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Mastering Mission-Critical Projects in Financial Services

As financial services executives and boards grapple with complex issues like digital customer experience, risk management, artificial intelligence, and cybersecurity, many firms are finding it difficult to manage data-intensive projects integral to their success and survival. What can financial services firms do to improve their chances of success in these critical areas?

A businesswoman beams to the camera
A businesswoman beams to the camera

scope of research

Research Overview

To understand the challenges large companies face in executing mission-critical projects, we surveyed 404 senior executives, with $1 billion or more in revenue, in September 2022 across North America, Europe and Asia Pacific, and in four global industries.

companies

404

Companies surveyed

industries

101

Financial services organizations

revenue

$1B+
Annual revenue per company

our research

40

Financial services firms are struggling to meet key project goals

40%

the challenge

Financial services firms are struggling to meet key project goals, with 40% saying it has become more difficult since March of 2020.

Two people working together, one in a yellow shirt and the other in a blue blazer.

top challenges

Talent and Flexibility Heavily Influence Success

Rapid change is now the norm. Rigid internal work processes, combined with a shortage of key talent, have made it difficult for financial services firms to achieve critical project goals.

54%

Coordinating people working at home and from offices

52%

Managing organizationally diverse teams

41%

Lack of capable project leaders

40%

Lack of capable talent in other key roles

Why is success so elusive? Respondents told us that inadequate talent and complex workforce dynamics are key contributors. Project complexity and lack of adequate project leadership also made it more difficult to achieve project goals:

38%

Unrealistic project goals

36%

Poor tools for project collaboration

36%

Lack of adequate budget

35%

Abrupt changes in project goals

Group of four people in a meeting with laptops, smiling and interacting.
A smiling woman using an iPad

Organizationally diverse and remote teams are creating complex dynamics for project execution in financial services.

Leaders vs. Laggards Initiative Scorecard

(% reporting strong or exceptional results in each category)

Leaders

Laggards

Key Insight

The Dynamic Workforce™ model helped companies we studied to become more efficient, agile and innovative. But this requires a new level of openness and transparency, a culture of intense innovation, and a workplace that is highly automated and digitized.

73%

the challenge

Of financial services leaders said a lack of capable talent in key project roles made executing critical projects more difficult.

Two people looking at a laptop together, one wearing a yellow shirt and glasses, the other a blue-patterned blouse.

Outside Consultants Are Expected To Comprise 48% of the Average Project Execution Team by 2024

0% Outside team members

2020

2021

2022

Key Insight

Managing teams with people from multiple firms is one of the biggest challenges but also one of the biggest contributors to successful project execution. In other words, it may not be easy — but it’s worth it.

top challenges

Executives See the Benefit of More Dynamic Teams, but Managing the Complexity Is Imperative

Pandemic-driven staffing shortages gave rise to a dynamic workforce model comprising both employees and outside consultants as well as hybrid teams working both at home and in the office.

Managing these complex dynamics made it very difficult to successfully complete projects and deliver the expected outcomes.

83%

strong outside talent

of financial service executives believe they need to overhaul how they attract talent to better accommodate teams comprising large numbers of talented outsiders.

Four people engaged in discussion at a table in an office setting, with large windows in the background.
A smiling woman using an iPad
A smiling woman using an iPad

Staffing projects with the most skilled and experienced talent available regardless of where they come from is a bold change that requires a new level of openness, agility, collaboration, and digitization.

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