“To get off paper quickly and focus on delivering working software, value, and paying down known unknowns early, we adopted a two-pronged approach. Firstly, we prioritized focusing our existing teams on the current stack to ensure their full attention on essential tasks such as enhancing customer experience and organizational value. Secondly, we formed a separate cross functional team dedicated to swiftly establishing the new stack, allowing them to work independently and efficiently without impeding the rest of the organization. These teams have now come back together.”
– Hamish Rumbold, Chief Digital and Technology Officer, Kiwibank
Kiwibank’s transformation is as much about evolving mindsets and expectations inside and outside the bank as it is about replacing legacy technology. Working with McKinsey, Chief Digital and Technology Officer Hamish Rumbold has built an in-house team of top-quality engineers, architects, data scientists, and product owners who are well versed in agile ways of working and now work in cross-functional squads partnering ("two in a box") with other key areas of the business. This has improved the bank’s internal capabilities, speed, and quality of change.
The bank is now deep into its transformation. Several key foundational technological elements have been delivered that have driven better team and customer experiences, operational efficiency, and are now enabling much faster and safer change. As it confronted difficult decisions, the bank has been deliberate about trade-offs such as co-existence risk, time to value, and migration risk. There are still challenges to address, but with a new mindset, the right team, and new tech, Kiwibank has the strength and confidence to finish the job.