FinTechs and digital startups have disrupted all areas of the financial services world. While banking leaders understand the need to adopt agile approaches to counter such disruptive competition, their existing processes and structures stand in the way of adoption. Becoming agile calls for a transformation that engages people, systems, and processes at all levels. To achieve this, companies must undertake:
Agile organizations have self-organizing teams staffed with people from all relevant functions. Four principles are crucial to their success:
Banks with agile cultures introduce new products and services at speed. To achieve their potential, they must ensure collaboration between business and IT stakeholders and embrace an agile culture.
In their article, RamanaMurthy Magapu and Sathish Sankaranarayanan show why agile approaches are critical to making established financial services firms grow more competitive, and serve customers better, especially online.