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