By Published On: March 15, 2023

Recently my respected colleague and friend, Ed Hansen, who is an expert on the subject of transformations, made a LinkedIn post. In it he makes a BOLD statement that “Most transformation efforts fail. By a lot….With a 70-84% failure rate…and it’s not a TECHNOLOGY problem. It’s a PEOPLE problem.” I by and large agree with Ed. Even Transformations that had major technical issues, when you boil it down to the root cause…its because of the people. But that is a broad statement. In my professional opinion, you can usually divide up the “People Problem” into the following 10 reasons:

  1. Lack of Clear Goals and Objectives
  2. Insufficient Resources, Planning and Preparation
  3. Ineffective Communication and Collaboration
  4. Resistance to Change
  5. Technical Challenges (See above)
  6. Lack of Experience
  7. Treating It as a Project Instead of a Transformation
  8. Treating It Like a Technology Project
  9. Failure to Re-engineer
  10. Poor Governance

Over the coming days, I will go deeper into each one of the topics so stay tuned.

I also encourage you to read Ed’s post, click here.


Found this article interesting? Check out these three related reads for more.

#CoreBankingTransformation #PeopleChallenges

Share This Story, Choose Your Platform!

Whitepaper

Recent Articles

Subscribe Now

Sign up today and never miss an issue.

It’s free, insightful, and tailored to your professional growth.

We respect your privacy.

We will not spam you but will occasionally sendvaluable insights related to core banking transformations.