Project Management in Financial Institutions

In this podcast, Ricardo talks about project management in financial institutions, where the product is money itself. He also talks about the importance of technology to facilitate the client's work and provide accurate and quick financial transactions.

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Episode transcript

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Hello everybody. And welcome to the five Minutes pamphlets. The guest today, I like to talk to you about it. Prove it Management in financial institutions. I'm not talking only about banks, but all brokerage and all people where the supply is. The critical Superfly at the raw material is money is sketch. This is one of the most important, and that we need to understand when we do project management in financial sector, when I'm constructing a building or a new industry, money is for me the way and the way the cash that I use to buy resource breaks, cement energy, power, hire people, hire plumbers, everything to build my building, but in the financial institution, the perception of the money, it's completely different because mummy is there an asset, the trade money, So all projects.

Management the spring is related to cache. And this is very important. Think if we look to the nine areas of the PMBOK, when we are in side financial institutions, we see clearly very important, right? To cost management because of this perception. I have many, many friends in the financial sector that do not have their own apartment. They prefer to rent and put the money of the building or the apartment in the market to trade.

Then make more money. Instead of putting this in that home, in the asset, it's different the mind. So we need to understand this since 2008 and mostly here in Brazil for the past 15 years, there is a very strong Lizzie's lation inside all the financial institutions. So they have many, many projects that are required there, not in the strategic intent of the business. They are Regulus, sorry, projects to operate.

They need to do that. And also I think that is there a very important, what is the change management when they have of my own company in that can have control of the changes. It's much easier. Dan, in the financial institutions where something coming from abroad like an external environment or a new regulation that comes to me and I cannot say, Oh no, this change. Wasn't a proof. I will not implement that. Or no, that doesn't exist.

What I need to do. I need to digest this change and see how I can adapt that my project and my company to do this new trend. This is such an important thing. And why I'm saying this because we need to do a very careful risk. Management the approach to avoid any kind of problem regarding change, because maybe you have a one year project for a new one, the platform, four, the bank for the customer, Dan in the middle of this year, something happens and the government, they say, no, now you need to assure this.

This is our depth. And this is, we'll do a major change in your system. But usually those who are requiring this, they usually do not pay for that. They say, Oh, it's your problem. I need that to produce this, this and this way. Yeah. If I create a new taxation on the account and I need you to implement that, and sometimes this bring to you a huge problem. So how are we can handle that first strongly risk management approach to understand, and to create the Baron, to adapt our projects, to this kind of change a second, use a process like rolling wave planning, where we can make sense something more open in the end to adapt to our self, to this potential change.

Second is the presence of the technology bank. Is it more in more technology and technology for a bank it's not on the customer side? You guys, not only on the customer's side, I'm talking on the technology in the whole process and technology we'll bring in marketing better marketing approach, better customer service and speed is speed for customer, but also the speed in the bank site, because I will have everything real time.

So we need to have high available. The system I visited a couple of weeks ago, a very huge bank here in Brazil. And they built a data center that is amazing. This bend, something like a billion us dollars on that. And they built up extremely high level infrastructure and why they did that. They did that one for sure, to improve the customer service. Second reduce costs because if the client to use technology to access the service, he will not, he or she will not go to the agency.

So they will not need to have all the infrastructure and all the energy power, the shining to receive this amount of people. They can do business from the web, from the web or from private systems. But in your hand, what does the financial system it's like, okay. A link where all that oxygen, the whole product type of system needs. They need to have extremely availability in Y this, because if we have a problem in the big Project in the financial sector, we can start a snowball that can damage the whole system that can damage people, damaged companies.

And the let's return back to 2008, a new one. I knew that we saw that easily So merger and acquisition. So bottom line, what we need to think. If we're planning to do a project management and financial sector, first change management, we need to understand that some of the changes are required and they are not a matter of saying yes or know the answer is always yes, it's how you will digest that second speed and technology.

And third one, the different perception of money, cash, money, like a bank. They do have a different perception of money than a company that produce iron ore or all you or everything. What else it's different for everybody? Money is important, but for bank money is the business is the core of the business and an extremely dynamic. So we, if we had to prepare it for that, then we can succeed on that. And one final a message for you is that the financial sector, we need to have very good people to understand the cost size of the project, but we need to, we'd also to have a extremely good project management to do risk management, to do scope management and to prepare the company to deliver better projects on time, on budget without too much risk.

This is what I will call you success. Okay. See you next week with another five minutes PM. Podcast bye.

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