The open banking market is increasingly attracting non-financial companies. PSD2 licenses create a tremendous amount of opportunities for retailers, airline companies and many others. This not only disrupts the traditional business models of banks, it’s also a reaction to the increasing competition from BigTechs.
The banking landscape is changing, and the credit and lending landscape is being disrupted by a number of innovations. Open Banking and the use of PSD2 licenses have paved the way for such a change, leading to opportunities to simplify the life of both the consumer, and the lender.
Prior to the pandemic was analyzed organizations’ maturity in their agile transformation and saw a clear need to accelerate transformation – only 20.4% stated they had truly established agile ways of working across the organization. Now, with the catalyzing urgency COVID-19 has provided, organizations that had not taken their Agile transformation seriously enough are finding themselves under pressure.
Organization-wide agility is not a destination – it is an ongoing commitment to deliver customer value faster and adapt better to changing conditions. But there is no ‘size fits all’ blueprint for agile transformation, no standardized framework to apply. A much more flexible approach is needed.
The question is – will your organization be agile enough to respond quickly, not just for the sake of continued relevance, but to achieve a sizeable competitive advantage? In the world around us, change is the only constant. Agile principles and values support responding to these changes rather than moving forward in spite of them. Agile principles support observing changing markets, customer needs, and competitive threats and changing course when necessary.
Communication is a critical component of any project or team’s success, and agile principles essentially mandate that it’s a daily event. A successful product requires insight from the business and technical sides of an organization which can only happen if these two teams work together consistently. Regular communication between business people and developers helps improve alignment across the organization by building trust and transparency.
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