BANK PROJECT MANAGEMENT
Bank Project Management Consulting From Fractal Systems
How To Manage Bank Projects?
Agile techniques are an effective way for banks to manage projects in today’s business environment. An Agile bank can quickly redirect people and resources to deliver higher-value projects.
Agility has benefits for companies in all industries. Banks, however, operate in an environment where it can be especially relevant – including having numerous digital transformation projects and complex and changing regulatory requirements. Learn more about agile scrum and how it can benefit you.
Agile Project Management
Agile offers a new approach to project management and product development. It reflects the changes seen in organizations over the past decades, with a more flexible way to deliver better results. Companies are no longer fixed and static entities – and projects should not be approached this way.
Scrum is the leading framework in use to implement Agile techniques in companies. It introduces an iterative methodology for teams to use, with a focus on producing results each time and increasing value delivered. There is also a major focus on strong team and stakeholder communication.
Agile For Bank Project Management
Agile and Scrum are often associated with software development. They have advantages in developing products faster and more in line with requirements, but they are just as beneficial in other industries for any large or complex project.
Project management in banks is a key area that can benefit. Of course, this may include IT projects, but also any large transformation projects, or those in specific areas such as client service, wealth management, finance projects, purchasing, or reporting and compliance.
Banks are constantly engaged in a competitive battle to deliver better solutions for customers and keep these up to date. Agility can offer fast results and continuous feedback to improve project results.
Compliance and regulation is another key area for banks. Compliance burdens increase as laws and requirements change and as the bank grows and shifts. An Agile and Scrum-based approach is much more effective here. It can also allow teams to start projects before the final regulatory requirements are known – a common situation in finance.
Benefits for Banks
What results can be achieved by implementing Agile techniques? The more Agile is embedded into different areas of bank project management, the greater the results will be. Enterprise-wide Agile transformation is of course a great aim – but in reality, few large banks will implement to this scale.
A report by consultancy McKinsey sums up the benefits of Agile in banking well. Based on industry research, it gives estimates of the outcomes of an Agile transformation, including:
- 10% to 30% improvement in customer satisfaction. This is especially relevant with banks and the digital transformation underway to serve customers better.
- 20% to 30% improvement in employee engagement. The non-hierarchical team structures in Agile banks have a positive influence on employee satisfaction and engagement.
- 30% to 50% improvement in operational performance. Projects are delivered faster, and banks can benefit from significant improvements in project Target Achievement Rate (TAR).
Agile Training for Bank Project Management
Training for those involved is recommended to get the most out of implementing Agile techniques for project management in banks. Different agile training is available for different roles within the bank or project team. Scrum is the leading implementation framework of Agile techniques – in use for over 25 years. Scrum training is the best way to equip teams to work on Agile projects.
- For an understanding of Agile benefits and transformation, consider the Professional agile leadership essentials course (PAL E).
- Applying professional scrum (APS) training introduces the Scrum framework and shows its power over traditional project or product development approaches.
- Scaled Professional Scrum (SPS) training shows to expand techniques to larger projects.
- Specific training is also available to teach Scrum Masters and Product Owners their important roles.