Financial institutions realize the need to adopt agile methods to address the challenges, current processes, legacy systems and organizational structures prove to be an obstacle for adopting.
Fremont, CA: There is a significant need for investments in IT applications to make processes simpler and efficient as the demand for digital and conveniences in the financial services increases. Although financial institutions realize the need to adopt agile methods to address the challenges, current processes, legacy systems, and organizational structures prove to be an obstacle for adopting.
In traditional software development processes, a team need to plan, schedule, and complete all the activities for any given step before starting the next step. Here are three challenges of traditional delivery models:
In a traditional project management method, the deliverables are released to the customer only after completing all five stages that is all-in-one delivery rather than the small chunks of incremental releases like minimum viable product (MVP) approach.
Adaptability to the Changing Requirements
Waterfall can be a heavy-weight and big design upfront (BDUF) strategy to project management. It has no checkpoints or course correction mechanism, and most development is performed without considering changing conditions.
Poor Visibility / User Feedback
Product designers and developers consult the client through various interviews and proceed through the step-by-step process with a type of tunnel vision. However, traditional product development does not offer a client or end-user collaboration. Absence of feedback loops leads to client dissatisfaction and frustrations.
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