The UMB move is an evolution in banking, "where firms team up multiple functional areas along IT and product development in multifunctional teams designed to increase agility," said Robert Meara, a senior analyst for retail and corporate banking at Celent.
In research and discussions with banks, Celent found organizational agility to be more important as the pandemic took hold. More than half of financial institutions and solution providers say agility is more important than it was a year ago.
The research and consulting firm also found that many banks have well-established software development teams that operate in a larger, decidedly non-agile organization. Thus, several bankers from large institutions say an agile transformation requires a "wholesale change" in personnel and culture.