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In the financial industry, digital transformation is not just a question of technical progress. There is much more to it. Financial institutions need something that enables them to achieve true digital transformation, and that means a lot more to do than bombard users with notifications from cutting-edge mobile apps. We have to keep in mind that the focus of digital transformation is not only on technology, but also on user experience, opportunity, speed and efficiency. True digital transformation is based on technology, but also requires a culture of agile banking, so it is in the GFT blog .
But what is such a culture of agile banking and how can such a bank implement this? First I show the changed framework conditions of the banks and then a few recommendations for action. In particular, methods of what agile banking can look like are shown.

Agile Banking – Why?

Being a banker, that was something. But the future looks bleak for traditional banks. There are many reasons for this: Social networks, low interest rate policies and government regulation are a few of them, they say FAZ . In addition to a low interest rate policy, cryptocurrencies such as Bitcoin are also a threat to traditional banks. The increasing state regulation also threatens the business models of many banks.
N26 has received a banking license and is now much more than a new type of FinTech hype startup. It showed the banks how simple an account can be and how modern. Despite massive security gaps, the startup is growing inexorably.
The danger also comes from startups. Says so T3N : This should motivate other startups to apply for a banking license and thus break away from the established players. Even if not every fintech will receive a banking license – the requirements for this are still high, the effort high – it is becoming apparent that the disruption is slowly moving. Banks, be careful. Especially now.

Agile banking – how?

But how can established companies also produce these innovations? Christoph Schmiedinger says in Boris Gloger’s blog : VMany of the ideas that start-ups use to be more flexible can actually be easily applied in large companies – after all, it’s the year 2016. Methods such as design thinking and rapid prototyping are widespread today and should be part of the repertoire of every product development department.
Another success factor is the digital transformation. That’s what he says GFT blog : Financial institutions apparently need a suitable technological foundation for their journey into digital transformation: agile development methodologies, continuous integration and DevOps. In short, they need systems that are able to process information in real time so that the right decisions can be made for the right customer in the right time window. But they also need a new culture to deal with their customers: a completely revised approach to the role of bank branches in terms of prioritizing the user experience.

Conclusion: the agile bank is coming

In summary, it can be seen that banks are facing upheaval due to low interest rates, new customer requests, startups and government regulations. This is supposed to go through agile methods , Lean Startup, Design Thinking and the targeted use of technology can be managed. The aim must be to create more speed on the one hand and to adapt to the new framework on the other.

agile bank
Drivers, methods and desired effects for an agile bank (own illustration)

So agile banking is already an issue and agile banking is coming. There is itself too Christoph Schmiedinger sure and writes: I think the journey to becoming a more agile bank is worth it. With the help of agile values and methods such as Scrum and Kanban, when used correctly, many of the hoped-for advantages – in particular proximity to the customer, shorter time-to-market and more flexible release planning – can be achieved. Also in GFT blog is from a “ cultural change that extends to changing the vision and mission of banks “spoken to serve the 21st century customer. So these profound changes call for a more agile bank.
There are currently numerous digital labs and established banks are definitely not just watching. ING Diba and Co. have also been offering great banking products and new innovative pilot projects for a long time. So it remains exciting to see how agile banking will prevail and how the question between security awareness and constant trying can be solved. Read on for more mine Article on agile finance . Are you still or at an established bank or have you already switched?
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Author

I blog about the influence of digitalization on our working world. For this purpose, I provide content from science in a practical way and show helpful tips from my everyday professional life. I am an executive in an SME and I wrote my doctoral thesis at the University of Erlangen-Nuremberg at the Chair of IT Management.

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