In 2024, two senior executives from a global bank share insights into their ongoing transformation journey.
Global banks are increasingly adopting agile methodologies to enhance speed, innovation, and customer focus. In early 2020, a leading international bank initiated a comprehensive transformation, inspired by tech giants like Amazon and Microsoft. This shift involved restructuring into agile teams, known as “squads,” each focused on specific customer needs and business goals. The transformation has led to faster product development, higher employee satisfaction, and improved operational efficiency. In this conversation with Financial Times’ Sarah Johnson, the bank’s Chief Technology Officer, Alex Martinez, and Chief Operating Officer, Priya Singh, discuss the motivations behind their agile transformation, the challenges faced, and the measurable benefits achieved.
The Quarterly: What drove your bank to adopt this new way of working?
Priya Singh: Our journey began about five years ago, and it’s been a continuous process. Transformation isn’t a one-time event; it’s an ongoing evolution. We realized that to stay competitive and meet our customers’ evolving expectations, we needed to be more agile and responsive. This meant moving away from traditional hierarchical structures and embracing a more flexible, team-based approach.
Alex Martinez: Exactly. The financial industry is rapidly changing, with new digital channels and customer behaviors emerging. We needed to adapt quickly to these changes. By adopting agile methodologies, we’ve been able to reduce time-to-market for new products, enhance collaboration across departments, and create a more engaging work environment for our employees. The results have been very encouraging, and we’re committed to continuing this journey.