Three. The typical number of bottlenecks when it comes to credit union project management:
These three departments are tasked with to-do lists for many projects within the credit union – on top of their own projects and priorities.
A huge concern is if go-live dates are set on a case-by-case basis, instead of from an enterprise perspective.
Think of it this way. Imagine your credit union is planning to enhance its existing ATM network. This project is being managed by the IT department with the assistance of a third party. The IT department takes care of installing the hardware and software required. The IT department takes care of testing. The third party suggests an implementation date, and the IT department agrees with the date and time, which happens to be a Friday, the first day of the month, at 9 am.
Sounds harmless, except…
If individual departments manage their own go-live calendars, without discussion or feedback from their fellow departments, and without consideration of the membership, the impact it could have on the membership – and employee morale – is no joke. According to recent research, a consumer’s most significant factor for annoyance with the banking experience comes from annoyance with the branch experience, and the biggest reason for banking loyalty includes delight in the mobile and online experiences. Additionally, other research reports that 36% of Millennials said they will probably switch financial institutions in the next 12 months.
Now might not be the time to make members angry.
If your credit union isn’t discussing high-level project timelines, with the right people, in one room, and with a visibility of how department resources and calendars are going to be affected, then you are playing a game of roulette.
The discipline to appropriately manage a portfolio of projects is no longer optional in this fiercely competitive environment. Smaller credit unions without the ability to designate someone to manage the portfolio of big projects can still find ways to work the conversation into staff meetings and daily huddles. But this still requires that everyone be on the same page and paying attention to the overall picture.