Agile is a method that can be used to manage projects. Most people are familiar with it. Agile has been a breakthrough in the banking sector, where it is used to improve customer service, wealth management and marketing activities. It is still a new concept in the banking industry, but it is a powerful method that simplifies certain bank functions. The application agile to the banking sector can solve problems that go beyond IT.
It is still not possible to transform the current banking system into digitally secure financial institutions. It is becoming easier for banks to incorporate cutting-edge technology into their business models. The banking sector can be transformed by reorganizing its business models and pursuing digital transformation to provide hassle-free solutions for their customers. Online banking does not mean that you have to create an e-account or offer fewer services online. It’s about digital technologies that are easy to use digitally. A strong online presence can be a major factor in driving an organization along the right path. To ensure that financial institutions are strong and flourish, it is important to refocus on digital development models. Agile must be an integral part their daily functions in order to become one.
Agile is a data-driven method that allows you to develop and examine a product in the desired phase, rather than waiting for project delivery. Problem solving is faster and easier than waiting for the entire process to complete. Throughout the entire process, you can play test and learn. McKinsey & Company reports that Agile can increase product development speed five times. Agile can accelerate digital transformation.
Here are a few examples: Vantiv, which is currently unified under the name Worldpay, is a US payment system that uses agile techniques. It states that it processes over 11 billion transactions annually and has 400 billion USD in sales. Many FinTechs and startups have already seen the fruits of agile methods. Agile methodology can be applied to banking sectors to address problems that go beyond IT.
It is important to realize that agile does not only apply to software product development. Agile allows an organization to achieve its business goals more efficiently and effectively.
Current banking sector: Agile banking
In banking institutions, Agile has worked tremendously well with the waterfall model (an incremental approach that divides the project development cycle into sprints). Agile is a new concept in banking, but it has the potential to provide banks with easy access to their data. Banks must take advantage of agile to speed up and transcend.
BBVA Compass, a financial institution dedicated to agile principles and processes, is one such example. The best part is that BBVA Compass uses agile to develop almost 60% of their software. It is also known for its ability to reduce development time by using the waterfall model, which cuts down on the development time from two years to six month.
The top 3 reasons to be aware of Agile within the Banking Framework:
- Agile doesn’t produce results that aren’t related to product management. It assists in understanding customers’ needs and delivering them in real-life. Customer experience is achieved by closing all touchpoints. That makes all the difference.
- Banking institutions can be agile by using agile banking to choose the right products and services for their customers. Then, it thinks about itself. With an agile manifesto, digital transformation can be achieved to deliver the best customer service.
- Agile is well-known for its flexibility. Data analytics are a powerful tool for controlling the data of banks institutions. Agile allows for responsive applications that make use of such data. This process allows for the delivery of customer-focused products in a short time.
To speed up the development of banking branches, Agile can be used. Crucially, customer-friendliness can be achieved through improved digital banking platforms.
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