How Agile helps deliver fintech innovation
Agile methodology helps in quickly responding to changing business needs and market dynamics. At KNAB we follow a routine of daily stand-up along with retrospective and monthly analysis. Adopting Agile allows us to implement changes much faster than traditional approaches, which would stack up a lot of pressure on the business teams for the second half of month.
“Innovative ideas aren’t generated in structured, authoritarian environments but in an adaptive culture based on the principles of self-organization and self-discipline.”
– Jim Highsmith, Agile Project Management: Creating Innovative Products
Key feature of Agile Methodology :
- Iterative/incremental and Ready to Evolve – Break a problem into smaller task and track closely
- Face-to-face Communication – can see the progress of the agile team
- Feedback Loop – Daily stand-up (Early identification and resolution of issues)
- Early and Predictable Delivery
- Promotes teamwork and cross training
- Face-to-face conversation is the best form of communication
How agile help technology to build robust solution :
In the finance industry, the impact of software downtime or delay in website feature release is huge. That is where agile helps build and release fast while keeping to compete with business pace. In the current fintech environment, it’s essential to continually experiment in order to find better ways to solve a problem and gain market share. Agile allows for business and tech to work together in a coherent manner to achieve common goals.
How agile helps meet business targets:
- Daily communication – faster resolution of issues
- Face to Face communication help us to predict obstacles in early stages
- Cross functional collaboration for common goals
- Easy visibility of progress at leadership level
- Feedback loop straight into development cycle helping achieve a more efficient process flow
- Aids in breaking down macro level monthly targets into individual level daily goals. Builds a chain of deliverable within the team and gets everyone to help each other to achieve team delivery targets.
- Brings transparency about project status for all leader to stay updates and guide where needed
- Daily stand-ups ensure cach team is responsible for helping out each other to achieve target collaboratively
Benefit of agile to technology team:
- At regular intervals, the team reflects on how to become more effective, then tunes and adjusts its behaviour accordingly
- Daily tracking and analysis helps improve faster than traditional methods
- Faster delivery of software improvements
- Constant Customer Feedback loop helps technology team build software which useful for end user.