Banking Application Development: The Only Way to Appropriate Project Management

COO Victoria Moiseyenko by COO Victoria Moiseyenko on July 13, 2016

Banking Application Development: The Only Way to Appropriate Project Management

Premium software is a must-have investment for modern commercial structures. It is very important for banks and other financial institutes to pay close attention to their management systems. Banking software development companies focus on creating secure software that follows international standards for the industry.

Modern banks have multiple branches with each branch serving hundreds or even thousands of clients. Millions of interactions between a bank and its clients happen on a daily basis. Banks need better infrastructure to handle such intense pressure. This infrastructure must be excellent both hardware and software wise.

When we talk about banking software, we must understand that the most important factor is security. High industrial standards are in place and we must follow them closely. Our client’s savings and businesses are on the line.

Here are the most important fields of focus:

  • Security. This is a #1 priority for any developer. Making sure that an application doesn’t threaten personal data is very important. It becomes even more important when we allow our end-users to directly manage their money using our apps.
  • Usability and simplicity. Various people use banking applications. An end-user can be a teenager, an old woman or a mature programmer himself. As developers, we must ensure that anyone can use our solutions. A modern banking application should be the easiest way to control one’s finances.
  • Reliability. An application that manages money needs to be as stable as possible. Various bugs, crashes, and other issues may compromise security. Creating a very stable application that never fails is a goal for a developer working on software for banks.

Obviously, we want our application to look fancy and have some fun features, but if such additions harm the integrity of the application, we will mercilessly cut them off. There are more important factors we should prioritize.

Banking Software Development Services

Many banks use premium software made by high-caliber specialists. Complicated software systems usually demand additional testing. When we talk about the banking software development process, we have to consider IoT testing alongside other types of testing activities. Modern banking includes SMS-banking, Internet Banking, and ATMs. Various devices allow bank customers to access and manage their money.

Retail banks rely heavily on this software that uses one database and needs to be perfectly protected from hackers and bugs. One united database is that magical thing that allows you to remotely control your bank account from a smartphone and do your banking from any branch of the bank.

More often than not, banks have to work with different developers. Some companies are more experienced in creating complicated highly secure backend, others show undeniable professionalism in mobile application development. Different teams of professionals often have to cooperate. Sometimes, one developer team has to work with already implemented solutions.

Apparently, this creates a lot of issues and miscommunications. A developer, his client (bank), and other development teams involved have to address such issues with improved project management methods.

Project Management Methodologies

Management of banking app development

There are various management methods that proved themselves worthy in the mobile application development industry. Numerous developers with experience prefer using APM (Agile Project Management) and LPM (Lean Project Management). There are other popular and well-known methods, but we will focus on these two, since they both heavily focus on communication between all the parties involved.

Lean Project Management

When we implement Lean methods in our project management, we want to ensure that we see the goal clearly. A scientific approach to studying the case and searching for the most important areas of focus is a vital characteristic of any project conducted with LM. What do we want to achieve by using LPM?

  • Less waste. We do not focus on less important features of the product and try to dedicate all our efforts to the core features. In our case, we do our best to ensure high security, usability, and stability. We will commit less resources to develop stunning design and unnecessary functionality.
  • Improved communication. Lean methods focus on cutting waste of time. For example, less transportation in manufacturing and constructing, less individual subprojects and communication barriers in software development.
  • Having a clear goal. We must see the project clearly and keep moving towards it.

In short, we follow fundamental principles of Lean:

  • Decrease cycle time by improving communication.
  • Improve productivity while lessening inventory (we work on the project together and try to focus less on individual processes).
  • Increase inventory effective usage.

Agile Project Management

APM focuses heavily on iterating the process. With APM we prefer short cycles much like in LPM. One of the core characteristics of APM is constant communication with the client. Agile management wants us to remove misunderstandings and make sure that we work with all the parties involved as a unit.

In Agile we iterate our project multiple times. We do it on schedule. Each iteration is a reason for a meeting with our client. We want to share our current vision of the project, report on our progression, and receive some ideas from the client. Such management methods allow for better communication.

  • One of the core ideas of Agile Management is continuity and sustainability of development. We want to make sure that iterations of the project can work and be implemented immediately if needed.
  • We constantly working together with our clients to find the best features that we can implement in our applications. We do it even in the late phases of development.
  • We ensure daily cooperation and collaboration within the project.

There are various reasons to choose one methodology over another. However, we believe that we must search for better ways to improve one key factor – communication. When various teams of developers are involved in the process, we will be more efficient in the environment that allows us to cooperate.

Innovative project management methods also make the result more satisfying for everyone. The client can watch over our shoulder and we can be sure that our product is THE product our client wanted from the beginning.