Independent Banker - February 2023 - 29

PORTFOLIO
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◎FOCUS RISK MANAGEMENT
Explainer:
What is digital twin
technology?
Through digital twinning, a range of industries are better understanding
situational risk using technologies that can simulate scenarios using a
virtual version of an organization. By Aileen McDonough
s banks make incremental
progress toward full digital
transformation, there are still many
hurdles to clear. Community banks
must address challenges including
the cost and time to upgrade
existing technology platforms, the
need for internal cross-functional
collaboration and the eff ort to
A
balance the customer experience
with ever-evolving consumer
expectations.
Could digital twins, a form of
technology that is already changing
the game in other industries,
provide a path to effi cient and
profi table digital transformation
for banks?
Q: What is digital twin
technology?
A: According to Capgemini Research
Institute, a digital twin is " a virtual
replica of a physical system that can
model, simulate, monitor, analyze
and constantly optimize the physical
world. " Digital twins not only help
an organization assess how existing
systems are performing; they also
enable the organization to anticipate
how these systems, products
or even people could behave in
diff erent scenarios.
Q: How does digital twin
technology work?
A: A digital twin is an exact copy
of a real-world process or product
that provides critical data at each
stage of the life cycle of that process
or product. Generated by software,
digital twin technology allows
organizations to bridge the gap
between physical and virtual worlds.
Real-time data is applied to a virtual
28 // ICBA Independent Banker // February 2023
Illustration by local_doctor/Adobe
Independent Banker - February 2023

Table of Contents for the Digital Edition of Independent Banker - February 2023
