How Jira can help Banks implement Agility
- onpoint ltd
- Apr 4
- 4 min read
One of the most compelling benefits of agile transformation in banking is the significant reduction in time-to-market for new products and features. Several banks have reported substantial improvements in this area. Standard Bank, for instance, achieved a remarkable 23-fold decrease in the time required to bring new software products to market after fully adopting scaled agile methodologies.
Across the industry, reports indicate that agile projects, on average, take considerably less time to complete, with some studies suggesting an average reduction in time-to-market of around 70%.
Jira Service Management a tool for agile implementation and it provides specialized features for financial services teams, emphasizing compliance, efficiency, and customer satisfaction. It is utilized by banks, insurance companies, security firms, and brokerages to deliver AI-driven service experiences while maintaining scalable governance and compliance.
The platform aids in tracking financial transactions, minimizing data breaches, and enhancing client relationship management. It does it through:
Streamlining Loan Approval Processes with Jira
Traditional banks aiming to improve agility and streamline workflows, particularly in loan approvals, can benefit from Jira Service Management (JSM). This platform features AI-powered tools that automate repetitive tasks and facilitate secure, customizable service desks tailored for loan requests, ensuring compliance with regulatory guidelines.
JSM enhances collaboration among stakeholders and provides omni-channel support, including AI virtual service agents for customer interactions. Additionally, it streamlines the management of documentation, automates key processes, and offers configuration management capabilities to visualize system dependencies, ultimately optimizing the loan approval process.
Furthermore, solutions like Flower Process Automation for Jira allow banks to model and automate complex loan payment journeys, enhancing overall efficiency.
“Atlassian tools allowed people to work with greater agility. Instead of managing projects by having tasks and tickets spread across email and spreadsheets, they could manage projects more efficiently using the scrum boards in Jira Service Management.”
Denis Boisvert, Atlassian Tools Product Owner at National Bank of Canada
Enhancing Compliance Tracking and Reporting
IIn the banking industry, stringent compliance and comprehensive audit trails are crucial, and platforms like Jira can significantly enhance these processes. Jira can be configured to track compliance tasks, generate necessary documentation, and maintain clear audit trails for user roles and policy updates.
The platform allows for digital signatures to secure records, automated alerts for compliance updates, and integrated reporting capabilities, which streamline compliance management. By centralizing compliance tasks, Jira improves visibility and accountability, making it an essential tool for navigating regulatory requirements in financial services. Tailored workflows to manage compliance requests securely, adhering to regulations like EBA and BaFin standards.
Improving Risk Assessment and Mitigation Workflows
Effective risk assessment and mitigation are crucial for the stability and success of banking operations, and tools like Jira facilitate this process throughout the project lifecycle. Banks can create a custom issue type for 'Risk' in Jira to differentiate risks from other project items, allowing for focused management and tracking.
Custom fields can be configured to capture essential risk details, including categories, likelihood, potential impact, and mitigation actions. Additionally, Jira supports various plugins for industry-standard risk management frameworks and offers advanced reporting and dashboard capabilities for real-time risk monitoring.
The linking feature in Jira enables clear visibility of how identified risks are addressed through specific tasks, with automation capabilities ensuring the status of risks is always up-to-date.
“We saw Jira Service Management combine the ability to create workflows and Jira task management features with an easy-to-customize self-service portal, allowing collaborators to easily seek help.”
JEAN ANDRÉ GONZALEZ, Business Analysis Manager, Kushki
How do you know if Jira Implementation was successful for your financial institution?
In order to thoroughly evaluate the effectiveness and overall performance of Jira Service Management, it is essential for teams to concentrate on several key metrics. These metrics provide insight into various aspects of service delivery and user experience. These metrics can serve as critical indicators of how well the service is functioning and where improvements may be needed.
Customer Satisfaction (CSAT)
One of the primary metrics that teams should focus on is customer satisfaction, often abbreviated as CSAT. This metric measures the happiness and satisfaction levels of users with the service that has been provided to them. This can be gathered through various methods, including surveys and the use of Net Promoter Scores, which provide a quantitative measure of customer loyalty and satisfaction.
Service Quality
Another important metric to consider is service quality. This metric encompasses a range of indicators that track the effectiveness of the service being delivered. Key components of service quality include ticket closure rates, which measure how quickly issues are resolved, response times that indicate how promptly teams are addressing user enquiries, and the overall effectiveness of issue resolution. Monitoring these metrics helps teams understand the quality of service they are providing.
SLA Adherence
Service Level Agreement (SLA) Adherence is a crucial metric that teams must monitor to ensure compliance with established service-level agreements. These agreements outline the expected response and resolution times for various types of service requests. By tracking SLA adherence, teams can identify whether they are meeting their commitments to customers and where there may be gaps in service delivery.
Productivity Metrics
Productivity metrics are vital for assessing the efficiency of the team. This includes evaluating first-contact resolution rates, which measure how often issues are resolved during the initial interaction with the user, as well as the frequency of follow-ups that may be necessary. These metrics provide valuable insights into how effectively the team is managing service requests and maintaining productivity levels.
Operational Efficiency
Finally, teams should assess operational efficiency by evaluating potential bottlenecks in workflows and making informed decisions regarding resource allocation. Utilising reporting tools can help identify areas where processes may be slowing down, enabling teams to streamline operations and enhance overall efficiency.
By focusing on these performance metrics, teams can gain a comprehensive understanding of how Jira Service Management is performing in the financial services sector, allowing for informed decision-making and continuous improvement in service delivery.
Conclusion
The agile transformation in banking not only accelerates time-to-market for new products but also enhances compliance, risk management, and overall operational efficiency. As financial institutions strive to adapt to the rapidly changing landscape, leveraging tools like Jira Service Management becomes essential for achieving these goals.
If your organization is looking to implement agile methodologies effectively, consider partnering with Onpoint, an Atlassian Gold Solutions Partners. We can provide the expertise and tailored solutions necessary to optimize your Jira implementation, ensuring that you maximize the benefits of agile transformation in your banking operations.
Reach out today to explore how we can help you achieve your agile goals.
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