Consumer demand for more convenient and innovative products is leading to a significant change in the banking and finance industry. Banks and financial institutions are looking for newer ways to enrich the user experience, shorten delivery timelines and reduce their costs. This quest for digital transformation with a customer-focused attitude is evolving the industry landscape. And the smart adoption of agile can change the game for banks and capital markets globally.
The experts at Aarav Solutions have spent many years supporting numerous firms in their digital transformation journey. This experience gave us deep insights into how successful firms leverage agile to surge ahead of the competition in their pursuit of digital transformation. To know more, let’s take a look at the power of agile in the banking and financial service industry.
1. Agile Teams Understand the End Goal Better
Digital transformation is best described as a journey dotted with milestones. Many small achievements come together to complete one large goal. Agile teams are well-versed with the steps that need to be completed to achieve digital transformation’s overall goals. The agile team’s understanding of the bigger picture helps the IT team and the organization. Here are some reasons why the agile team has a better vision of the end goal –
- The agile team comprises multi-skilled personnel who can collaborate with different teams in enterprise business.
- The agile team can identify challenges, find solutions and execute resolutions with better precision in partnership with the organization’s business experts.
- They leverage agile practices such as iterative delivery and frequent demonstrations to involve the business personnel in a more hands-on alignment with IT issues.
2. Agile Represents a New Way of Organizational Thinking
Agile is not just a methodology for project management. Agile represents a revolutionary way of organizational thinking that includes customer-focus, adoption of technology that drives business goals, result-oriented transformations and evaluating projects in terms of value-add to the business. Agile teams view the project with a focus on customer needs, and they recognize the importance of constantly improving the customer experience. Due to this reason, agile projects can deliver the top priority requirements first, fulfil their goals continuously and respond to change at the same time.
3. Outcome-Driven Mind-set
For agile teams, digital transformation is not a one-time event that results in adopting new technology to reach the same outcomes as before. Agile teams prioritize and enable digital technologies based on the business value they create. Agile facilitates shorter and more frequent release cycles that provide early visibility to the business. Such visibility is crucial for constructive feedback, making it easier to shift gears wherever necessary – while keeping the focus on the targeted outcome at all times.
4. Follow the Dev-Ops Theme
Developing organizational agility is about creating a cycle of events. It starts with idea generation, building new capabilities, delivering higher quality services due to these capabilities, studying the results, and generating new ideas based on that experience or based on the current industry demand. This lifecycle utilizes Dev-Ops. Dev-Ops is an agile approach that can be applied to business strategy and digital transformation projects in the banking and finance industry.
All you need to successfully utilize Dev-Ops is an agile team that can create a well-defined technology and tooling ecosystem to stimulate new ideas, develop capabilities on the go, and deliver high-quality services on-demand.
5. Continuous Innovation & Ideation
Agile teams bring about a cultural shift in the organization that deserves to be nurtured. By inviting new ideas from different organization sections and encouraging iterative feedback, agile teams foster a culture of experimentation and innovation in day-to-day work. With cross-functional collaboration and giving everyone the freedom to innovate, financial organizations can stay ahead of the innovation curve.
Digital transformation is essential for every player in the banking and finance industry, now more than ever. Agile has helped banks and financial institutions connect every step in their digital transformation journey to the bigger picture and the larger goal they’re trying to achieve. Agile encourages a customer-centric mindset, faster time-to-value, viable product releases, legacy modernization, workforce training and enablement. Partnering with agile teams has helped banks and financial institutions achieve higher capabilities and offer more outstanding service standards. Today, every financial institution is looking to partner with an expert agile team that helps in the continuous transformation to achieve better service efficiency and greater business growth.
Aarav Solutions is a global product engineering and IT consulting services provider. Our clientele comes from various industries – Telecommunications, Banking & Finance, Government, Power and Utilities, among various other B2B segments. Our goal is to empower businesses in their quest for digital transformation with our experience, innovation and next-generation technology.