A major provider of payments solutions to the financial services industry had established a new digital bank business – the first to operate in Australia. Keen to analyse lessons learned from the exercise to improve future project delivery, the client engaged PM-Partners to conduct a comprehensive review.

Highlights

• A payments solutions provider had recently created a new digital bank business and was looking to extract lessons learned from the project roll-out.
• The client engaged PM-Partners to thoroughly assess project performance and find opportunities for future improvements.
• Valuable lessons learned from the Post Implementation Review (PIR) included the potential for faster decision-making and a shift to more agile delivery methods.

Customer background

The client was already well established as a payments solutions provider to other finance industry players, such as the major banks. The Executive Team had recently approved a bold move to set up a new digital bank business and position the organisation as a leader in this sector of the Australian market.

The challenge

The client’s new digital bank had started operations just a few months earlier. The project to stand up the bank was a significant undertaking spanning several years and requiring significant investment. The sponsor and Executive Team were keen to independently review how the project had performed.

While generally viewed internally as successful, there were elements of the project that could have been improved. Lessons learned from a comprehensive review would be important as the new bank had a backlog of projects it needed to deliver. At the same time, there were some teething problems with the transition to operations that needed to be better understood.

How PM-Partners helped

Working with the sponsor and Executive Team of the new digital bank entity, PM-Partners undertook a Post Implementation Review (PIR) of the project.

PM-Partners used its proven assurance approach to tailor a PIR that met the client’s specific requirements. Key elements of the review included:

• Effectiveness of the governance model used for the project
• Appropriateness and flexibility of the delivery methodology used
• Resource and talent management throughout the project
• Product management and ability to remain customer-focused.

PM-Partners interviewed all key stakeholders, reviewed relevant project documents and used globally recognised benchmarks for good delivery practices to assess the performance of the project.

Outcomes delivered

The PIR revealed a number of valuable opportunities, including the following:

• A more fit-for-purpose governance model to speed up decision-making
• A more robust operating model to manage risk and regulatory requirements
• Revised practices to retain and attract talent
• Potential to shift to more agile delivery methods.

Around 50 other recommendations were made, which were accepted by the client, and a plan was subsequently put in place to implement all key recommendations from the PIR.

What can you learn from your last project? PM-Partners has a proven assessment process that turns lessons learned into actionable steps. We also offer an ongoing Continuous Assurance service to capitalise on opportunities across your delivery portfolio/s. To optimise both current and future delivery initiatives, contact the team at PM-Partners or call us on 1300 70 13 14 today.