Known from the literature on lean management, agility has spread to other domains, in particular software development. It denotes a procedure in development projects, which aims at attaining results iteratively in smaller chunks. Agile principles have established themselves especially in the development of IT applications (e.g., front-end- and back-end applications) and is present in concepts such as Scrum or Kanban. As shown in the Image Below, the agile approach conceives costs and time as stable and adapts project goals and quality accordingly. In contrast, classical development approaches like the waterfall procedure consider goals to be stable and are often linked with exceeding cost and time budgets. This has often been the case with the introduction of complex core banking systems. Fintech businesses have typically adopted agile development methods, but had the advantage of a “greenfield approach”, i.e., non-existing legacy structures and systems (legacy system).
More Term Definitions
- API Banking
- Asymmetric Encryption
- Algorithmic Banking/Algo Banking
- Automated Clearing House (ACH)
- Authentication
