{"id":11241,"date":"2022-01-18T19:09:34","date_gmt":"2022-01-19T01:09:34","guid":{"rendered":"https:\/\/threecloud.wpengine.com\/?p=11241"},"modified":"2024-01-04T14:59:52","modified_gmt":"2024-01-04T22:59:52","slug":"adopting-agile-in-the-financial-sector","status":"publish","type":"post","link":"https:\/\/3cloudsolutions.com\/resources\/adopting-agile-in-the-financial-sector\/","title":{"rendered":"Adopting Agile in the Financial Sector"},"content":{"rendered":"<p><span data-contrast=\"auto\">In a\u202f<\/span><span data-contrast=\"none\">recent post,<\/span><span data-contrast=\"auto\">\u202fwe established why financial organizations\u2013from banks to payment solutions providers\u2013need to be Agile. Yet many financial institutions still make the mistake of only transitioning<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">to<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-contrast=\"auto\">Agile in name only. They adopt the use of post-its and iterations, while still holding onto bureaucratic silos and legacy systems that threaten to hold the entire sector back.\u202f<\/span><span data-contrast=\"auto\">\u202f<\/span><\/p>\n<p><span data-contrast=\"auto\">Here we\u2019ll identify the biggest obstacles finance CIOs and CTOs face in becoming lean\/Agile and finding economies of flow. Plus, we\u2019ll outline steps to follow to invest in your organization\u2019s future with a true Agile transformation.\u202f<\/span><span data-contrast=\"auto\">\u202f<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/p>\n<h2><span data-contrast=\"auto\">Be Aware of Financial IT\u2019s Biggest Blockers\u202f<\/span><span data-contrast=\"auto\">\u202f<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"auto\">In this modern era, it can feel like the financial sector is at risk of being pulled in two directions, with traditional and regulation on one side and increasing digitalization and disruption on the other. If we look at the problem another way, however, increased agility can actually leave your financial organization better positioned to navigate changing regulations and new security threats that don\u2019t even exist yet.<\/span><span data-contrast=\"auto\">\u202f<\/span><br \/>\n<span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">So why hasn\u2019t the whole industry successfully adopted Agile? The answer is that these blockers tend to be carried over from old organizational structure and can all too often stand in the way:<\/span><span data-contrast=\"auto\">\u202f<\/span><br \/>\n<span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><strong><span data-contrast=\"auto\">Linear lines of business<\/span><\/strong><span data-contrast=\"auto\">\u202f\u2013\u202fMany banks and financial institutions have grown more functionally siloed over the years, not more cross functional. This can delay any attempt to revolutionize the way traditional banking is done, because it would require multiple lines of business and stakeholders to get (and stay) aligned.\u202f<\/span><i><span data-contrast=\"auto\">If\u202f <\/span><\/i><span data-contrast=\"auto\">the idea or product makes it through the bureaucratic process, the sheer amount of communication and coordination involved will dash any hopes of a quick time to market.<\/span><span data-contrast=\"auto\">\u202f<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;335559685&quot;:360,&quot;335559731&quot;:0}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><strong><span data-contrast=\"auto\">Legacy systems<\/span><\/strong><span data-contrast=\"auto\">\u202f\u2013\u202fOutdated, legacy systems are hampering progress across fintech as a whole and especially for the biggest players. For them, mergers and acquisitions tend to result in loads of technical debt, lots of integrations, and other challenges smaller fintech startups don\u2019t have to overcome.<\/span><span data-contrast=\"auto\">\u202f<\/span><br \/>\n<span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;335559685&quot;:360,&quot;335559731&quot;:0}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">In their study\u202f<\/span><a href=\"https:\/\/www.pwc.com\/gx\/en\/financial-services\/assets\/pdf\/technology2020-and-beyond.pdf\"><i><span data-contrast=\"none\">Financial Services Technology 2020 and Beyond: Embracing<\/span><\/i><i><span data-contrast=\"none\">\u00a0<\/span><\/i><i><span data-contrast=\"none\">Disruption<\/span><\/i><\/a><span data-contrast=\"auto\">,\u202fresearchers at\u202fPricewaterhouseCoopers list updating IT operating models and simplifying legacy systems as top priorities for financial leaders. They\u2019re careful to point out that even \u201cregulators\u2026have started to adopt new technologies that will revolutionize their ability to collect and analyze information.\u201d As you prepare your organization for these obstacles to Agile, it\u2019s important to acknowledge that the challenges, costs, and risks of continuing to maintain the status quo will only increase the longer you wait.<\/span><span data-contrast=\"auto\">\u202f<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u202f<\/span><span data-contrast=\"auto\">\u202f<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/p>\n<h2><span data-contrast=\"auto\">How to Lead Your Agile Transformation<\/span><span data-contrast=\"auto\">\u202f<\/span><br \/>\n<span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"auto\">Once you\u2019ve led a mindset shift aimed at overcoming obstacles to agility, it\u2019s time to start preparing your organization, team, and tools.<\/span><span data-contrast=\"auto\">\u202f<\/span><br \/>\n<span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">1.<\/span><span data-contrast=\"auto\">\u202f\u202f\u202f<\/span><strong><span data-contrast=\"auto\">Assess your organization<\/span><\/strong><span data-contrast=\"auto\">\u202f\u2013 Ask what the organization wants to be and why, then align everything the team does with that strategic goal. Ask how you\u2019ll know when you\u2019ve reached that goal by establishing clear\u202f<\/span><span data-contrast=\"none\">metrics of success<\/span><span data-contrast=\"auto\">, including leading and lagging indicators. Alongside these metrics, set realistic milestones for change. You can expect change to happen gradually at first, then suddenly. Finally, make sure you understand your end-to-end customer journey. Most companies end up rushing this\u2013shoving classic project management techniques into iterations and saying they\u2019re Agile. As a result, they don\u2019t gain the customer intelligence they\u2019ll need to drive ongoing growth and profitability.<\/span><span data-contrast=\"auto\">\u202f<\/span><br \/>\n<span data-contrast=\"auto\">\u202f<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;335559685&quot;:360,&quot;335559991&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">2.<\/span><span data-contrast=\"auto\">\u202f\u202f\u202f<\/span><strong><span data-contrast=\"auto\">Get clear on expectations from your\u202fteam<\/span><\/strong><span data-contrast=\"auto\">\u202f\u202f\u2013\u202f\u202fStart mapping value streams, toolchains, and culture. These can give you a real picture of what teams are doing today, versus what they\u2019re doing \u201con paper.\u201d Create a matrix of the team\u2019s skill sets, then compare that to a matrix of skills needed for your product. From there, you can build a roadmap for bridging the gap. Align all leadership team members on regularly giving your talent problems to work on, not just solutions.<\/span><span data-contrast=\"auto\">\u202f<\/span><br \/>\n<span data-contrast=\"auto\">\u202f<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;335559685&quot;:360,&quot;335559991&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">3.<\/span><span data-contrast=\"auto\">\u202f\u202f\u202f<\/span><strong><span data-contrast=\"auto\">Modernize your tool<\/span><\/strong><span data-contrast=\"auto\">\u202f<\/span><span data-contrast=\"auto\">\u2013 By modernizing apps for core business processes, like\u202f<\/span><span data-contrast=\"none\">Clearent<\/span><span data-contrast=\"auto\">\u202fdid when they tapped 3Cloud <a href=\"https:\/\/3cloudsolutions.com\/resources\/3cloud-acquires-polaris-solutions\/\">(formerly Polaris)<\/a> to modernize their merchant onboarding tool, you\u2019ll ensure your applications are ready to evolve with you. Same goes for your architecture, which needs to be enabled to interact with data and systems that could be anywhere in the future. You\u2019ll also need to make an API plan. The European Union and UK have already passed fintech-friendly laws requiring banks to\u202f<\/span><a href=\"https:\/\/www.americanbanker.com\/opinion\/europes-new-api-rules-lay-groundwork-for-regulating-open-banking\"><span data-contrast=\"none\">create and open APIs<\/span><\/a><span data-contrast=\"auto\">.\u202f\u202f<\/span><span data-contrast=\"auto\">\u202f<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;335559685&quot;:360,&quot;335559991&quot;:360}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u202f<\/span><span data-contrast=\"auto\">\u202f<\/span><br \/>\n<span data-contrast=\"auto\">Working with the right partner can mean the difference between settling for Agile in name only<\/span><span data-contrast=\"auto\">\u202fand transforming into a highly evolved Agile organization.\u00a0<\/span><a href=\"\/get-started\/\"><span data-contrast=\"none\">Contact us<\/span><\/a><span data-contrast=\"auto\">\u00a0to work through the nuances of the steps above and learn about how our experience with financial services IT can ensure a successful transformation.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a\u202frecent post,\u202fwe established why financial organizations\u2013from banks to payment solutions providers\u2013need to be Agile.&mldr;<\/p>\n","protected":false},"author":63,"featured_media":11453,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[381,292],"tags":[279,408],"class_list":["post-11241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-app-experience","category-app-innovation","tag-agile","tag-finance","topics-blog","industries-financial-services"],"acf":[],"_links":{"self":[{"href":"https:\/\/3cloudsolutions.com\/wp-json\/wp\/v2\/posts\/11241","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/3cloudsolutions.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/3cloudsolutions.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/3cloudsolutions.com\/wp-json\/wp\/v2\/users\/63"}],"replies":[{"embeddable":true,"href":"https:\/\/3cloudsolutions.com\/wp-json\/wp\/v2\/comments?post=11241"}],"version-history":[{"count":0,"href":"https:\/\/3cloudsolutions.com\/wp-json\/wp\/v2\/posts\/11241\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/3cloudsolutions.com\/wp-json\/wp\/v2\/media\/11453"}],"wp:attachment":[{"href":"https:\/\/3cloudsolutions.com\/wp-json\/wp\/v2\/media?parent=11241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/3cloudsolutions.com\/wp-json\/wp\/v2\/categories?post=11241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/3cloudsolutions.com\/wp-json\/wp\/v2\/tags?post=11241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}