Most of us know Agile as an effective methodology that is used in project management. But now, the advent of Agile into the banking sector where its related practices like customer service, wealth management, and marketing activities have been taking organizations to remarkable heights. Although it's still new to the banking sector, it is nowhere less to a powerful methodology that simplifies certain banking functions. The application of agile methodology into the banking sector can address challenges that are beyond just IT-related.
The transition of the existing banking world into digitally stable financial institutions is yet to be a fully achieved goal. There is an emergence in making banking institutions and their business models include cutting-edge technologies. Reforming the business models and striving towards digital transformation can improve the banking sector to deliver hassle-free solutions to their customers. Online banking is not about creating an e-account with fewer facilities online. It is about adopting digital technologies that are user-friendly digitally. The impact of a strong online presence is a big wheel that drives an organization on an appropriate path. A refocus has to be made on the digital development business models to flourish well as strong financial institutions. To become one, Agile should be an integral part of their regular functions.
Agile is a data-driven approach where developing and examining a product at desired phase instead of waiting for complete project delivery. Troubleshooting is done quicker and at an early stage without waiting for the complete process to finish. The game of test and learn can be carried out throughout the process. A report by McKinsey & Company says that Agile has a huge capacity to multiply the product development speed by five times. Digital transformation can be accelerated with the application of Agile.
Considering a few examples, Vantiv (currently unified as Worldpay) which is a popular US payment process has adopted agile techniques and states that it processes more than 11 billion transactions and 400 USD billion every annum in sales. Diverse startups and FinTechs have already seen the ripened fruits with the help of adapting themselves to agile techniques. The application of agile methodology into the banking sector can address challenges that are beyond just IT-related.
We need to understand that agile is not alone for software product development. Agile enables the organization to deliver its business objectives more efficiently and effectively.
The waterfall model (an incremental approach where the project development life cycle is divided into sprints) in banking institutions concerning Agile has been working immensely great. Although Agile seems to be new to the banking community, it always has a larger scope to help banks to access their data without much complexity. The banking institutions must utilize the opportunity of using agile to fasten and transcend.
One such greatest example is BBVA Compass which is a financial institution that has completely dedicated itself to agile principles and processes. The most exciting part to learn is, the BBVA Compass develops almost 60% of its software using agile, and also it is known for its development time cutting from two years to six months and less down the line by using the famous waterfall model.
Therefore, Agile can be used in banking sectors to fasten up their development process. Crucially, customer-friendliness can be achieved through improved digital banking platforms.
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