In the banking industry, the iterative process in banking is crucial for launching exceptional products and services. As part of our agile transformation, we have adopted a new way of work: the iterative process, a cyclical approach emphasizing continuous improvement through repeated cycles of planning, designing, implementing, testing, and evaluating. This methodology allows us to refine our deliveries incrementally, ensuring they align closely with our customer needs, priorities and expectations.​

Key benefits of the iterative process:

• Risk Mitigation: Identifies potential risks early, ensuring that resources aren’t wasted on features that don’t meet user needs. If feedback signals a misalignment, teams can pivot before investing too much.
• Faster Time to Market: By testing and refining continuously, teams gain valuable insights early, accelerating the path to product launch.
• Continuous Improvement: Each cycle provides learning opportunities, leading to a product that is fine-tuned to customer needs. Unlike rigid, sequential processes, iteration allows for real-time enhancements.
• Lower Costs: By detecting issues early and prioritizing only essential features, companies can optimize resources and avoid unnecessary expenses.
• Flexibility and Adaptability: Markets evolve, and so do customer expectations. Iterative work cycles allow teams to adjust based on feedback, keeping products aligned with changing demands.

The steps for an Iterative Process implementation:

1. Plan: Set clear goals, define milestones, and identify key stakeholders. Break down the project into smaller iterations with well-defined scopes.
2. Design: Develop solutions for the current iteration, whether through prototyping new features or enhancing existing ones.
3. Implement: Execute the plan by building, testing, and gathering feedback from stakeholders.
4. Evaluate and Test: Measure the success of the iteration by assessing quality, user feedback, and overall performance.
5. Iterate and Improve: Use collected insights to refine the next iteration, ensuring continuous product evolution.

By embracing an iterative process approach when launching digital products, banks can deliver a seamless user experience, stay ahead of market trends, and build products that truly meet customer needs. In the end, success isn’t about getting it perfect on the first try—it’s about improving with every step.