Insight

Advancing Agile in Digital Banking
Advancing Agile in Digital Banking

On all fronts, the financial sector is undergoing a change. In less than a decade, traditional banking locations have given way to digital-only banking options, which have attracted millions of users. Customer behavior, on the other hand, was rapidly evolving in reaction to new digital distribution channels, and digital leaders in many industries, including banking, were shaping customer expectations.

"Our findings highlight how with ample banking options on the market, a lack of an exceptional digital experience can affect financial institutions' bottom line. More importantly, the results expound on how largely relevant it is for banks to adapt and transform their digital presence to keep up with consumers' ever-changing digital needs." - Yaron Morgenstern, the CEO of Glassbox

In this new omnichannel world, we needed to stop thinking about product marketing and start thinking about customer journeys.

The Role of Agile in Digital Banking

Adopting an agile development framework generally leads to more innovation since continuous, consistent work on the product leads to the development of innovative and effective solutions that are in line with customer trends and needs. Customers now use their phones to transact instead of going into a branch, for example, due to the increased use of smartphones. According to S&P Global's 2018 US Fintech Market Report, half of respondents used a mobile device to pay at a retail business, while 43.7 percent used mobile apps to pay their bills. Fintechs and traditional banks who provide customized mobile banking services to their consumers will benefit from the evolving digital banking trend.

"In banking, the iterative approach that is the hallmark of agile enables faster development of and improvement to digital banking platforms in response to customer demand." note industry advisors Marc Harrison and Isaac Sacolick.

Financial firms must embrace Agile in order to develop robust digital banking platforms and services. Agile, in the end, aids in the opening of better channels of communication and the facilitation of greater collaboration inside a company or organization. In addition, when compared to traditional approaches, Agile allows for more faster delivery of software, products, and upgrades.

Westpac was able to meet its objectives in 2014 because to the use of agile approach. The Westpac One project developed and maintained pace thanks to the Agile approach's teamwork, collaboration, and adaptability, resulting in a complete overhaul of the bank's online banking operations in less than two years. The total online usage is another indicator for Westpac that its new online banking infrastructure and functionalities are on track.

Find out more about how banking industry can advance agile production innovation at Indonesia International Digital Innovation Summit 2021 on December 16th, 2021!

Secure your seat now! Free registration at https://i2dis.multimatics.co.id/#register


Sources:
Markou, M. (2021, February 5). Agile framework: accelerate your digital banking product development. Scientia. https://www.scientiaconsulting.eu/blog/agile-accelerate-digital-banking-product-development
Pires, C. G. (2021, April 23). Leveraging Agile Delivery to Facilitate Digital Banking. LinkedIn. https://www.linkedin.com/pulse/leveraging-agile-delivery-facilitate-digital-banking-pires
Sebastian, K. (2019, November 21). Five reasons why banks should adopt Agile Product Development. Penser. https://www.penser.co.uk/business/five-reasons-why-banks-should-adopt-agile-product-development/

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