How would you characterize your company’s current appetite for modernization?
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The appetite for modernization is exceptionally strong in our company, especially following our acquisition. Historically, as a transformation consultancy, we've been at the forefront of modernization for the last 24 years. The acquiring organization aims to adopt our dynamic culture and methodologies, indicating a strong willingness to embrace rapid delivery and innovation practices. This integration has almost resembled a reverse takeover, where our cultural practices and approaches to modernization are being adopted by the larger entity.
Our company's appetite for modernization is quite strong. The recent CTO has effectively communicated the critical need to address technical debt to our executive team. They've made it clear that ignoring this issue could lead to severe consequences. This was clear in 2014 when we had to completely overhaul our core application—a project that spanned three to four years and required us to put many other business priorities on hold.
Since then, there has been a broad understanding within the company that our engineering time should be dedicated 20 to 25% of their time to addressing technical debt and pursuing modernization efforts. This approach has been well-received across the board, reflecting a long-standing narrative within our organization.
Currently, we face a bottleneck in our product department. Our engineering teams have expanded faster than our product teams, leading to a scenario where some teams have only a sprint's worth of work planned ahead. This has forced us to allocate more time to app modernization and addressing technical debt than we ideally would, due to a lack of prepared feature work. We've identified that the real bottleneck is not a shortage of developers but rather a lack of business analysts. We are actively addressing this by hiring new business analysts to better translate big product ideas and visions into actionable development tasks.
In the banking sector, embracing innovation and modernization can sometimes be challenging due to the nature of the industry. However, our company has a robust appetite for modernization, supported by strong leadership and effective project management teams. We have established frameworks in place that facilitate the handling of even large-scale projects, ensuring continuous improvement and innovation across our operations. This structured approach allows us to maintain a steady pace of modernization and technological advancement.