These are exciting and volatile times for the banking industry. We’re seeing the convergence of new technologies, of alternative banking with fintech and bigtech players and the emergence of open banking. A generation of millennials highly receptive to new models of banking is about to hit its prime in terms of banking and finance needs. Banks need to be agile and proactive in their management to be competitive in a new world which is still very tightly regulated.
Why banks need to apply lean and agile principles
In this context, ‘lean’ means preserving value with less work, and ‘agile’ means highly flexible, interactive, self-managing, and changing constantly. The aim of these principles is to help businesses adapt to rapid change and turbulent markets by adopting a fast and flexible approach to work. This enables banks, traditionally with top-down centralised management, to become more de-centralised and ‘modular’ in streamlining compliance and delivering outcomes.
Why RXP Quick Start is a great option for banks
RXP’s Quick Start product accelerates portfolio, program, project and service operations planning in a collaborative manner. It helps banks move quickly on new projects in a rapidly changing environment. For example, when new regulations are introduced, or compliance requirements change, Quick Start acts as a framework for responding effectively and in a timely manner.
At its core, Quick Start is a lean agile approach to running projects, meaning you can get up and running and iterate as you go. It ensures compliance of new products and facilitates rapid and lower cost testing.
What is the specific objective of Quick Start.
Quick Start’s objective is to prepare an end-to-end delivery plan based on agreed priorities and informed estimates. It is a proven process for teams to:
- Identify and prioritise scope
- Elaborate on key activities including compliance
- Schedule work over the entire delivery timeframe based on priority and capacity.
The resultant output is an agreed prioritised scope, resource plan and end-to-end schedule in under one day, enabling the team to mobilise immediately. RXP has facilitated over 80 Quick Start sessions over the past two years.
…and its value proposition?
Quick Start delivers the benefits of a highly visible, transparent and flexible plan in an environment which requires both regulation and rapid response to changing business needs. It is a collaborative engagement model, designed to continuously improve the process on the fly. It creates a valued and empowered team culture and cohesion across multi-disciplinary teams.
The RXP Quick Start approach allows you to move from concept to action in days. Governance is applied in a pragmatic way to maintain control without the burden. Keeping it simple allows teams to focus on what is important. A key feature is the practical, proactive approach to engaging and informing stakeholders at all levels.
A typical Quick Start project
The process for a typical Quick Start product usually includes:
- Identifying and prioritising key requirements
- Elaborating, estimating and scheduling in a workshop setting
- Logically grouping key activities
- Deciding what constitutes ‘done’ for each activity
- Setting up a project card wall with each activity presented on a single card
- ‘Ceremonies’ or five regular sessions to manage the team which include:
- Quarterly kick-start
- Fortnightly ‘sprint’ planning (a ‘sprint’ is typically ten days)
- Daily stand-ups
- Fortnightly showcases
- Fortnightly retrospectives
- Management of constant project change through a systematic process which captures detail and integrates prioritisation and action
Quick Start projects are flexible in nature. The process may vary depending on the client and the type of project undertaken.
Critical success factors
Quick Start’s critical success factors differ from traditional banks’ top-down, hierarchical management styles. These factors pay huge dividends in team engagement, accountability and commitment, and include:
- Empowerment rather than command and control
- Rewards for success
- Recognition of the right values and behaviours
Key factors for Quick Start success include engagement of business stakeholders in all decision making and promoting strong buy-in from influential stakeholders. For the team, it’s essential to stick to the pragmatic governance approach, run quick and energetic stand-ups and keep the card wall organised. There needs to be a clear focus on important activities at any given time.
Customer service meets compliance
Disruptive technologies such as open banking and the arrival of the fintech and bigtech players signal that banking is no longer just about efficiency. It is about truly adding value to customers’ lives. Marrying customer service and compliance in an era of rapid change and intense competition is a key challenge for banks. Adopting agile approaches such as RXP’s Quick Start product will assist banks in meeting the challenge of meshing compliance and innovation and staying relevant and efficient in this new phase of the digital era. For more information on banking trends, refer to our white paper: Digital Platform Trends 2017: Banking on a Digital Future.