The financial sector is renowned for its extensive mainframe servers and robust infrastructure, which handle countless transactions daily. However, starting in 2018, there has been a significant shift in how banks are preparing for the future.
They have embraced a Cloud-First approach, prioritizing APIs, digital transformation, paperless initiatives, GDPR-compliant data privacy practices, cybersecurity measures, and the integration of machine learning for risk assessment. This transformation has led banks to adopt agile working methods and product management approaches, departing from traditional turnkey waterfall models.
They are now emphasizing the amalgamation of development, security operations, and automation, known as DevSecOps. This is as a means to ensure compliance and maintain a customer-centric approach in their banking and fintech IT services.
Throughout these advancements, Majestic IT, a global enterprise solutions provider, has grown stronger than ever. Under the capable leadership of Mr. Rambabu Nalagandla, the company is committed to crafting and delivering solutions that empower international companies to succeed in today’s intricate business landscape.
Rambabu Nalagandla – Man Behind the Curtains
Mr. Rambabu Nalagandla is currently employed as an associate at Majestic IT Services Inc. in the United States, where the company specializes in the banking, finance, securities, and insurance sectors, along with the associated technology, primarily situated in Texas, USA.
With a Master’s degree in Software Engineering from BITS Pilani Institute in India, a Master’s degree in IT from Madras University in India, PMP certification, SaFE Agilist certification, and MSP-certified program expertise, Mr. Rambabu Nalagandla has extensive experience as a seasoned expert in both global and local banking domains, with a strong emphasis on cloud technology. Over the past two decades, he has been actively engaged in the financial industry, specifically within the realms of banking and insurance.
Throughout his career in the technology sector, Mr. Nalagandla’s dedication to innovation and adept management of large and intricate programs has not only propelled his own professional advancement but also created opportunities for him to serve as a source of inspiration and guidance for aspiring individuals in the field. As a senior member of IEEE, he has participated in international conference discussions as a guest speaker and contributed as a reviewer for various technology initiatives.
Majestic IT: An Overview
Majestic IT is a global provider of enterprise solutions, dedicated to conceiving and delivering innovative solutions that empower international companies to excel in today’s intricate business landscape. Its success in partnering with world-class organizations is attributed to technical proficiency, management principles, and the creative thinking of the team.
Whether its implementation and development, or maintenance and support, the company is dedicated to its clients’ success. With the ‘Employees First, Customers Foremost’ philosophy, the company ensures that highly skilled and focused individuals are placed in roles that suit their talents.
Mr. Rambabu Nalagandla adds, “Our Company values our associates’ commitment to excellence, along with their dedication to going the extra mile. We take pride in our role as collaborators in our clients’ advancement, and, most importantly, we take pride in our talented associates.”
Emerging Trends in the Industry
Mr. Rambabu Nalagandla anticipates a transformation in the finance sector in the years ahead. He envisions a future that embraces cloud technology for cost optimization, enhanced data security, and privacy, while also incorporating embedded machine learning, particularly Generative AI, to bolster enterprise functions.
Moreover, he envisions a paradigm shift with a 300-fold improvement in cybersecurity measures. Looking ahead to the post-2025 era, he foresees that banks may spearhead investments in Quantum Computing (Qubits).
Currently, he is actively preparing for the implementation of cost-effective and secure Generative AI solutions tailored for enterprise banking, aimed at providing enhanced value and a seamless customer experience.
Challenges and Overcoming Them
Much like any other company, regardless of the industry, Majestic IT, under the leadership of Mr. Rambabu Nalagandla, encountered initial challenges. His background stems from a humble village in Andhra Pradesh, India, where the primary source of livelihood is farming, a profession often affected by drought.
Furthermore, Mr. Nalagandla faced the added responsibility of supporting his family due to the loss of his father at the tender age of 15. He adds, “Life was hard but what I learned was some of the most effective life lessons: Conserve what you have, strive on, never give up, and always try to be a better version of yourself, even when the odds are stacked up against you.”
He did not shy away from these challenges. Instead, he pursued education and achieved a Master’s degree. In hindsight, he recognizes that education was the initial stepping stone that paved the way for change in his life. It also instilled in him the value of unwavering determination, emphasizing that not only does one’s life improve as one grows, but it can also have a positive impact on the lives of those around them.
Factors Leading Growth
Numerous factors have contributed to the growth of Majestic IT. After securing a work permit, Mr. Rambabu Nalagandla relocated to Canada, where he spent over a year working in the city of Vancouver, gaining in-depth insights into the Canadian banking sector and the nuances of customer service. During this time, he recognized the importance of making connections and breaking down organizational silos.
The pursuit of effective technology solutions for businesses and customers led him to embrace the principles of ‘Agile execution,’ utilizing the foundational concepts from the Project Management Institute (PMI) to devise strategies and execute them with precision and agility. This dedication culminated in his certifications in PMP, SAFe Agilist, and cloud technologies, transforming him into a comprehensive, 360-degree techno-functional expert in the BFSI banking domain.
These achievements also prompted the bank to assign him to a more customer-centric role, overseeing technical aspects of customer satisfaction as a contractual Technical Program Manager for US banking IT services at an enterprise level.
The primary driving force behind the company’s enduring success remains the forward-thinking mindset of Mr. Rambabu Nalagandla. He says, “I have been taught to take responsibility and be responsible for people at a very young age. This also means embracing differences in wants and aligning them to a common goal that ensures the progress of an entire group and constantly striving to get better at it. So, joining the dots, and managing varied stakeholder interests towards a common goal is my superpower.”
Banking’s Digital Evolution
The banking industry is currently undergoing a major modernization wave, fueled by the transition of legacy large systems towards more robust and scalable cloud solutions. Simultaneously, there is a drive for digital consolidation, replacing cumbersome code with contemporary technologies like Reactjs and machine learning.
Since 2021 and continuing to the present, Mr. Rambabu Nalagandla has been actively engaged in spearheading these new-age technological shifts within the US Enterprise IT Services sector. This encompasses activities from ensuring deployment readiness to overseeing post-implementation stabilization.
Achieving success in this endeavor demands a skillful execution of agile methodologies, proficient program management, nurturing the skills of resources, and facilitating seamless deployment. Additionally, it requires a steadfast commitment to upholding the principles of Zero Trust and serving as a trusted fiduciary role model for the bank.
Building Strong, Trusted Teams
Mr. Rambabu Nalagandla takes great pride in the culture of financial responsibility and openness that thrives within the company. He places a strong emphasis on the triple constraints of time, cost, and project scope. This approach ensures that during the project’s planning, strategy, execution, and Agile monitoring, tasks are clearly defined. They are structured in a feature-based work breakdown structure, categorized by ‘T-shirt sizes,’ and assigned with appropriate resource allocation to balance workloads within a well-defined sprint timeline.
While the traditional “I say and you do” model is commonly used, Mr. Rambabu Nalagandla’s strength lies in bringing the Agile team together to engage in open discussions regarding learning curve optimization, stability indices, and sprint velocity acceleration. This effort to obtain buy-in, address people’s issues and challenges, and remove obstacles has resulted in substantial financial savings, ranging from 18% to 30% at times.
By maintaining robust financial reporting, transparent time tracking, and continuous monitoring, his projects have gained recognition as some of the best in the global program management arena. They are applauded for promoting transparency and financial accountability in terms of program execution, key performance indicators (KPIs), key result areas (KRAs), and tangible benefits achieved.
His team operates with self-governance, taking responsibility for their tasks and enhancing their decision-making abilities. This makes them a closely-knit unit with a high level of trust. They actively identify and address risk factors and unforeseen challenges, fostering open and innovative discussions within a safe space. This approach ensures higher employee retention and consistently optimized project deliveries while maintaining a healthy work-life balance.
Setting Apart from the Competition
Banking technology must recognize its position as the third-largest worldwide industry, marked by a commitment to global reach while catering to local requirements. Achieving this balance requires a profound understanding of global trends, local regulations, data security, and the delivery of digital, customer-centric solutions.
This distinguishing feature sets the company apart from banks that tend to segregate themselves as either global, local, or digital entities. In today’s banking landscape, these aspects span across products and services, in line with the cloud-first and API-first approaches. This approach enables the nurturing of local talent and ensures that customers banking with global institutions receive a local banking experience combined with the convenience of advanced global technology.
Financial Risk management
At Majestic IT, there is a comprehensive risk management system in place, both on a global and local level. This system utilizes Machine Learning AI technology to safeguard against, predict, prevent, and mitigate risk factors, featuring automated detection and alert functions. Subsequently, this information is relayed to the IT service to remain secure and compliant with the International systems, and applications. This ensures that the banks remain secure and compliant with international and local regulatory requirements.
The global and local risk engine is continuously updated to guarantee that all risks, including financial ones, are presented to the C-suite. This enables the formulation of a risk mitigation roadmap and provides instructions for risk remediation based on the proximity and significance of each risk.
Looking ahead, Mr. Rambabu Nalagandla envisions the emergence of services that are cloud-enabled and digitally seamless. These services offer integrated security while respecting customer privacy, delivering global and local banking solutions that transform banking into an ingrained and effortless experience, rather than a cumbersome task.
Responsibilities of an Entrepreneur
“Grow and ensure the environment grows with you.”
The goal is to foster a transformation in how we address life’s challenges with solutions. An approach in some sectors is first developing a technological solution and then seeking a problem to solve.
However, Mr. Rambabu Nalagandla believes that a responsible entrepreneur or intrapreneur strives to deliver solutions driven by technological breakthroughs that enhance brand value or simplify daily life. These innovations contribute positively to both the community and the organization where they are implemented.
Advice to the Budding Entrepreneurs
Discipline, Commitment, Patience, and unlearning/learning things are needed daily. Listening is a must during this process. Listening to your instinct, listening to what the market is saying, listening to what the customer needs, and most importantly sticking to the truth regardless of the rhetoric and being bold/hardened enough to accept and relearn /realign if the feedback isn’t what you expected. Being Agile is at this core.