Vol. 2 #11
Shifting goalposts in core banking transformations can lead to stakeholder confusion and project setbacks.
Anecdote: A large bank embarked on a multi-year core banking transformation with very well-defined objectives. Halfway through, new management arrived and set out to change the scope to accommodate features that were not envisioned in the original plan. These moving goalposts created much confusion and frustration within the team while accommodating the new requirements at this point, since neither adequate resources nor time was available. It produced huge delays and disappointing final results, which proved the peril of ill-defined objectives.
Antidote: Keeping Clear and Constant Objectives
Successful core banking projects are those in which objectives are clear and consistent from the very beginning. When everyone is aligned to the goals, it makes the navigation of challenges that come with a core banking transformation much easier.
Found this article interesting? Check out these three related reads for more.
- Corporate Candor: Overcoming groupthink for better decision-making (A New Series)
- Corporate candor: Cutting corners in project management (A New Series)
- Corporate Candor: Hidden failures in polished corporate reports (A New Series)
