The article explores the problems of managing portfolios of IT projects and programs in the banking sector. The complex nature of IT project management in the banking sector is shown, requiring the introduction of effective tools for allocating resources, tracking project progress, and ensuring the timely completion of critical tasks. As a tool for solving such problems, it is proposed to use Umbrella as one of the IT project management tools. The authors showcase Umbrella features such as a customizable dashboard and real-time project status data that can help project managers make informed decisions and identify issues in project portfolios. It is also shown that Umbrella can help banks meet regulatory requirements and meet customer expectations, which is very important for banks to remain competitive in the industry. Examples of the successful use of the proposed technologies in the banking sector are given and the prospects for their use to improve the banking system are considered. The scientific novelty of this study lies in the use of the Umbrella tool as a set of measures aimed at introducing innovative technologies in the banking sector and increasing their competitiveness. The practical significance of the study lies in the fact that the proposed recommendations can be used in the practical activities of banking specialists.
In 2020, the pandemic in the first half of the year dramatically increased IT budgets, which means that the speed and range of projects that have started have increased: the transition to remote work, building financial ecosystems and marketplaces, robotization of routine business processes and the introduction of AI elements in the financial sector.
Today, the role of digital in the activities of financial organizations is difficult to overestimate, if only because most of the world's major banks call themselves IT companies and massively rely on digital ecosystems. The financial sector can indeed offer developers of IT solutions and system integrators many areas for cooperation.
In today's world, the banking sector is becoming increasingly dependent on technology. A serious breakthrough in the development of information technology has greatly simplified the work of banking institutions, making the internal structure and system of relationships more convenient for employees, and the banks themselves - more accessible and comfortable for customers. In the banking sector, information technology is used in various forms, as in any organization. The simplest of them are technologies for internal interaction of personnel because, for the efficient operation of departments, instant communication between bank employees is necessary. This allows any employee to freely resolve any issue of the client, even if this requires contacting another branch or head office. To keep up with the ever-changing market, it is essential to implement efficient IT projects and programs.
The banking sector is a complex corporate structure. In this regard, the problems of managing such structures are relevant. It is known that the long-term development of such organizations is possible only with the use of project management methodology. Despite this, many banks, even with a well-defined project management strategy, do not always manage to achieve their goals. This can happen for various reasons - from management errors to incorrectly chosen tools for achieving goals. Therefore, such a tool for implementing the strategy of organizations as project portfolio management remains relevant. This tool allows you to systematize the work of managing numerous related and unrelated projects, use resources more efficiently, and balance the various interests of participants, creating conditions for obtaining synergistic effects in the implementation of the strategy. However, managing multiple projects and programs simultaneously can be challenging.
The research aims to improve the efficiency of proactive IT project management in the banking sector through the introduction of new tools for managing the structure and the scope of the project.
To achieve this goal the following tasks are defined: - analyze the problems of IT project management in the banking sector; - offer tools to improve the efficiency of IT project management.
The object of study in the work is the processes of IT project management
The subject of the study is the Umbrella tool, which is used to support decision-making in the management of IT projects in the banking sector.
The scientific novelty of this study lies in the use of the "Umbrella" tool as a set of measures aimed at introducing innovative technologies in the banking sector and increasing their competitiveness.
The practical significance of the study lies in the fact that the proposed project-oriented tools and methods can be effectively used in the activities of banking specialists for the successful management of IT projects in the banking sector.
The results of the study can be useful for bank managers involved in IT project management, as well as for project management specialists who work in the banking sector. The implementation of the proposed tools and methods can help improve the planning, control and management of IT projects, increase the efficiency of resource use and reduce project implementation time.
Also, this study can become a starting point for further research in the field of IT project management in the banking sector. Perhaps in the future, new tools and methods will be developed that will even more effectively help solve the problems of managing IT projects in the banking sector.
Thus, a study aimed at improving the efficiency of proactive IT project management in the banking sector is relevant and important for the development of this industry.
One of the main goals of banks is to maintain and increase their competitiveness in the market, and effective IT project management can be one of the key factors in achieving this goal. Banks are actively using information technology to improve the quality of their services and products, as well as to optimize business processes and reduce costs.
However, as practice shows, IT project management can become a serious problem for banks,
especially if the projects are of large scale and complexity. Often banks face problems in planning,
monitoring, and managing projects, which can lead to delays in project implementation, budget
overruns, and low-quality results [
Therefore, the development and implementation of new tools and methods for managing IT projects can significantly improve the situation in the banking sector. The use of innovative technologies such as Umbrella can help project managers make informed decisions throughout the project life cycle, leading to more efficient use of resources and achieving goals.
In the banking industry, IT projects and programs are critical to the success of a bank and customer satisfaction. However, the management of such projects may face several challenges that may make it difficult to achieve the objectives of the project.
Let us consider a few of them:
The complexity of management: Banking IT projects and programs can be extremely complex, involving a large number of participants, technologies, and processes. Managing such projects can be a difficult task requiring high qualifications and experience on the part of the management staff.
Lack of alignment between business and IT strategies: Often, IT projects do not align with business strategy, which can lead to inefficient use of resources and failure to achieve goals. Addressing this challenge requires greater collaboration between IT and business departments and clearer links between IT and business strategies.
Lack of budget: in the banking industry, as in any other, there is often a problem of lack of budget to finance IT projects. To solve this problem, it is necessary to use cost optimization methods, such as choosing more efficient technologies, redistributing the budget, outsourcing some functions, etc.
Time/Budget Mismatch: Projects can run past time and budget, which can result in delays in
launching products and services, as well as increased costs. There is a need to set more realistic timelines
and budgets, manage risks and reallocate resources [
Insufficient involvement of stakeholders: Stakeholders may not be sufficiently involved in the project, which may lead to an insufficient understanding of the goals and requirements of the project by clients, employees, and other stakeholders. To solve this problem, it is necessary to ensure closer interaction between project participants and ensure their active participation at all stages of the project.
Inadequate Change Management: Changes to the project may not be adequately assessed and the necessary actions to manage them may not be taken. This can lead to undesirable consequences in the project and lead to failures. To solve this problem, it is necessary to establish change management processes and take measures to manage risks.
Lack of experience: Some banks may not have sufficient experience in managing IT projects, which can lead to inefficient use of resources, missed deadlines, and poor project outcomes. To solve this problem, it is necessary to develop and maintain competencies in the field of project management, and provide education and training for staff.
Techniques and tools for addressing these challenges include using modern project management
techniques such as Agile, Scrum or AI, establishing closer collaboration between business and IT
departments, using risk and change management tools, ensuring active stakeholder engagement, and
using optimization techniques, costs and resources [
IT project and program management are two related but distinct disciplines that involve the planning, execution, and control of projects and programs within the IT industry.
IT project management refers to the practice of leading a team to achieve specific goals and meet
specific success criteria, within a specified time frame and budget. IT projects can include software
development, hardware implementation, network upgrades, cybersecurity initiatives, and more. The
project manager is responsible for overseeing the entire project lifecycle, from initiation to closure, and
ensuring that the project is completed on time, within budget, and to the satisfaction of stakeholders.
This involves creating a detailed project plan, allocating resources, identifying and mitigating risks, and
monitoring progress against established metrics [
IT program management involves the coordination and management of multiple related IT projects to achieve specific business objectives. Programs typically involve a series of interdependent projects that are coordinated and managed in a unified way to achieve a common goal. Program managers are responsible for managing the entire program, which may involve managing multiple project managers and teams, developing program-wide strategies and plans, and overseeing budget and resource allocation. Program management also involves identifying and mitigating risks, tracking progress against established metrics, and ensuring that the program is aligned with business objectives.
In summary, IT project management involves managing a single project, while IT program
management involves managing a portfolio of projects that are interrelated and designed to achieve a
specific business goal [
Importance of IT project and program management in the IT industry.
IT project and program management are essential in the IT industry for a variety of reasons: Efficient use of resources: IT project and program management help organizations manage their resources effectively by planning and allocating them in a way that maximizes efficiency and productivity.
Cost-effectiveness: Effective IT project and program management help organizations optimize their budgets, reducing the risk of cost overruns and ensuring that resources are used in the most costeffective way possible.
Improved project outcomes: IT project and program management help organizations to deliver highquality projects that meet the requirements of stakeholders, are delivered on time and within budget, and achieve the desired outcomes.
Risk management: Effective IT project and program management help organizations identify,
manage, and mitigate risks, ensuring that projects are delivered with minimal disruption or negative
impact on the organization [
Alignment with business objectives: IT project and program management ensure that projects and
programs are aligned with the strategic goals and objectives of the organization, helping to ensure that
they contribute to the overall success of the organization [
Improved communication and collaboration: IT project and program management help to facilitate communication and collaboration among team members, stakeholders, and other groups involved in the project or program, reducing the risk of misunderstandings and ensuring that everyone is working towards the same goal.
Overall, IT project and program management play a critical role in ensuring that IT projects and
programs are completed successfully, meet the needs of stakeholders, and contribute to the overall
success of the organization. By optimizing resource allocation, reducing costs, managing risks, and
ensuring alignment with business objectives, IT project, and program management can help
organizations to achieve their goals and stay competitive in the rapidly evolving IT industry [
Umbrella is a project and portfolio management tool that is widely used by project managers and program managers to manage complex projects and programs. Its flexible and customizable features make it ideal for the banking sector, where projects and programs can be diverse and require a variety of resources: ● The process of registration of new business requirements (applications) for the revision of banking systems has been implemented; ● The process of coordinating the application with other divisions of the Bank; ● A transparent reflection of the BT analysis process with deadlines; ● A transparent reflection of the process of finalizing the system with deadlines; ● A transparent reflection of the testing process with a reflection of all passed test cases and identified defects (bugs); ● The process of installing changes in production (in progress); ● Possibility to discuss issues with process participants and receive an answer with the preservation of history; ● Reporting on the number and status of applications;
One of the most significant advantages of using Umbrella in the banking sector is that it allows for better communication and collaboration among team members.
For all participants of the application (business customers, approvers, analysts, developers, testers, system administrators, etc.) full information about the application and the progress of its execution with the presence of comments and execution time (Fig. 1 2).
By using a centralized platform, all team members can easily access project-related information and track progress. This feature is particularly important in the banking sector, where project teams may be spread across different locations and time zones (Fig. 3). 1. Block for displaying the status of the application and available operations (Fig. 4).
3. The block displaying detailed information about the required changes (Fig. 6).
Another advantage of using Umbrella is that it provides real-time data on project progress. This information can help project managers identify potential issues early on and take corrective action (Fig. 8).
A Kanban board is a visual tool that helps teams manage their workflows by organizing tasks into
different stages or columns. A card that moves across the board as it progresses through different stages
represents each task. Kanban boards are widely used in Agile methodologies like Scrum and Kanban,
and they can be adapted to different types of work, including performing arts [
In an umbrella organization that manages multiple performers, a Kanban board can be used to track
different tasks and projects for each performer. The board can be divided into columns that represent
different stages of a task, such as “To Do”, “In Progress”, and “Done”. Each performer can have their
swim lane on the board, which represents their work queue [
For example, a performer may have tasks like practicing a new routine, attending a costume fitting,
and attending a promotional event. A card on the Kanban board can represent each of these tasks. The
card can include details such as the task description, due date, and any relevant notes
or attachments [
As the performer progresses through their tasks, they can move the cards across the different
columns on the board. This provides a visual representation of their progress and helps them stay
organized and focused on their work [
The Umbrella organization's management team to monitor the progress of different performers and
projects can also use the Kanban board. They can use the board to identify bottlenecks or areas where
performers may need additional support. They can also use the board to track key metrics such as lead
times, cycle times, and throughput [
It can be a useful tool for managing the tasks and projects of performers in an umbrella organization. It provides a visual representation of their progress, helps them stay organized, and enables the management team to monitor their performance.
Additionally, the tool provides detailed reports, which can help stakeholders get a better understanding of the project's status and make informed decisions. (Fig. 9).
Umbrella also has powerful resource management features that can help project managers allocate resources efficiently. With the banking sector being highly regulated, it is essential to ensure that resources are utilized effectively to meet project objectives. Umbrella's resource management features can help project managers balance resource demand with resource availability and ensure that critical tasks are completed on time (Fig. 10).
Furthermore, Umbrella's customizable workflows and project templates can help streamline project processes and ensure consistency across different projects. This feature is particularly important in the banking sector, where there may be several projects with similar requirements.
Today, all employees of the IT Block use as the main software, these are analysts and developers of the IP Development Department (116 employees), the IP Maintenance Department (58 employees), the Operations Block, the Digital Development Department, the Risk Management Block, etc.
The formula used for the calculation of savings based on Jira Software license can be expressed as follows:
Monthly savings = Number of users * cost per user;
Yearly savings = Monthly savings * 12, where: Number of users: The total number of Jira Software users in the organization Cost per user: The cost of Jira Software license per user per month Using these formulas, the monthly and yearly savings for the Bank can be calculated as follows: For 174 workers: Monthly savings = 174 * $7 = $1218 Yearly savings = $1218 * 12 = $14616 When transferring employees of other Blocks of the Bank: Monthly savings = 427 * $7 = $2989 Yearly savings = $2989 * 12 = $35868
It is possible to adapt the system to the Bank's business areas, implement the necessary tools for monitoring the progress of projects and tasks.
In conclusion, managing IT projects and programs in the banking sector can be complex and challenging. With the increasing demands for innovative technology solutions and digital transformations, project managers need effective tools to manage multiple projects and programs effectively. Umbrella is a project and portfolio management tool that can help banks manage their IT projects and programs efficiently.
Umbrella offers a range of features that can help project managers allocate resources effectively, track project progress, and make informed decisions. With its customizable dashboard and real-time data on project status, Umbrella can provide a holistic view of project portfolios, making it easier for managers to identify issues and take corrective actions.
In addition to providing efficient project management, Umbrella can also help banks comply with regulatory requirements and meet customer expectations. By ensuring the timely completion of critical tasks, banks can improve their operational efficiency, reduce costs, and deliver high-quality services to their customers.
Overall, Umbrella can be an invaluable tool for managing IT projects and programs in the banking sector. Its features and capabilities can help banks stay competitive, innovate, and meet the everincreasing demands of their customers.