There is growing interest among leading academic institutions in the United States to explore the concept of digital transformation. Despite a shared focus, there is still no clear or universally accepted definition. Existing interpretations vary significantly, covering areas such as smart living, the future of work, automation, and industry convergence. These interpretations often lack consistency and are difficult to compare. Meanwhile, major consulting firms, technology companies, and analysts continue to promote their own models and frameworks. This study focuses on understanding the demand for digital transformation within the U.S. banking sector by analyzing how four major North American banks have approached the adoption of digital technologies. Using a combination of qualitative analysis, supported by quantitative techniques and visual data, the research examines five years of annual reports from these banks to identify key themes including drivers, perceived benefits, institutional readiness, and implementation efforts. From these findings, the study introduces a Digital Transformation Maturity Model that offers valuable guidance for financial institutions and technology providers seeking to navigate and assess their progress in digital adoption.