Managing Remote Agile Teams: 7 Strategies

How can teams maintain effective communication when they are separated by location and time zones?

Principles like “software over documentation,” “responding to change over following a plan” and “quality interactions over tools” take on whole new meaning when managing remote teams.

Why Agile prioritizes communication

Agile methodology recognizes face-to-face communication as the most efficient and effective means to share ideas. The benefits of sketching on cards or a whiteboard are two-fold — improving the level of understanding and reducing the time it takes to deliver the core message.

 

Most credit the adoption of Agile thinking as the primary driver to create more open, collaborative office spaces no longer punctuated by rows of cubes and team members appearing every so often. Open spaces led to more drive-by conversations between team members and more feedback collected throughout the development process naturally.

 

Unlike smaller teams who do have the option to co-locate, enterprises managing remote teams often don’t have the luxury of sharing the same physical space each day.

 

Team structure options:

  • The stakeholders and the development team share the same physical space.
  • The business is physically separated from the development team with the stakeholders in one office and the development team in another, often offshore or nearshore.
  • The stakeholders and the development team are separated by distance and time. Additionally, the development team itself is distributed across cities or countries.

 

Distributed teams must actively work to avoid falling into communication traps that shift the project process away from Agile development to a decidedly waterfall one. But, the world is a small place even for distributed teams — made smaller by the available communication platforms from Microsoft Teams, Trello, Slack, Jira, or Skype. Promoting the same close communication expectations is the key to supporting the Agile process on distributed teams.

7 Communication strategies for managing remote agile teams

Foster a culture of continuous integration while builds are regularly reviewed and planned.

 

Creating a culture where continuous integration is the norm is especially valuable on projects with extended timelines or while managing remote teams. In this structure, it’s easy to opt for dividing work for teams along technical boundaries. These technical boundaries may be divided by frontend/backend work or even database and services layer/frontend. Team bandwidth or security might drive the boundaries. Additionally, some businesses may be cautious of releasing intellectual property into a cloud-based platform like GitHub.

 

This usually results in the maintenance of two source code repositories with a commitment to merge them later. Resist this. The technical debt that results from this fractured code is more time-consuming to overcome than if the teams had increased the communication necessary to manage just one code repository in the first place. Overcoming any communication barriers to work on the same code base is worth it in every way.

 

The team manages successfully at leading remote teams and achieving this culture will begin to see evidence manifest in the daily communication and behavior of team members:

  • All members actively strive not to break the build.
  • They will provide visibility to broken builds.
  • All will react with a sense of urgency to adjust build issues.
Commit to frequent builds, so you don’t prioritize upholding the plan over agility.

 

It’s easy to produce a giant spec instead of communicating daily with the remote development team or let distance become a reason to stay the course and avoid developing the solution when challenges or barriers arise.

 

Building on a weekly schedule is good, daily is even better. Hold your team accountable to submit a change set to the source code control each time. Then, take advantage of your compiler as a stand-in team member to ensure your source code has reached or exceeded quality expectations. Adding smoke tests can propel this even further.

 

Welcome the human process of developing custom software.

 

Most people assume custom software development is a purely technical process. While it’s true the process is highly technical requiring years of training and experience to run successfully, software development is a human process first and relies on trust between individuals.

 

Promote knowledge sharing on every team. This is less about documenting processes in a Wiki and more about nurturing this behavior in daily stand-ups or any time team members give updates.

 

Support your team to share beyond what concerns to that day’s work. If a team member expects something they are working on may impact another role the next day, call that out. Once team members master the habit of sharing important, forward-looking insights, that’s when true knowledge sharing has been reached.

 

Foster communication between UX designers and business analysts to accelerate throughput by a factor of two.

 

Fostering close collaboration between designers and business analysts, urging extra attention to the graphical interface. This mean additional time is spent creating visual artifacts for the technical team to complement related user stories. The prize? Less questions related to aesthetics and less iterations created as a result of the mismatched expectations.

 

Consider even non-functional requirements.

 

For teams who are co-located, it’s easy to address questions around performance and scalability as they arise. Imagining and documenting requirements with the appropriate level of detail serves as the link between the business and technical teams.

 

For distributed teams, understanding non-functional requirement feature plays an even bigger role. Without specific directions documented for the technical team, it might result in the production of an architecture that makes assumptions about the non-functional requirements resulting in increased rework, and time waste later.

 

Managing a distributed team may mean documenting more.

 

While all Agile teams strive to write “just enough” requirements, managing a distributed team means accepting “just enough” may still mean documenting more than would be created for a co-located team.

 

Distributed team members can’t quickly sketch on a whiteboard to work through a complex concept. Rather than leaving your development and testing teams left guessing on the nuances that would otherwise be delivered verbally, document them and “give the answers” before the test.

 

By augmenting user stories with test or acceptance criteria you can set the technical team up for success without drastically expanding the narrative.

 

Choose a set of communication tools for your team that allows for the usual escalation of communication needs.

 

When teams are co-located, the level of communication needed escalates naturally. It might begin with co-workers speaking one-to-one in the breakroom. If clarifying details are needed, additional subject matter experts may be pulled into the conversation. Then, the conversation shifts from many-to-one or many-to-many, depending on the context. Maintaining this escalation process is essential to create outlets for quick answers or more in-depth conversations despite any distance that may exist between team members.

 

Types of Communication

  • Chat 1–1
  • Chat many-to-1
  • Voice call
  • Visual call
  • Screen share
  • Collaborative Board

 

The ability to ask quick clarifying questions is inherent in how most teams work. In the past, this could be accomplished with face-to-face drive-bys in the office. But, increasingly even teams who are co-located are relying on instant messenger or video calls to accomplish this.

 

Instant messaging is a powerful tool for managing remote teams that include non-native English speakers. The tool allows them the space to craft replies without the pressure of discussing directly (and quickly) with a native English speaker. That said, tools like Microsoft Teams or Slack allow for escalation from messaging to voice and video calls and even screen sharing if needed.

 

While the importance of instant messaging cannot be over-emphasized for distributed teams, watching body language and physical reactions to comments or questions are also critically important, especially when discussing challenges or questions to estimate feasibility or understanding.

What does it take to win with distributed Agile software teams?

No digital tool or communication strategy can replace the determination of the leaders needed to achieve the Team highest potential.

 

Co-Innovate with us.

 

Towa SoftwareBoosting Digital Transformation with best ROI – Remote Tech Teams. 300 strong.

 

Tips for distributed agile teams

“Agile development isn’t any longer considered to work for collocated teams only. Also, teams, projects, and organizations that are distributed are asked to focus on delivering value. Yet, with Agile’s emphasis on -among other things- face-to-face communication, this seems like a contradiction. So the question arises, how to adhere to the Agile principles when applying them in a distributed environment.”

H

ere you will learn about the key success factors for distributed teams. Readers will understand that also distributed teams can benefit from a value system and from principles that are beneficial for small teams. In fact, the two trends – distribution in terms of globalization and Agility – can even complement each other.

Many organizations find themselves faced with the challenge of making distributed agile work. Mergers and market consolidation, geographic expansion, and offshoring have made multi-site development the norm rather than the exception. Companies with sites in competitive labor markets can find distributed team members as an alternative when they can’t recruit locally.

Agile can work in a distributed environment, but it requires work; more effort than you’d expect if you’ve never done it before. Here are eight hacks that can make it easier.

Why distributing the team might make sense

You might not be able to get all the people with the right skills in the same location, but the world is filled with talented, motivated people, and being open to working in a distributed way opens up your options.

Besides, today’s technical professionals have more choices about where they live and work. They may like where they live and not want to move. In short, the people you need may not all live in the same location.

Local culture matters. If you’re developing a product that needs to appeal to customers in different countries around the world, you’ll need people who know the local culture and language. There are also political or security reasons for distributing development—from tax advantages for doing work in certain countries, to restrictions on data crossing country borders, to the need for people on the team with particular security clearances.

As you can see, there are a lot of reasons a business would choose to have a distributed team, and whether we like it or not, the number of remote workers is only going to grow. With that in mind, here are eight simple distributed-agile hacks that can set the right tone for a successful remote team.

1. Recruit motivated individuals

It is possible to make distributed development work; open-source projects do it all the time. They have a couple of advantages that other initiatives often lack.

  1. Their team members are often exceptionally self-motivated, at least if they are committers.
  2. They often don’t have to deal with stakeholders or requirements, because they are often building a project for themselves, so they know the problem domain very well.

In more normal situations, having highly motivated team members is really important, and the remote team members are going to have to be exceptionally self-motivated. that’s because they are going to have to work harder to communicate, stay engaged, and stay focused and productive. They won’t have the informal network of co-located team members to fall back on.

The co-located team members are going to have to work harder, too. They are going to have to make a special effort to engage their remote team members.

2. Create self-organizing teams

The worst thing to do when forming any team is to assign people to work on it; it kills motivation and destroys initiative. Since distributed work is even harder than co-located work—because it requires even greater motivation—the distributed team needs to be strong, with members who are committed to the mission, to the way of working, and to each other. That level of commitment doesn’t happen by accident.

Letting people choose to be part of the team—to work with one another—is an important first step. They must want to work in an agile way, and they must want to work with one another. Let people volunteer to join the effort, and then bring them together to establish their norms and working agreements.

3. Co-locate, at the start, to let teams form, storm, and norm

Forming a team usually takes at least a couple of sprints, sometimes longer. You will make your life, and theirs, much harder if you don’t invest in helping them develop into a high-performing team. It takes time and experience working together as a team to develop the trust, commitment, and mutual accountability that they need to perform well together and to be transparent about the state of the work.

Artificial team-building exercises do little to help teams go through the forming-storming-norming-performing process. Bringing teams together for a couple of sprints is really the best way to develop the working relationships that are essential to future performance.

4. If the effort is large, have co-located teams at each site

Let’s say that an organization has sites in multiple locations, as well as multiple teams, each with team members at every location. In this situation, you’re going to end up maximizing the amount of extra work for everyone.

Instead, you should try to form co-located teams at each location and let them figure out how to share the work among themselves, extending Scrum with a scaled agile approach such as SAFe or Nexus. In this approach, multiple teams are working on the same product.

With a scaled Scrum approach such as Nexus, you help multiple Scrum teams simplify cross-team collaboration by resolving and preventing cross-team conflicts and ensuring that they deliver an integrated product increment with every sprint.

Regardless of which framework you use, you should make sure each team has a Scrum Master. Masters will not only help their own team perform better, but they will also help everyone else who needs to collaborate with that team.

5. Co-locate development teams with their product owner

This sounds obvious, but I’ve encountered plenty of strange situations where this is not the case. I’ve seen companies with the development team in one location and the product owner in another. This really hurts collaboration and communication, so don’t do it. Find a different team or a different product owner, move the product owner to the same time zone, or empower a local delegate for the remote product owner if the product owner is co-located with another team.

6. Invest in collaboration, but invest first in teams

Collaboration technology really helps teams be more effective—distributed source-code management, continuous integration, continuous delivery tools, wikis, video conferencing, and chat platforms such as Slack all help high-performance distributed teams be more effective. But they can’t make a low-performance team into a high-performance team. Lack of these tools can decrease the effectiveness of even a high-performance team, however.

7. Share the pain of time-zone separation

When a team has members at multiple sites, they demonstrate mutual respect by sharing the burden of working odd hours. Some teams make the mistake of having the team with the most members set the workday rules, but this sends the message to teams at other sites that their contributions are not valued as much. Making everyone share the burden is not only fairer, but it also creates a sense of empathy with what other team members have to endure.

8. Minimize wait times

Different time zones increase wait times. When a person at one site must wait for a team member at another to start the day to resolve a blocking issue, the rest of the day is lost. These delays add up. The daily stand-up can help uncover these problems, but the team will have to look not only at today’s work but potentially at tomorrow’s as well to know what issues might block them. It won’t be perfect, however, and some additional delay is inevitable.

Flattening roles and refining the product backlog to spot potential conflicts earlier can help. With dependencies reduced, and with teams having members who potentially can work on any product backlog item, blocking issues and slow hand-offs will be less frequent. But the issues can’t be eliminated.

No shortcuts to great teams

Distributed agile development is harder than co-located agile development. Time zone differences make collaboration more challenging. However, teams with members working at the same site but in different buildings will find collaboration more challenging as well. Being agile requires transparency, which doesn’t exist unless team members trust one another, and developing trust requires time spent working together.

Organizations make a big mistake when they think of teams as simply a group of individuals. A great team is far more than the sum of its members’ contributions. Being part of a great team is motivating—it challenges people to do their best, and it rewards them with a sense of shared accomplishment that individual accomplishment cannot. Great teams take time and investment to build, and they are worth preserving when they come together.

“When distributing work, for whatever reason, focus on forming great teams at the beginning. These teams can be formed with distributed individuals if they are motivated and supported, but it does take more practice on everyone’s part.”

Risk Management Banking Industry Trends

Fintechs and nonbanks now have a substantial influence in the banking industry. They are highly agile, innovative, and aim at exceeding the demands of modern customers in banking services and experiences. Established retail banks need to compete and often play catch-up. Still, they acknowledge the need to change, and change fast.

 

 

 

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Whether you are building an enterprise web portal or a state-of-the-art website, you always need the right modern tools. Well-built and maintained PHP frameworks provide those tools in abundance, allowing maintained PHP frameworks provide those tools in abundance, allowing developers to save time, re-use code, and streamline the back end. As software development tools continuously change to follow the latest. Despite the competition from startups and the ever-present economic challenges, the banking industry is gradually adopting what the latest technologies have to offer.

From cloud technology to cyber risk management to machine learning in investment banking, join us as we explore the banking industry trends for 2019 and beyond. Cloud is one of the current banking industry trends as well. It is expected that the technology will serve as a foundation for core modernization of banking organizations.

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Cloud has become the new normal for nine of ten enterprises across industries. The average IT environment in both SMBs and larger companies is becoming increasingly cloud-based. Companies also diversify their delivery models, with Infrastructure as a Service (IaaS) and Platform as a Service (PaaS) gaining more and more traction. Plus, a slew of new job positions have emerged to manage different aspects of cloud in the enterprise, including architecture and safety.

One of the new trends in the banking industry, ensuring fail-safe security will also be a core question regardless of the type of a cloud solution and its scale. Cloud is one of the current banking industry trends as well. It is expected that the technology will serve as a foundation for core modernization of banking organizations.

Risk Management Banking Industry Trends

Existing risk management systems at banking organizations might not be ready to face the challenges of the rapidly changing world. Poised to become the top banking industry trends for 2019 and years to come, AI-driven solutions with machine and deep learning algorithms provide a solution. As for cyber risk management, experts at Deloitte point at the following trends in the banking industry:

  1. Strengthen basic controls like IT asset, patch, and vulnerability management to identify and manage risks related to implementation of cloud and migration to open architecture.
  2. Use analytics tools and AI with security in mind.
  3. Build an IT infrastructure with security as a top priority: it should be able to withstand systematic attacks and long stress periods.
Risk Management Banking Industry Trends

Fintechs and nonbanks now have a substantial influence in the banking industry. They are highly agile, innovative, and aim at exceeding the demands of modern customers in banking services and experiences. Established retail banks need to compete and often play catch-up. Still, they acknowledge the need to change, and change fast.

There are no secrets to success. It is the result of preparation, hard work, and learning from failure.

– Paul Tournier

Thus, adopting the same approach is a potent solution for retail banks that aim at adopting the latest trends in the banking industry quickly and impactfully.

How Smart Cars Will Change Cityscapes

Whether you are building an enterprise web portal or a state-of-the-art website, you always need the right modern tools. Well-built and maintained PHP frameworks provide those tools in abundance, allowing maintained PHP frameworks provide those tools in abundance, allowing developers to save time, re-use code, and streamline the back end. As software development tools continuously change to follow the latest. Despite the competition from startups and the ever-present economic challenges, the banking industry is gradually adopting what the latest technologies have to offer.

From cloud technology to cyber risk management to machine learning in investment banking, join us as we explore the banking industry trends for 2019 and beyond. Cloud is one of the current banking industry trends as well. It is expected that the technology will serve as a foundation for core modernization of banking organizations.

Cloud Technology as New Foundation

Cloud has become the new normal for nine of ten enterprises across industries. The average IT environment in both SMBs and larger companies is becoming increasingly cloud-based. Companies also diversify their delivery models, with Infrastructure as a Service (IaaS) and Platform as a Service (PaaS) gaining more and more traction. Plus, a slew of new job positions have emerged to manage different aspects of cloud in the enterprise, including architecture and safety.

One of the new trends in the banking industry, ensuring fail-safe security will also be a core question regardless of the type of a cloud solution and its scale. Cloud is one of the current banking industry trends as well. It is expected that the technology will serve as a foundation for core modernization of banking organizations.

Risk Management Banking Industry Trends

Existing risk management systems at banking organizations might not be ready to face the challenges of the rapidly changing world. Poised to become the top banking industry trends for 2019 and years to come, AI-driven solutions with machine and deep learning algorithms provide a solution. As for cyber risk management, experts at Deloitte point at the following trends in the banking industry:

  1. Strengthen basic controls like IT asset, patch, and vulnerability management to identify and manage risks related to implementation of cloud and migration to open architecture.
  2. Use analytics tools and AI with security in mind.
  3. Build an IT infrastructure with security as a top priority: it should be able to withstand systematic attacks and long stress periods.
Risk Management Banking Industry Trends

Fintechs and nonbanks now have a substantial influence in the banking industry. They are highly agile, innovative, and aim at exceeding the demands of modern customers in banking services and experiences. Established retail banks need to compete and often play catch-up. Still, they acknowledge the need to change, and change fast.

There are no secrets to success. It is the result of preparation, hard work, and learning from failure.

– Paul Tournier

Thus, adopting the same approach is a potent solution for retail banks that aim at adopting the latest trends in the banking industry quickly and impactfully.

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Whether you are building an enterprise web portal or a state-of-the-art website, you always need the right modern tools. Well-built and maintained PHP frameworks provide those tools in abundance, allowing maintained PHP frameworks provide those tools in abundance, allowing developers to save time, re-use code, and streamline the back end. As software development tools continuously change to follow the latest. Despite the competition from startups and the ever-present economic challenges, the banking industry is gradually adopting what the latest technologies have to offer.

From cloud technology to cyber risk management to machine learning in investment banking, join us as we explore the banking industry trends for 2019 and beyond. Cloud is one of the current banking industry trends as well. It is expected that the technology will serve as a foundation for core modernization of banking organizations.

Cloud Technology as New Foundation

Cloud has become the new normal for nine of ten enterprises across industries. The average IT environment in both SMBs and larger companies is becoming increasingly cloud-based. Companies also diversify their delivery models, with Infrastructure as a Service (IaaS) and Platform as a Service (PaaS) gaining more and more traction. Plus, a slew of new job positions have emerged to manage different aspects of cloud in the enterprise, including architecture and safety.

One of the new trends in the banking industry, ensuring fail-safe security will also be a core question regardless of the type of a cloud solution and its scale. Cloud is one of the current banking industry trends as well. It is expected that the technology will serve as a foundation for core modernization of banking organizations.

Risk Management Banking Industry Trends

Existing risk management systems at banking organizations might not be ready to face the challenges of the rapidly changing world. Poised to become the top banking industry trends for 2019 and years to come, AI-driven solutions with machine and deep learning algorithms provide a solution. As for cyber risk management, experts at Deloitte point at the following trends in the banking industry:

  1. Strengthen basic controls like IT asset, patch, and vulnerability management to identify and manage risks related to implementation of cloud and migration to open architecture.
  2. Use analytics tools and AI with security in mind.
  3. Build an IT infrastructure with security as a top priority: it should be able to withstand systematic attacks and long stress periods.
Risk Management Banking Industry Trends

Fintechs and nonbanks now have a substantial influence in the banking industry. They are highly agile, innovative, and aim at exceeding the demands of modern customers in banking services and experiences. Established retail banks need to compete and often play catch-up. Still, they acknowledge the need to change, and change fast.

There are no secrets to success. It is the result of preparation, hard work, and learning from failure.

– Paul Tournier

Thus, adopting the same approach is a potent solution for retail banks that aim at adopting the latest trends in the banking industry quickly and impactfully.

How Smart Cars Will Change Cityscapes

Whether you are building an enterprise web portal or a state-of-the-art website, you always need the right modern tools. Well-built and maintained PHP frameworks provide those tools in abundance, allowing maintained PHP frameworks provide those tools in abundance, allowing developers to save time, re-use code, and streamline the back end. As software development tools continuously change to follow the latest. Despite the competition from startups and the ever-present economic challenges, the banking industry is gradually adopting what the latest technologies have to offer.

From cloud technology to cyber risk management to machine learning in investment banking, join us as we explore the banking industry trends for 2019 and beyond. Cloud is one of the current banking industry trends as well. It is expected that the technology will serve as a foundation for core modernization of banking organizations.

Cloud Technology as New Foundation

Cloud has become the new normal for nine of ten enterprises across industries. The average IT environment in both SMBs and larger companies is becoming increasingly cloud-based. Companies also diversify their delivery models, with Infrastructure as a Service (IaaS) and Platform as a Service (PaaS) gaining more and more traction. Plus, a slew of new job positions have emerged to manage different aspects of cloud in the enterprise, including architecture and safety.

One of the new trends in the banking industry, ensuring fail-safe security will also be a core question regardless of the type of a cloud solution and its scale. Cloud is one of the current banking industry trends as well. It is expected that the technology will serve as a foundation for core modernization of banking organizations.

Risk Management Banking Industry Trends

Existing risk management systems at banking organizations might not be ready to face the challenges of the rapidly changing world. Poised to become the top banking industry trends for 2019 and years to come, AI-driven solutions with machine and deep learning algorithms provide a solution. As for cyber risk management, experts at Deloitte point at the following trends in the banking industry:

  1. Strengthen basic controls like IT asset, patch, and vulnerability management to identify and manage risks related to implementation of cloud and migration to open architecture.
  2. Use analytics tools and AI with security in mind.
  3. Build an IT infrastructure with security as a top priority: it should be able to withstand systematic attacks and long stress periods.
Risk Management Banking Industry Trends

Fintechs and nonbanks now have a substantial influence in the banking industry. They are highly agile, innovative, and aim at exceeding the demands of modern customers in banking services and experiences. Established retail banks need to compete and often play catch-up. Still, they acknowledge the need to change, and change fast.

There are no secrets to success. It is the result of preparation, hard work, and learning from failure.

– Paul Tournier

Thus, adopting the same approach is a potent solution for retail banks that aim at adopting the latest trends in the banking industry quickly and impactfully.

Augmented Reality Platform By Google

Whether you are building an enterprise web portal or a state-of-the-art website, you always need the right modern tools. Well-built and maintained PHP frameworks provide those tools in abundance, allowing maintained PHP frameworks provide those tools in abundance, allowing developers to save time, re-use code, and streamline the back end. As software development tools continuously change to follow the latest. Despite the competition from startups and the ever-present economic challenges, the banking industry is gradually adopting what the latest technologies have to offer.

From cloud technology to cyber risk management to machine learning in investment banking, join us as we explore the banking industry trends for 2019 and beyond. Cloud is one of the current banking industry trends as well. It is expected that the technology will serve as a foundation for core modernization of banking organizations.

Cloud Technology as New Foundation

Cloud has become the new normal for nine of ten enterprises across industries. The average IT environment in both SMBs and larger companies is becoming increasingly cloud-based. Companies also diversify their delivery models, with Infrastructure as a Service (IaaS) and Platform as a Service (PaaS) gaining more and more traction. Plus, a slew of new job positions have emerged to manage different aspects of cloud in the enterprise, including architecture and safety.

One of the new trends in the banking industry, ensuring fail-safe security will also be a core question regardless of the type of a cloud solution and its scale. Cloud is one of the current banking industry trends as well. It is expected that the technology will serve as a foundation for core modernization of banking organizations.

Risk Management Banking Industry Trends

Existing risk management systems at banking organizations might not be ready to face the challenges of the rapidly changing world. Poised to become the top banking industry trends for 2019 and years to come, AI-driven solutions with machine and deep learning algorithms provide a solution. As for cyber risk management, experts at Deloitte point at the following trends in the banking industry:

  1. Strengthen basic controls like IT asset, patch, and vulnerability management to identify and manage risks related to implementation of cloud and migration to open architecture.
  2. Use analytics tools and AI with security in mind.
  3. Build an IT infrastructure with security as a top priority: it should be able to withstand systematic attacks and long stress periods.
Risk Management Banking Industry Trends

Fintechs and nonbanks now have a substantial influence in the banking industry. They are highly agile, innovative, and aim at exceeding the demands of modern customers in banking services and experiences. Established retail banks need to compete and often play catch-up. Still, they acknowledge the need to change, and change fast.

There are no secrets to success. It is the result of preparation, hard work, and learning from failure.

– Paul Tournier

Thus, adopting the same approach is a potent solution for retail banks that aim at adopting the latest trends in the banking industry quickly and impactfully.

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Whether you are building an enterprise web portal or a state-of-the-art website, you always need the right modern tools. Well-built and maintained PHP frameworks provide those tools in abundance, allowing maintained PHP frameworks provide those tools in abundance, allowing developers to save time, re-use code, and streamline the back end. As software development tools continuously change to follow the latest. Despite the competition from startups and the ever-present economic challenges, the banking industry is gradually adopting what the latest technologies have to offer.

From cloud technology to cyber risk management to machine learning in investment banking, join us as we explore the banking industry trends for 2019 and beyond. Cloud is one of the current banking industry trends as well. It is expected that the technology will serve as a foundation for core modernization of banking organizations.

Cloud Technology as New Foundation

Cloud has become the new normal for nine of ten enterprises across industries. The average IT environment in both SMBs and larger companies is becoming increasingly cloud-based. Companies also diversify their delivery models, with Infrastructure as a Service (IaaS) and Platform as a Service (PaaS) gaining more and more traction. Plus, a slew of new job positions have emerged to manage different aspects of cloud in the enterprise, including architecture and safety.

One of the new trends in the banking industry, ensuring fail-safe security will also be a core question regardless of the type of a cloud solution and its scale. Cloud is one of the current banking industry trends as well. It is expected that the technology will serve as a foundation for core modernization of banking organizations.

Risk Management Banking Industry Trends

Existing risk management systems at banking organizations might not be ready to face the challenges of the rapidly changing world. Poised to become the top banking industry trends for 2019 and years to come, AI-driven solutions with machine and deep learning algorithms provide a solution. As for cyber risk management, experts at Deloitte point at the following trends in the banking industry:

  1. Strengthen basic controls like IT asset, patch, and vulnerability management to identify and manage risks related to implementation of cloud and migration to open architecture.
  2. Use analytics tools and AI with security in mind.
  3. Build an IT infrastructure with security as a top priority: it should be able to withstand systematic attacks and long stress periods.
Risk Management Banking Industry Trends

Fintechs and nonbanks now have a substantial influence in the banking industry. They are highly agile, innovative, and aim at exceeding the demands of modern customers in banking services and experiences. Established retail banks need to compete and often play catch-up. Still, they acknowledge the need to change, and change fast.

There are no secrets to success. It is the result of preparation, hard work, and learning from failure.

– Paul Tournier

Thus, adopting the same approach is a potent solution for retail banks that aim at adopting the latest trends in the banking industry quickly and impactfully.