Continuous Innovation for FinTech – CI and CD Development Approach
The agile method is an iterative approach that breaks up projects into small phases. It was originally conceived as a solution for software development. Like the waterfall strategy, agile holds no strict step-by-step guide and draws its strength from its adaptability and cooperation. Financial services providers need to move from legacy operational processes to business agility. By putting a digital customer experience at the centre of their digital transformation game, they can compete with the fast-moving digital world.
The FinTech revolution demands innovative thinking from traditional financial services providers. Like many revolutions, however, this change is putting pressure on the players who started the revolution in the first place. Effectiveness of agile development approach means there’s no surprise in why businesses and software developers are increasingly using agile methods to manage their workflow. All FinTech areas, including lending businesses, are no exception.
In this article, you will get to know what challenges FinTech companies continue to face while implementing agile to their businesses and why agile is key to Financial companies success.
Current Scenario of Industry
The rising demand for digital payments in financial services requires huge investments in IT applications to make processes simpler and efficient. The growing regulatory changes and risk management requirements have raised the need for financial institutions to integrate new and innovative technologies into their legacy processes.
While financial companies understand the need to adopt agile methodologies to counter their existing processes, legacy systems, and structures stand in the way of adoption. Every FinTech company takes the best suited approach to their context but the lack of a common vision ‘Why agile?’
So, Why Agile?
Well executed Agile software development methodology helps development teams massively in improving the quality of their software at each release. It also permits teams to adapt to change quickly. The Agile process is very useful because it includes short, time-boxed iterations known as sprints. Each sprint results in a working product.
What Makes Software Development Agile?
Agility always demands simplicity. When development team members need to sort protocols and permissions, work bogs down. But when team members have a simple set of defined goals and behaviors, the focus automatically shifts toward problem-solving, resulting in happier team members and higher productivity.
An agile approach requires implementing particular techniques that keep a development team fast and efficient. By implementing a CI/CD (continuous integration and continuous deployment) scheme, project managers can create continuous innovation for a FinTech solution.
Continuous Integration (CI)
In older software development models, code was developed individually by development team members and then tested manually; that's too slow and inefficient. But when a development team implements continuous integration, code is stored in a central database where team members can access it. This permits the code to be continuously updated in response to developments. As a result, development teams can write code consistently and efficiently. Reinventing the wheel is of no use by searching for or writing code for recurring situations. Instead of this, team members can access the code they need for their project.
Automated tests powered by AI or ML can run tests of the code to ensure its viability. Then, if the code fails, team members are automatically notified. Automation can also manage processes effectively by handling all the major coordinating work while team members focus on the quality of the code itself.
Continuous Delivery and Deployment (CD)
A continuous delivery automates the process of software production and testing. In a deployment pipeline, the software is systematically tested until it is ready to launch. With a continuous delivery approach, development teams no longer have to struggle to marshal resources before launching the software since the delivery process is integrated into daily operations. After reaching the end, it’s ready for the market.
While continuous deployment focuses on launching the software in the market, continuous delivery focuses on preparing software. Through continuous deployment, automated services can do all the heavy lifting, collect user feedback, issue software updates and releases. This allows development teams to interact with end-users much more directly and also release a regular stream of minor updates.
3 Keys to Agile Development Approach For Fintech
- Keeps Developers Alongside of Regulatory Developments
The software has come under relatively little regulation, but that is rapidly changing. Whether California Consumer Privacy Act (CCPA) or European General Data Protection Regulation (GDPR). FinTech companies are facing expensive penalties if they don’t conform to sweeping new regulations. Hence, you should make sure that your team usages Agile. Implementation of CI/CD can take many compliance worries off of developers’ shoulders via automating data masking for compliance privacy regulations and tracking individual contributions to code development. Continuous Integration and deployment can ensure that companies remain compliant and make sure that you have a raft of available information.
- Keeps Developers in Tune With the Market
A CI/CD approach can allow developers to find solutions within hours. In addition, an agile approach on the development team always keeps your software on the end of innovation. As innovators worldwide develop new financial technologies, software developers can integrate these developments without undertaking a major code.
- Unlocks The Efficiency Team Member
Software development for FinTech demands high levels of creativity and personal initiative. An agile approach creates a collaborative atmosphere for innovation and problem-solving. The essence of FinTech development is the core of your operations. This extends to CI/CD implementation, which can free development team members from repetitive tasks such as scheduling updates and releases.
Why Should FinTech Reconsider Their Approach to Agile Now?
Yet, despite the challenges, there are some positive arguments for FinTechs for integrating an agile approach.
- Adapting to Change
We have observed rapid development in the FinTech area. Not only are branches closing faster, but more traditional banks are opening online credit services, and lending FinTechs are springing up all across the globe. Financial organizations will need to adopt authentic technology faster than before while ensuring quality and security. Agile delivers a vital solution via its fast timeline and ability to be integrated into current systems.
- Resolving Challenges
Every organization has its issues, whether it’s big or small. The issues start to occur when employees must follow a set of undeviating guidelines to solve an issue instead of a more intuitive approach. Agile offers an ongoing problem-solving capacity that helps banks and lenders to adjust to the challenges they are currently experiencing, not past problems.
- Testing New Strategies
In order to test and see if it would work, it would cost your company a considerable amount of time and money. Agile methodology gets this done in a fraction of the time and sometimes cost. In addition, by deploying and monitoring procedures, agile can quickly determine how well they will work.
- Meeting the Demands of Customers
Every client expects speed. Those days are gone when one had to visit the bank for a loan or investment. Now, tech-savvy users demand service at their fingertips, ease-of-use, and decisions more quickly than ever. To meet the market's changing needs, traditional and alternative lenders should look at new ways to manage risk while maintaining client satisfaction. The agile methodology enables businesses to do so, as new approaches can be rolled out or scaled back quickly to reflect market needs.
Those companies have already implemented the agile strategy, I have seen faster-to-market time and productivity increases across the world. But that’s not all. Alongside simply being busy, quality results have risen, and employees report being more engaged and satisfied in the working process. That’s why agile is worth the effort.
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