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Agile software development is more than just a trend. It is a key development that all finance firms should be thinking about as they move forward. Understanding agile development can help you choose the very best software for your purposes and partner with the right company to help you with your Customer Due Diligence KYC System and digitalization needs.

Agile Software Development

Agile is a very specific term. It means systems that are designed to be adaptive and respond to change. While it’s commonly associated with frameworks such as scrum, which we’ll talk about later, it’s really an overall approach. That includes high levels of collaboration, self-organizing teams, and having guidelines on how to both respond to change and create it when needed. Agile methodologies are designed to support this mindset while giving the team a framework to follow.

Stages of Agile Software Development Life Cycle

The agile software development life cycle depends on iterations. Essentially, you follow six steps:

  1. Concept – What is the software designed to solve and what are the opportunities it brings? How long will it take to complete?
  2. Inception – Who should work on the software? Team members are identified or recruited, funding is established, and initial requirements are discussed with the customer. The software is broken down into segments so you can get each part ready for review quickly.
  3. Iteration/construction – Working software is created. Each iteration lasts two to four weeks, with a set date and a working product. Then you do all the testing and integration, before gathering feedback for the next iteration.
  4. Release – The software’s final form (or close) is determined and sent to the customer
  5. Production – The software is put into production, although ongoing problems are still identified and patched
  6. Retirement – The software is removed from production because it is now outdated, unnecessary, or contradicting the business model. It is typically then replaced by a new release or system.

    Agile Software Development Framework

    Agile is a philosophy. There are specific frameworks that are used to support it, and the best one depends on how your team works. The most common ones are:

    • Scrum. Scrum is a rugby term referring to the team working together to move the ball, or in this case the project, forward. Scrum revolves around sprints. In a sprint, the next increment of the software is produced in a short cycle, no more than a month, and then the results are inspected and the plan adjusted for the next one. NCODE has certified scrum masters in house to help you get the most out of the framework.
    • Crystal. Crystal is a framework designed to be flexible, without fixed tools, but is designed to ensure frequent delivery of test code, continuous improvement, and continuous learning for team members.
    • Kanban. Designed by Toyota for production environment, kanban uses a kanban board to record the lifecycle of bugs and tickets, which helps keep them moving through various stages of their life cycle. The system limits things that can be at each stage and encourages early feedback.
    • Dynamic Systems. Also called DSDM, dynamic systems is often used with other agile methods and encourages modeling and iterative development while focusing on the exact business need.
    • Feature Driven. This focuses entirely on “features,” defined as specific things clients want. The features needed come first, ensuring that the client remains the focus, with developers working together in feature teams.

    All of these frameworks (which can sometimes be used in concert) can work, depending on your project and leadership style.

    Best Practices in Agile Methodology for Finance

    NCODE uses agile methodology to help finance customers do customer due diligence and develop best practices. By ensuring a good CDD system that focuses on the client’s need, agile methodology helps turn obstacles into opportunities.

    For example, a Registered Filing Agent in Singapore bound by strict regulations needed to perform customer due diligence to close compliance gaps and expand beyond the local market. Agile techniques allowed them to identify their operational gaps – insufficient customer oversight, document retrieval issues, a time-consuming signature process, and CDD scanning management for compliance.

    They then turned these into opportunities by implementing four critical modules, that were designed using agile methods to create a feature to match each of them – for example, e-signature integration to streamline the signing process.

    This allowed for proactive QA (quality assurance) and continuous improvement as additional obstacles and opportunities were identified. Our team was able to collaborate effectively with the corporate and secretarial loans firm ensuring a robust Customer Due Diligence (KYC) system.

    NCODE has the best practices in agile technology. This allows us to continuously improve our client-focused techniques to provide your company with exactly the software you need to perform your CDD well. Contact us to find out how we can help your firm turn obstacles into opportunities. We are your trusted IT consultant and software partner for nearly three decades with offices in Singapore, Malaysia, and India. You can also call us at (+65) 6282 6578 or chat with us on Whatsapp (+65) 9735 0193.

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      In the rapidly evolving landscape of business and technology, organizations are continually reassessing their business models and operating models to stay ahead. The COVID-19 pandemic accelerated digital transformation efforts, propelling businesses to reshape their supply chains, business processes, and operating models. Data analytics and machine learning play pivotal roles in this journey, unlocking valuable insights and driving transformational change. Successful digital transformations are no longer just about adopting digital technology; they encompass holistic strategies that touch every aspect of how businesses operate. From improving customer experience to enabling remote work, businesses are leveraging digital transformation initiatives to align with evolving customer expectations.

      We know what it takes helping 300+ clients navigate their digital transformation journeys enhancing products and services. Learn more about how NCODE Consultant can help craft your digital transformation strategy. Speak to a software development expert to see how your business can achieve higher ROI with NCODE Consultant. You can also call us at (+65) 6282 6578 or get in touch with our dedicated team on Whatsapp.

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