SHAPING THE FUTURE : FINTECH ’ S LEAN AND AGILE REVOLUTION
The latest fintech business models are built on lean and agile technologies that are influencing the wider business community and ousting legacy systems
WRITTEN BY : JOANNA ENGLAND
Lean and Agile , or Agile and Lean ? In truth , it ' s often difficult to separate these two distinct principles because they have a symbiotic relationship .
The concept of Lean and Agile thinking , applied to business and software models , started back in 2000 , when a group of 17 leading software developers met up in Oregon , USA , to brainstorm how they could speed up development times to bring new software to market faster .
Though the meeting did not result in the Agile methodology we are familiar with today , it was a critical milestone in the development of Agile principles . This is because it explored speed to market , rapid feedback and continuous improvement as a new working model . Lean technologies concentrate on stripping down processes to their most streamlined and efficient states . Agile principles , on the other hand , concentrate on continuous iteration – or flexibility and development of a product in an environment that nurtures teamwork and speed .
Both can be applied separately but perform most efficiently in business models together , which in the shiny and new ecosystem of the fintech space , has proved remarkably successful .
Sustainable development Reducing bloated practices and creating mobile teams are principles central to successful fintechs , says
Eli Rosner , Chief Product and Technology Officer at Finastra . “ Cutting down waste in the software development lifecycle and reorganising teams , focusing on agility and