The country Russia is most abundant in size and is also one of those countries that are superlative economically. With the rank upper-middle economy, this country continues a magnificent growth rate each year. World’s tenth-third natural resources have reserved by Russia and estimated at 75 trillion US dollars. The banking and financial management have maintained excellence from the formation of the Soviet period until now.
Recently, I stumbled upon one interesting article on LinkedIn, mentioning how one of the Russian banks implemented new banking system and improved their efficiency, so I want to give a brief flavor of it here.
The time frame was one year, and the estimated number of consumer business was around sixty thousand mean the cardholders and a ritual were informing the account holder about the transaction maximally by SMS on the phone for security purposes, so this made transition even harder as it should have been kept instant even during the transition period.
Think of the proper data is a heart-throbbing factor. Generally, business users do not tend to disclose their factual data. Sometimes it has not grasped by the authority like the way it should. Surprisingly, the most straightforward sounded task was the most challenging. The above hundred credit officers were responsible for doing the task of filling the missing data of the user. Also; for accomplishing this, they had to go through checking over ten thousand documents. Besides, a template designed to gather the proper data of the users and make the procedures more practical.
Forming a New Development Team
Based on the presented framework by the vendor after the data collection, they jumped to implement. On the path, they found it muddling. The users and the business analysts were oblivious regarding the advanced technological languages, which was a vicious obstacle for the developers. Moreover, the project was about to collapse. Furthermore, the bank was relying on the online transaction system and the saved data regarding that.
Six months passed by, the project was fretting the authority. Furthermore, the personnel decided to change the development team by the process of selecting new. This new development team was smaller compared to the previous team; nonetheless, shockingly, it escalated the communication as well as the implementation of the project.
Cavern of the Project
The team did not stop developing. Afterward, they proceeded toward a distribution of the responsibilities and arranged a training session to use the elements related to the planned project. The project was a challenge to them to establish that the possibility of work out was nearly zero. Moreover, this challenge had motivated the members vastly. The toiling of the project team restlessly accomplished something which could barley gain, and they discovered themselves on the field. Six months of working without being agitated, executing all the possible tests, eventually, the project team developed by the subject-matter expert Artem Kovalev experienced the sun of the victory.
The conquistadors had built the statement; consumers or customers should never be disappointed. The old system of that bank was getting unresponsive and could cause loss of faith, customers’ efficiency, and massive misunderstanding between the bank and customers. Even the bank’s daily operations would not spare from this vicious grab of the previous system. The newly implemented plan had not only benefited the attachment with the customers but also motivated them towards banking and growing business. Besides, no matter how much dark the night is, the bank developed a section to serve any time, and prospering the system data keeping for individuals and legal authorities has become so far easy and accurate.