Although Agile software development has long been established in technology companies, banks are just beginning to understand the potential that Agile working can bring. In a world where the digital landscape moves at lightning speed, banks have not fully caught up to all the technological possibilities available today.
Many banks are certainly innovating and embracing technology; for example, the Pingit (mobile payment app) team at Barclays has adopted elements of Agile. Even with this adoption, Pingit has just one release of new software per month. Contrast that with a truly Agile organisation such as Etsy (a global craft marketplace with 43 million members). The team at Etsy performs 25 software releases per day.
The real root of these differences is not technical or intellectual. This is a cultural difference. Banks are a more traditional brick-and-mortar entity that was in existence long before the technological revolution, while Etsy has developed as a direct result of technology. Agile is fundamentally based on a set of values and principles that are almost totally at odds with the culture and the organizational structure which can be seen in banks. Continue reading Why banks are not reaping the benefits of Agile Development