![]() ![]() Active cooperation between management and IT consultants is a practical idea to properly adapt and integrate security and business processes.įocusing on the financial industry and its digitalization, three key issues within project management can be identified:ġ. The complexity of IT and the growing security requirements of the digital age are enlarging the number of software solutions, business apps and platforms that support the business. Above all, high levels of IT competence and IT affinity are becoming more and more important to all employees and executives. Professional and personal requirements as well as qualitative competences required from the employees raise are steadily increasing. This sustainable transformation and development ranges from the front office to the back office across every department. This time of transformation is a major strategic challenge for the executive management of every bank –probably the biggest in recent decades. The banking sector, with long-term projects (over one year), is facing a tremendous change within the next 3 to 5 years. It is then in their best interests to implement innovative digital solutions to remain relevant and not lose the connection to either complementary third-party product offerings or competitors. Traditional banks are clearly late adopters when compared to other competitors (e.g., Digital Banks) or industries. Furthermore, the speed and power of these digital structural changes is often underestimated. The products and services themselves are digital. Companies disseminate information about products and services, processes or customer behavior in electronic form. Therefore, digitalization has become a driver to revolutionize the industry. The financial industry, with its legacy systems and processes, continuously demands more projects with a fast time-to-market conversion.
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