Over the past decade, financial services provision has increased severalfold in complexity, and while client-facing units continue to play a central role, both the quantity and importance of support functions are on the rise. Whether implementing new products and services, amending business processes and structures, introducing new IT systems and tools, or undertaking any other complex business project, success depends on more than just a strong project management methodology.
Increasingly important is active, ongoing stakeholder management that covers all relevant hierarchical levels, the various client facing units and the numerous specialist functions. A sound stakeholder analysis at the beginning of the project complements a clear stakeholder management plan and the consistent execution thereof. Together, these are fundamental to the success of any complex business project in the financial industry today.
- Identify your individual stakeholders
- Understand their interests, influence and relationships (while remaining as neutral as possible)
- Plan your personally customized interactions
- Execute your plan (and be ready to adjust the plan if and when required)
- Cross-divisional integration program for a large financial institution
- Private Banking new market entry for a large financial institution
- Restructuring of the Corporate Finance business within the Private Banking division of a large financial institution
- New advisory service model for a leading private bank