The 46-year-old Vogue supermodel has big shoes to fill, and she is all set to get going in what is going to be the reality competition's first-ever solo host setup.
The model was announced as the new host of the show on July 14, a day after ABC said that the show's former hosts wouldn't be returning.
With a fresh face, the network now plans to "embark on a new creative direction".
"'My goal is for a 12-year-old to be sitting on the couch with their parents and grandparents and everybody can relate personally to what they see on that screen," Banks said to US Weekly, adding that she has been a fan of DWTS since the beginning.
Banks likes the fact that the show has much fun mixed with raw emotions, and she has always enjoyed seeing celebrities push past their comfort zones along with the sizzling dance performances.
"It's always transported me to my days of turning it up 10 notches on the catwalk. Tom has set a powerful stage, and I'm excited to continue the legacy and put on my executive producer and hosting hats," she added.
Banks also said that she was "excited" to be a part of the show in the role of a host as well as an executive producer and that she was all set to "break down" barriers by becoming the first solo black female host on the show which already has aired 448 episodes.
"Let's just keep this real, it's gonna be so next level," she said, adding that the team is doing "all this crazy stuff" to take the widely-celebrated show to the next level while making sure that they retain the stuff that "America loves".
Banks said earlier this month that the show always transported her to the days of "turning it up 10 notches on the catwalk." She also added that Tom had "set a powerful stage" and that she was excited to continue his legacy as a show host.
Tom Bergeron was the reality TV show's first host when it premiered on June 1, 2015. Erin Andrews joined him in March 2014 after the show had completed its ten seasons.
Tom took to Twitter to comment on the news of his firing.
"Just informed that @DancingABC will be continuing without me. It's been an incredible 15 year run and the most unexpected gift of my career. I'm grateful for that and for the lifelong friendships made," he tweeted, and his response was widely celebrated by his fans who gave him a warm farewell in the comments.
"Nobody can replace you Tom, you were the heart and soul of that show and everybody knows it. What a loss to them that they are continuing without you. Deeply saddened and angry about this. WE LOVE YOU," wrote a fan.