How Can Community Financial Institutions Improve? Project Management
In this video blog, I discuss my thoughts on community financial institutions upping their project management game. In summary:
There are two types of projects: support function projects where you try to improve the gears within the bank, and customer experience projects (CX) where you meet the demands or emerging demands of your most valuable customer cohorts.
First, be selective in the projects you undertake. The ones that create the greatest value in terms of reducing resources needed to run the bank, or improve your most valuable customers’ experiences.
Here are the high level steps:
1. If a CX project, determine your most valuable customer cohorts by lifetime value. Why undertake a project for customer segments that are unprofitable?
2. Select a project team that includes executive sponsorship, mid-level leadership, do’ers (after selection), and vendors (after selection). Use a “many hands make light work” approach. Because it’s true. And many hands make quick work.
3. Evaluate and select the vendor based on their solution, support, and potential longevity. Don’t be saddled by your rigid vendor management practices to eliminate promising vendors.
4. Set deadlines. Not six months out. Think PPP fast. We did it then, we can build on that. Make sure you keep the vendor fully engaged in the process, like they promised in your contract.
5. Maintain accountabilities. Even after flipping the “on” switch.
The Jimmy McHugh’s tour is a bonus!