Some of the most common issues around core banking implementations are organizational, not technical.

It has never been an easy task to implement any enterprise level IT system, and the process only gets more complex in a live banking environment, requiring a very high degree of care and precision, only akin to an open-heart surgery. Several banks in the region are now more conscious than ever of the benefits of a core banking—IT infrastructure, thanks to increasing customer demands and unrelenting marketing efforts of vendors. However, the challenges of implementation do get understated, and are discovered only when banks go through the process.

Historically, more than 20% of IT budgets are wasted through mismanaged projects wasting $500 bn worldwide.Some of the most common issues around core banking implementations are organizational, and not technical. Ironically, these issues have the simplest solutions that would have appeared as common sense otherwise—yet do not get implemented in most instances. Based on several such projects that we have managed across banks in the region, this article is an attempt to list five effective yet simple project management techniques that help address these issues.

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