Agile methodologies are essential in this era of rapid innovation, and now proven even more vital during the pandemic. These frameworks empower organizations to quickly respond to any variable, and enable high levels of productivity and outstanding business outcomes.
It is no surprise that these methods are widely used by the financial sector, for they naturally complement the acceleration of the digital transformation of financial institutions. Designed at the advent of the internet, these methodologies logically reflect the vision of their creators. At a time when programmers were searching for a responsive method to create digital applications and facilitate the quick adoption of new technologies, these new agile systems transformed their work.
Within this context, agility is defined as the fast and continuous delivery of developments, strategically dividing projects into smaller processes, aimed to maximize the result of the end product. This workflow structure enables continuous feedback and focused collaboration with each deliverable. This facilitates powerful and profound technological developments that reflect the cooperation of all individuals in the workflow process, its success is not only seen in its agility, but the resulting solution and consequent business outcomes.
According to Annual 2019 Outsourcing Study by the technology consultancy, Quint Group, 66% of the financial sector uses agile methodologies, and 32% non-users are in the process of implementation. Even more interesting, there was a 22% increase in the utilization of these work methods in the banking and insurance sector from 2019. This correlates with the ever-growing demands of the digitalization of the sector, and the new need for rapid migration of all business aspects into digital and virtual realities. This transformation is easily made possible using agile methodologies, with its rapid and functional development work processes.
Now in 2020, the digital transformation of financial organizations is obligatory, especially due to the global pandemic. A BDO article outlines the mandatory moves individuals and businesses have had to make towards digitization; demonstrating why the exponential rise in digital investment is a crucial pivot for the survival in this new environment and the future.
How a business implements its new digital investment strategy is also key to its long-term sustainability. And why an agile mindset might be the best route to take is demonstrated in its recent surge (these past few months), especially in the financial sector; the evidence is in its very nature, its empowerment of both individuals and organizations to effectively develop essential innovations and meet their desired business results. Aspects critical to today’s business wants and needs.
COBIS, as a technology leader, not only uses agile methodologies, but created its own philosophy, Financial Agility. This is an agile mindset designed specifically for financial organizations, with the goal of empowerment through personalized agile workflows and tailored technology solutions, to enable their transformation, as well as their customers. To learn more about our offerings, we invite you to visit our website: www.cobiscorp.com