Scrum, as an agile methodology, has revolutionized how companies operate and manage their projects across various sectors. Banking and insurance sectors, traditionally known for their rigidity and lengthy processes, are now increasingly embracing the agile way, notably the Scrum approach.
Unpacking Scrum
Scrum, as a subset of Agile, is a framework that allows teams to collaborate on complex projects. At its core, Scrum values adaptability, teamwork, and delivering value to the customer with speed and efficiency.
In Scrum, work is divided into time-boxed iterations known as Sprints, which typically last two to four weeks. The project's backlog, a list of all tasks and requirements, is prioritized and segmented into smaller, manageable Sprint backlogs. During the Sprint, the team collaborates to complete the tasks and at the end, a potentially shippable increment of the product is delivered.
This iterative approach allows the team to adapt to changes quickly and gives them the flexibility to prioritize tasks based on the project's current needs or market dynamics.
Scrum in Banking and Insurance
Scrum can significantly benefit the banking and insurance sectors by promoting swift decision-making, enhancing product quality, and ensuring customer-centricity. In an industry characterized by a rapidly changing regulatory environment and evolving customer needs, agility is a prerequisite for success.
Scrum methodology enables banking and insurance companies to rapidly respond to these changes. It helps in streamlining processes, minimizing waste, and improving communication and transparency among team members and stakeholders.
Scalable Options for Scrum
For larger projects or multiple teams, scaling Scrum can be challenging. Fortunately, several frameworks exist to address this challenge:
- Nexus: Created by Scrum co-creator Ken Schwaber, Nexus extends Scrum to guide multiple Scrum teams on how to work together to deliver an integrated product. It emphasizes minimizing cross-team dependencies and integration issues.
- Scaled Agile Framework (SAFe): SAFe provides a detailed, proven framework for applying Scrum at an enterprise scale, combining the principles and practices of Agile, Scrum, and Lean.
- Scrum@Scale: Developed by Scrum's co-creator Jeff Sutherland, Scrum@Scale is a scalable Scrum framework that seeks to faithfully scale the fundamental principles of Scrum. It's designed to be flexible and adaptable to any type of organization or project. The framework consists of a 'scale-free' architecture, which means that the same mechanisms for coordination, prioritization, and planning apply to all levels.
- Large-Scale Scrum (LeSS): LeSS is another scaling framework which provides simple structural rules and guidelines on adopting Scrum in large product development. Rather than offering a prescriptive set of roles and practices, LeSS provides a minimalist framework that enables empiricism on a larger scale, leading to the creation of organizational learning ecosystems.
- Disciplined Agile Delivery (DAD): DAD is a process decision framework that enables simplified process decisions around incremental and iterative solution delivery. DAD builds on the many practices espoused by Scrum, Agile, and Lean methodologies, including Scrum’s ceremonies and roles, but also includes elements of other methods in the context of the lifecycle.
- Spotify Model: While not a framework, the Spotify Model is a people-driven, autonomous approach for scaling Scrum and Agile. Named for the company that created it, this model promotes a culture of collaboration and emphasizes the autonomy of each Scrum team, or "squad". It has been influential in the agile community, but it's important to note that the Spotify Model is continually evolving and Spotify itself doesn't claim it as a definitive or static model.
Each of these frameworks has its own strengths and is suitable for different organizational needs and contexts. The key to successfully scaling Scrum lies in understanding these different frameworks, recognizing their unique requirements, and applying the best practices that suit the specific needs of the organization.
Selecting a scaling framework will depend on the specific needs and context of the organization.
Training and Certification: Our Approach
As a company committed to delivering cutting-edge solutions to our clients in the banking and insurance sectors, we understand the immense value of Scrum. That's why we invest heavily in training our workforce in this agile methodology.
We have initiated a robust internal Scrum training workshop designed to equip our employees with the tools and mindset needed to implement Scrum efficiently. In addition to our internal training, we support our employees to obtain their Professional Scrum Master I (PSM I) certification.
The PSM I certification, issued by Scrum.org, is one of the most recognized Scrum Master certifications globally. It confirms that a professional has understood Scrum as described in the Scrum Guide and can apply it in practical projects.
Conclusion
The benefits of Scrum in the banking and insurance sectors are undeniable. It offers increased transparency, enhanced quality, and a customer-centric approach that aligns perfectly with today's competitive and volatile market conditions. By empowering our team with Scrum training and certification, we are not just equipping them with another skill set but also building a foundation for our company's agile future.
