies in growing their business.

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7. Article synopsis content given for publication:-

COVID-19 has driven a paradigm shift, where banks have started digitizing their entire life cycle operations, including front, middle and back office, either by modernizing 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 themes. This paper suggests the way maturity can be assessed for a comprehensive digital transformation and innovation adoption program. 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.

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