BALANCING TRADITION AND INNOVATION: HYBRID PROJECT MANAGEMENT IN BANKING AND FINANCE

Abstract

Purpose: This study examines the current project management landscape within the banking and financial sector, focusing on the adoption and effectiveness of hybrid methodologies that combine traditional Waterfall and Agile approaches. The aim is to identify prevailing issues, explore potential remedies, and provide insights to enhance project management efficiency, performance, and sustainability.

Methodology: A mixed-methods approach was employed, combining qualitative and quantitative methodologies. Semi-structured interviews with project managers, industry experts, and stakeholders provided in-depth insights into adopting hybrid methodologies. In parallel, structured surveys were distributed to various project management professionals to collect quantitative data on project success parameters such as cost, time, scope, and quality. Data were analyzed using thematic analysis for qualitative data and descriptive and inferential statistics for quantitative data.

 Findings: The study found that hybrid project management methodologies offer a balanced solution, effectively addressing the sector's unique challenges. These methodologies enhance regulatory compliance, manage complex projects, facilitate technological integration, and improve stakeholder engagement. They also optimize resource allocation, enhance risk management, ensure cost efficiency, improve time management, and maintain high-quality assurance. However, challenges such as integration complexity, resistance to Change, and additional resource requirements must be addressed.

Originality: This research comprehensively analyses the adoption and effectiveness of hybrid project management methodologies in the banking and financial sector. It offers valuable insights into the factors driving their adoption and highlights the benefits and challenges associated with these approaches. The findings contribute to the existing literature by providing a nuanced understanding of how hybrid methodologies can enhance project management practices in this dynamic and complex sector.