Allied Irish Bank adopts start-up culture for technology innovation

Allied Irish Bank (AIB) has adopted a new approach to develop and market new products and services within a period of weeks.

Allied Irish Bank (AIB) has adopted a new approach to develop and market new products and services within a period of weeks.

The new approach to technological innovation will help the bank to reduce product life cycle development and enable to compete effectively with Google and Facebook, as well as new financial conglomerates, reported Finextra.

The decision to adopt a completely overhaul approach to innovation follows AIB’s bitter experience in marketing its new products and services during the financial crisis of 2008.

During MarketForce’s ‘future of retail banking’ conference in London, Allied Irish Bank COO Anne Boden said that AIB has set itself a deadline to create a mortgage processing mobile app from scratch in 13 weeks.

Working in collaboration with business and technology staff, AIB got a plan for the app within three weeks, have it ready for customer testing after 45 days ahead of its launch just another 20 days later, reported the news portal.

Boden further said that the application has reduced the time taken in mortgage processing from up to 10 days to less than a minute.

Using the same fast and innovative approach, the bank developed an account opening application, which allows customers open an account from their phone in 10 minutes.

British bank Barclays has also embraced the new approach when building its successful Pingit application in just 90 days before launching it for customers.