Does the way that financial services organisations deliver their transformation, remediation and change programmes need evolution or a revolution to succeed in the future?

05 December 2019

Over the last decade since the financial crisis, pressure on the financial services industry to remain profitable has been predominantly driven by regulatory changes, political uncertainty and competition. Recent years have also seen macro trends come to the forefront - such as socio-demographic shifts and an increased focus on both sustainability and climate change - further forcing the industry to evolve further.

At the same time, organisations are experiencing continued pressure on revenues and margins from increased competition, which is underpinned by ongoing economic uncertainty. A shift in client demands is also requiring a change to the products and services they provide and the technology infrastructure through which they deliver.

In response to this, financial services organisations have embarked on large scale transformation, remediation or change programmes - most of which have been critical to the organisation’s survival. 

Organisations in the Financial Services industry waste an average of $122 million for every $1 billion spent on projects and programs due to poor project performance

Nearly 80% of organisations within the FS industry have a PMO, however only 28%  of organisations use standardised project management practices throughout the organization*

At a time where corporate strategies are often undistinguished from peers, we believe it’s the ability to execute change and transform that will be a key source of differentiation, separating those who’ll succeed from those who won’t. The precarious balancing act of managing short-term return and outperformance in the medium term, with long-term transformation is central to this.   

As a consequence, financial services organisations are now asking themselves - how do we know if the right programmes are currently being implemented, are they fit for purpose and delivering the required business needs? Are they sufficiently flexible to react to changes during their lifecycle? 

This leads us to ask the important question...

Does the way that financial services organisation deliver their transformation, remediation and change programmes need evolution or a revolution to succeed?

We would like to establish a community of financial services programme management leaders to explore this question and determine where there is an urgent need to evolve current practices, and importantly where total revolution is necessary.

PwC is hosting a series of “Programme rEvolution” events to help shape the future of programme delivery in the financial services industry, looking at themes that include culture, digital, responsibility and disruptors. 

 

*Source: P-ulse of the profession, March 2019 https://www.pmi.org/-/media/pmi/documents/public/pdf/learning/thought-leadership/pulse/pulse-all-comparison-reports-final.pdf?v=1f786811-3b88-443f-93c5-fc79188e6100

 

If you would like to be involved in the community and attend the events, please email to keep up to date.  

 

For more information, feel free to contact:

Michael Gibbons

Michael Gibbons | Partner, Capital Project Services Technology, PwC United Kingdom
Profile | Email | +44 (0)7841 569523

 
Jessica Parthezius

Jessica Parthezius | Partner, PwC United Kingdom
Profile | Email | +44 (0)7803 455729

 

Henry Gibbins | Senior Manager, PwC United Kingdom
Profile | Email | +44 (0)7739 339347

 

Emyr James | Manager, PwC United Kingdom
Profile | Email |  +44(0)7483 416575

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