Ways in which the Financial Sector can use Scrum

Irrespective of the country, the economy plays a very important role in its operation. Times are changing rapidly due to technological developments and with that the rules and systems that these sectors have been following for decades.  The economy heavily depends on the efficiency of the financial sectors, be it private or public. There are several ways of increasing efficiency to adapt to the needs of the times. One of them is the adoption of Agile methodology through Scrum where a CSM® course can be quite useful. 

Most people think Agile and synonymous but that is not entirely true. A very popular form of Agile methodology, Scrum helps with collective productivity and communication of a whole team. Marketing, healthcare, hardware development, agriculture, etc, have found many advantages from Scrum and the finance sectors have also decided to implement it. There are a few ways in which they have done so.

• IT accommodations-

The financial systems, asset protection, risk management, payment processing systems, etc are facing transformation to deliver services and products that the customers would like and want to use. The increase in digital or online banking has progressed farther than fund transfers since customers want to check their balance, trade stock options and trends, investments, etc. Thus the banking apps or websites need to track and process account balance, track interest rates, financial trends, etc. while making sure there is minimum risk and server security on the platform itself. Thus, the IT departments in the financial sectors are facing increasing pressure from both the market and the companies to increase speed and efficiency. With Agile methodology, many of these problems can be solved since teams will make sure to deliver a proper product with the scrum masters and product owners who would keep track of the customer and company needs.

• Fast decision making-

Most financial companies are huge with many layers of officials with their own priorities that go towards improving the bank. If changes need to be made on any system, approval from all these different departments is required which was fine when the system was smaller but now it takes an unnecessary amount of time. With scrum methodology, these sectors can come together at regular intervals and discuss the services and systems. With a proper CSM® course, scrum masters tend to facilitate communication and coordination which will make the decision-making process much easier and faster. 

• Efficient communication-

Traditionally, the higher-ups do not have any communication with the people working under them. The people who are managing the systems directly have first-hand insight into ways in which things can be improved. The Agile methodology lets the scrum masters and the product owners communicate with the stakeholders, managers, and CEOs and they take any suggestions or problems directly to them who facilitate change. It’s an easier mode of communication which was previously impossible since the insight of the development and managing team was rarely considered. 

A CSM® course is quite beneficial because of the demand and versatility of its uses.