The purpose of this project is to meet up with some of the challenges faced by financial institutions, especially the banking industry. It is quite evident that the banking industry is witnessing a revolution in products, processes, market, and regulations. Unfortunately, it is a revolution that is not about to stop or slow down. Today’s marketplace is fast moving and extremely competitive. The need to retain existing customers and attracting new ones often conflicts with the need to reduce cost and improve efficiency.
Most banks, in order to adapt to the changes, are embracing technologies that will improve customer service as well as minimize cost. ...view middle of the document...
Despite the methods employed to carry out the project, we were not exempted from some of the challenges associated with projects. The team was challenged with maintaining the schedule and the budget within the assigned resources while figuring out how to satisfactorily meet the client’s needs.
The uniqueness of this project is the way it presents itself simple but embedded with challenges. Initially we were faced with critical decision as creating the project life cycle from the scratch or buy it off the shelf. The options were ranked by the project priority team according to the total cost and effort required as well as the ability to meet the set requirements. A unanimous conclusion was reached on the premise of time, expertise and budget available.
The outcome of this project is traceable to the following approaches used:
a. We aimed at completing the project with the traditional sequence, following the stages from the initiation stage to the completion stage.
b. We gave more emphasis to human and physical resources. This approach made it easier to exploit all...