by Melanie Eichhorn-Schurig, Prince2, LL.M., Diplom-Kauffrau (FH), PMP
While applying her experience in the banking industry to a home expansion project, the author learned some key lessons: Project management skills are transferable between sectors and project managers should not be afraid to take on projects in areas where they have little or no industry knowledge.
Changes in the financial services sector have made achieving straight-through processing—a dedicated commitment to settle a securities transaction within 24 hours and minimize risk—a monumental effort. Can agile software development and workflow management systems have a positive impact on addressing straight-through processing?
We have risk registers, risk workshops and other options. Yet many projects are still derailed by risks that result in delays, loss and public criticism. Big Data—a term that took off in the 2000s—is part of the answer.
There is no reason to suggest that financial technology companies are a real threat to the future of large financial corporations. But how has FinTech driven the future of the financial sector—and how have traditional and established corporations responded to these threats?
The future of banking is digital. Yet despite the rapidly growing demand for online products and services, many U.S. and European retail banks have struggled to fund the projects necessary to modernize all front- and back-office operations. It’s not just about digitizing loan applications to speed up the approval process. Transitioning from legacy systems at individual bank branches to one digital system spanning the entire organization has proven especially difficult.