Vol 3 #4
From individual competition to collective progress: How the Prioritized Progress Board transforms core banking operations by aligning teams toward shared goals.
From Chaos to Clarity: The Power of a Prioritized Progress Board in Core Banking
In the fast-paced world of core banking transformations, managing competing priorities is essential yet challenging. Picture this: operations, innovation, and transformation teams all tugging in different directions, each championing its own needs for budget and resources. It’s a familiar scene, as illustrated in our cartoon “One Budget, Three Priorities”. Each department pulls the budget—a central sphere—toward their goals, creating a tug-of-war that often leads to confusion and missed opportunities.
Now imagine a different scenario. In the cartoon “The Prioritized Progress Board”, teams don’t compete; instead, they gather around a large board that clearly displays their priorities. The board shows each team’s current projects and aligns them with the bank’s overall strategy, bringing clarity and collaboration to the forefront. Let’s dive into how this shift—from competing priorities to collective progress—can transform core banking operations.
One Budget, Three Priorities: The Struggle of Competing Agendas
In “One Budget, Three Priorities”, each department believes their work is the most important. Operations needs funds to maintain daily activities, transformation teams argue for survival resources, and the innovation team pushes for future investments. It’s a classic scenario in banking—each function critical, each priority pressing.
But when teams have conflicting priorities without a clear system for alignment, things get complicated. Resources are limited, yet demands are high. Without a clear framework to prioritize, it’s easy for departments to fall into a cycle of:
- Misalignment: When each team pulls in a different direction, it’s hard to maintain a unified strategy. Teams may even unintentionally work against one another’s goals.
- Resource Friction: Competing for resources without coordination creates tension, both across teams and within projects.
- Unclear Progress: Without visibility, teams can feel isolated in their efforts, unsure of how their work contributes to the bank’s overall success.
This tug-of-war mentality can lead to burnout and frustration. I’ve been there—leaving meetings feeling more confused than aligned. The real question is: How can we shift from competing over resources to collaborating toward shared goals?
Introducing the Prioritized Progress Board: A Path to Clarity
The “Prioritized Progress Board” offers a refreshing alternative. This visual management tool provides a space where all teams can see their projects, assess progress, and align their goals. With a large board clearly divided into sections for “Running the Bank”, “Changing the Bank”, and “Innovating the Bank”, it transforms priorities from a source of conflict into a shared roadmap.
How a Progress Board Transforms Core Banking
- Real-Time Visibility: The board allows teams to see all current initiatives and their status at a glance. This transparency fosters a sense of collective ownership and understanding of each team’s contributions.
- Alignment on Shared Goals: Instead of working in isolation, teams can easily see how their projects contribute to the bank’s larger mission, whether that’s maintaining stability, driving transformation, or sparking innovation.
- Reduced Tension Over Resources: When priorities are visualized and communicated clearly, teams understand the logic behind resource allocation, reducing friction and fostering a collaborative spirit.
In my experience, having a visual tool like this is transformative. It’s amazing how a simple board can turn meetings from chaotic discussions into focused, collaborative sessions. People leave feeling energized rather than exhausted.
Moving from Competing Priorities to a Shared Progress Strategy
Transitioning to a prioritized progress board requires more than just pinning projects on a wall. It’s about building a culture of transparency, alignment, and collaboration. Here are some key steps to help you shift from competing priorities to a unified approach:
1. Define and Communicate Clear Goals
Before implementing any visual management tool, ensure that everyone understands the bank’s overarching mission and objectives. Establish clear goals for each area—Running, Changing, and Innovating—so that every team knows how their work aligns with the bigger picture.
- Example: Share the strategic priorities for the quarter and explain how each function supports these goals. This ensures that everyone has the same destination in mind, even if their roles differ.
2. Use Visual Tools to Map Out Priorities
Create a prioritized progress board where each team can track their projects and see others’ initiatives. This board should be divided into sections based on function, with a focus on displaying progress and resource allocation in real-time.
- Example: Organize the board into “Run,” “Change,” and “Innovate” sections, and encourage each team to update their progress regularly. This enables everyone to see how different projects interact and align with the bank’s goals.
3. Regularly Revisit and Adjust Priorities
In banking, priorities can shift quickly. To keep the progress board relevant, schedule regular reviews where teams assess their progress and adjust as needed. This flexibility ensures that resources remain aligned with the most critical needs.
- Example: Hold monthly check-ins to review the board, celebrating completed projects and updating priorities as necessary. This keeps the board dynamic and ensures that everyone stays engaged.
4.Celebrate Collective Milestones
When teams work together toward shared goals, every success is a collective win. Use the progress board to highlight completed projects, acknowledge contributions, and celebrate milestones. Recognizing collective achievements boosts morale and strengthens team unity.
- Example: When a project reaches a milestone, add a visible marker on the board. Invite the team to gather, acknowledge the achievement, and celebrate together. These small moments of recognition foster a culture of shared success.
Why the Prioritized Progress Board Works
Unlike the tug-of-war approach, a progress board promotes collaboration and accountability. When everyone can see what’s happening across departments, it becomes easier to align efforts, share resources, and stay focused on the bank’s mission. The benefits extend beyond just keeping track of tasks:
- Enhanced Cross-Functional Understanding: Each team gains insights into other functions, building empathy and a more cohesive work environment.
- More Effective Resource Allocation: Teams understand how resources are distributed and why, leading to more productive discussions and fewer conflicts.
- Improved Adaptability: With priorities visible to all, teams can pivot more effectively, knowing how their changes impact other projects and departments.
This approach doesn’t just make progress visible—it makes it manageable. I’ve seen firsthand how a well-organized board can create a ripple effect of positivity across teams, making people feel part of something bigger and more meaningful.
Building a Collaborative Future in Core Banking
The journey from competing priorities to a well-managed progress board is transformative. It’s a shift from focusing on individual goals to aligning with a shared vision. In core banking, where transformation is constant, clarity and collaboration are key to sustainable progress.
As you reflect on your team’s current approach to managing priorities, consider the power of a visual progress board. Are you pulling in different directions, or are you aligning around shared goals? By making progress visible, you can foster a culture of collaboration, keep priorities clear, and create a bank that doesn’t just manage change—it thrives on it
#CoreBankingTransformation #RunChangeInnovateTheBank
