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The digital world is built on software. Code that enables extraordinary experiences, delivering cutting-edge products and services that are used at work, on the road, at home or anywhere people connect with content and each other.

As banking and financial services (BFS) companies compete fiercely in an increasingly digital marketplace and adjust to evolving consumer behaviors further exacerbated by the COVID-19 pandemic, they need to embrace a software-centric view of their business.

The pandemic has shown that agility and elasticity are paramount to business differentiation, highlighting the need for modern software engineering approaches that include Agile, cloud-based development, DevOps with end-to-end automation, and human-centric design. As remote work and interactions surge, BFS organizations need to deliver fully digital experiences while enabling greater operational efficiencies, improved decision making and software-driven innovation to continually satisfy and delight customers.

We recently surveyed more than 800 BFS business leaders worldwide to understand their modern software engineering ambitions. Our study revealed a large gap between their wide-eyed intent and actual actions and results to advance on their software agenda.

To emerge stronger, we offer six recommendations on ways BFS companies can transform into software-centric businesses.