Banking product and services development projects: the way to implement innovations

Abstract

Changes in the banking sector business are increasing, technological processes are developing, new ideas are being created, innovation processes are being encouraged and new technologies are being implemented. Banking products are becoming more and more important to the citizens allowing customers to have 24/7 banking services without going to the bank. Consequently, products and services development is crucial to bank’s business values, strategic positioning and profit. Project-based management has become increasingly important in the banking sector in the last decade. This paper aims to present project management as an adequate tool by which many innovative ideas can be brought to the life. The idea of a new product can be realized through the five stages of the project life cycle. The paper highlights the need for new products and services development and demonstrates the application of project management in the banking products and services development process, stressing out project management elements that are most relevant to the banking sector.