Precision and Performance: Project Management that Works 

Project management in today’s banking environment is no longer an add-on, back-room function—it is a strategic discipline that directly impacts performance, profitability and long-term success. From core conversions and M&A integrations to product launches and process improvements, every initiative impacts the organization’s future. Yet despite the stakes, only 35% of projects are completed successfully on time and on budget, leaving significant room for improvement. The difference between stalled initiatives and high-performing outcomes lies in the precision of the approach—how well strategy is defined, tools are applied and leadership is executed. For community banks navigating increasing demands and limited resources, project management that works is both an operational necessity and a competitive advantage.

PRI Head of Client Engagement Brett Rawls says effective project management applies across all types of initiatives—not just large-scale efforts like core conversions or M&A. Project management success is becoming increasingly relevant as banks manage multiple, concurrent projects alongside day-to-day responsibilities, and being strategic and precise about why you are taking on a particular project is vital.

“Good project management practices can and should be applied across the organization—it doesn’t matter what kind of project,” he said. “All successful projects begin with clear strategic intent, and lack of clarity can stall progress. We want to know why we’re doing what we’re doing. People disengage when they don’t know the ‘why.’”

Strategic Choices: There Is No One-Size-Fits-All Approach

Every bank’s “why” will be unique to its organization, culture and stated strategic goals. Similarly, its approach to project management will be unique and should align closely with organizational strategy, capabilities and project type.

When taking on a new project, key decisions every bank must make include:

• Methodologies to utilize (Agile vs. Waterfall vs. Hybrid)
• Need for subject matter experts
• In-house vs. outsourced project management
• Investment in project management tools and software
• Role of certifications and training

“Always keep in mind, one size doesn’t fit all,” Rawls said. “Every bank will approach its important projects differently, and that’s okay.”

Measuring Success Beyond Time and Budget

An important part of the project management approach is measuring success. What does success look like? Rawls says that traditional metrics of project success—a project is completed on time and on budget—are baseline, not the full picture. True success is all about achieving strategic objectives and delivering measurable impact.

When evaluating the success of a particular project, it is important for leaders to ask the following questions:  

• Did the project achieve its intended outcomes?
• Did it align with strategic goals?
• What was the stakeholder impact?

“Setting parameters for accomplishment and ways to accurately measure whether you hit the mark are vital in precise project management. When accomplishment is a moving target, the project can quickly stall,” he said. “The measurement is the impact you set out to achieve, and whether you accomplished your ‘why.’”

Tools and Structure: Consistency Counts

Rawls said that using standardized project management tools and templates is essential, not optional. Consistency in tool usage builds institutional knowledge and improves future project outcomes, and good tools will build upon each other. According to research from Ravetree, implementing project management practices makes projects 2.5 times more successful. ​

Examples of standardized, reusable tools and templates used for effective project management include:

• Scope summary
• Cost tracking tools
• Resource planning
• Project timelines and task lists
• Risk and issue logs
• Decision logs
• Communication and training plans
• Post-project analysis tools

“Every project, no matter the size, is an opportunity to learn and apply that knowledge to future projects,” Rawls said. “Investing in the use of consistent, effective tools and developing best practices around strong project management will pay dividends in the future. Details today translate into better planning tomorrow.”

In-House vs. Outsourced: Understanding the Tradeoffs

Rawls said the choice between managing a project internally or externally is an important one that will have an impact on the organization in the future. Some of the differences to consider include:

Internal project managers:

• Have deep institutional knowledge
• Have more hands-on execution
• Must delegate effectively to succeed
• May need leaders’ help to establish credibility

Outsourced project managers:

• Have a more objective perspective
• Can reduce internal and vendor noise, allowing the team to focus on their “day jobs”
• Possess experience across multiple projects and institutions
• Know what should be done and what is possible
• Can fill gaps in skill sets and capacity of internal team
• Can be the “bad guy” with vendors when necessary

The Modern Project Manager: A Nimble Leader with Strong Communication Skills

There are about 1 million project management specialists employed in the US, with growth expected. The modern project manager role requires one of the most diverse skill sets in the bank, according to Rawls, and the person in that role often juggles many different priorities. Data from Ravetree.com, PMI 2024 and US Bureau of Labor Statistics show that 59% of project managers handle 2 to 5 projects simultaneously, and another 15% manage more than 10 simultaneously. ​ ​

“A project manager with responsibility for the whole bank has as diverse a skill set as any C-suite leader,” Rawls said.

An effective project manager must tailor communication to each audience they navigate—internal and external stakeholders—which includes:

• Executive sponsor/leadership
• Project team members
• IT, operations, risk, HR
• Customer-facing teams
• External vendors
• Customers

Rawls says to keep in mind that stakeholder groups are broad and often compete. When considering the impact of projects on stakeholders, leaders must remember that the loudest voice isn’t always the most important. While internal stakeholders may be more vocal, they are not always more critical. Customers are often the quietest stakeholders. They speak loudly simply by leaving, not by giving feedback.

Final Takeaway: Precision Drives Performance

Rawls says that project management success is not accidental—it is the result of disciplined execution. Organizations that invest in precision and performance strategies, tools and leadership see significantly better outcomes and build valuable institutional knowledge that can be used to drive success in future projects. In a complex, risk-sensitive industry like banking, precision is what turns effort into measurable performance. In the final analysis, no matter what unique strategic choices the institution makes for itself, the goal should be to strive for incremental improvement that builds upon itself.

“Progress beats perfection every time,” Rawls said.

Our experts

Brett Rawls has a 25-year track record in the financial services industry of driving key strategic initiatives, overseeing business operations, improving the bottom line and facilitating change. He spent his career at places including The Federal Reserve Bank as well as in commercial and correspondent bank environments, where he worked directly with more than 1,000 community financial institutions.

Resources

Why Community Bank Projects Stall (and How to Get Them Moving Again) – PRI

Whitepaper: Project Management In Banking – PRI

Project Management Stats: Worldwide Insights and Trends – Project Manager Template

Top 50 Project Management Statistics – Ravetree

PRI specializes in identifying profitability improvement areas for financial institutions through revenue growth, cost control, streamlining processes, and effective use of technology. Contact us to learn more about our personalized approach to propel growth and improve profitability.