CIS5310 - ICT Project, Digital Innovation Along With Discussing In Organization - Australian Bank Case Study - IT Assignment Help

Assignment Task -                 
 

The objective of this assignment is to assess your understanding of ICT project management concepts and your proficiency in using various ICT project management skills. In particular, the assignment focuses on the following project management knowledge areas in the PMBOK:  

• Project integration management, 

• Project resources management,  

• Project communication management,  

• Project risk management, 

• Project procurement management, and  

• Project stakeholder management. 

Assignment Scenario: 

• You have been hired as a consultant by an incumbent Australian bank (as an example  Westpac Bank or Bendigo and Adelaide Bank) to assist with creating a project plan to enable the bank to offer Banking as a Service (BaaS) to other banks. Due to the rise of new challengers (digital and neo-banks) entering the market (for example Xinja or  86400), the incumbent bank has concerns around the potential impact on its market share from the rise of challenger banks. That is, challenger banks are competing for the same customers but have a greater ability to offer products and services in a faster manner than existing incumbent banks and typically use the latest technology and are not impeded by legacy systems.

The incumbent bank has concerns around its legacy core banking system.  The management and board of the incumbent bank believe there is significant merit in moving to a Banking as a Service (BaaS) platform to increase its ability to change quickly.  This may be achieved by incorporating new technology by partnering with technology partners to start to move away from existing legacy core banking systems that are typically old and outdated.

They also believe this will enable the bank’s partners,  particularly FinTech companies (which are new technology companies that provide financial service offerings typically using cutting edge technology), to access the BaaS platform and offer some of the bank’s services and products to their own customers. As such, this approach could also represent additional revenue streams for the incumbent bank.

This will also assist with its digital transformation strategy to become a leader in providing digital banking services as well as having a physical branch presence. The board and management also feel the time to undertake the implementation of a BaaS solution is now with the introduction of Open Banking, as part of the Consumer Data  Rights (CDR), which affords customers greater control over the accessibility and sharing of their personal data. They feel that Open Banking will be helpful in successfully implementing BaaS. 

• Your task is to develop detailed report for the incumbent bank to implement a Banking as a Service business model. The incumbent bank has branches throughout all states of  Australia. The incumbent bank offers banking services primarily to Australian residents.  However, it also offers services to non-residents living in Australians and services its  Australian customers who live overseas. The bank offers retail and commercial as well as business banking services. However, the initial focus will be on its retail banking arm to implement Banking as a Service. It offers retail banking services to customers from all walks of life including adults, teenagers, children, and senior citizens. The retail banking services include mortgage loans, personal loans, credit cards, savings and transaction accounts, investment accounts (term deposits) as its core business. In addition, it also offers financial planning and insurance services.

IM Grade Assignment Requirements – 

In the professional business report for the CEO, you must address each of the following  requirements adequately: 

1. Project Background Summary (half a page maximum) – provide a brief  summary of the Detailed Project Plan – including the following: 

i. A brief overview of the incumbent bank and the BaaS solution being implemented.  

ii. Briefly outline the key project milestones and dates identified.  

2. Resources Management (two pages maximum) – ensuring resources are  managed effectively is an important consideration for project management. For  this project: 

i. Briefly explain the importance of managing resources well for projects (with justifications).  

ii. Create a high-level resource management plan. This should include both human and physical resources. Include a high-level project organizational chart. 

iii. Create a schedule outlining when each of the resources will be required and for how long. 

iv. Develop the GANTT and PERT charts and explain how resource leveling could be undertaken for the project to ensure resources are not overloaded.