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Agile Project Management Methodologies in Financial Institutions

Student: Kristina Makarova

Supervisor: Maria Viktorovna Malinina

Faculty: Graduate School of Business

Educational Programme: Management (Bachelor)

Year of Graduation: 2019

In the rapidly changing technological conditions in Russian financial market, banks face a problem: to adhere traditional methods of project management and do not make changes according to modern technologies, or to implement agile project management methodologies, which changes the nature of work on the project and helps to effectively adjust the project to the environment conditions. Therefore, the analysis of the effect of the transformation in project management (PM) from the traditional model to agile methodologies is an urgent topic of a current research. The main goal of this study was to determine the process of transition from the traditional model of PM to an agile methodology in Russian Bank "Sberbank" and to determine the success factors of the transformation. The study also examines implementation of this approach in Russian and foreign financial institutions. Within this purpose of research, the following tasks were considered: 1. To analyze theoretical aspects of traditional and agile project management methodologies; 2. To identify the features of agile project management approach in comparison with a traditional approach in PM; 3. To analyze existing maturity models of agile project management methodologies; 4. To investigate the features of the financial institutions; 5. To analyze transformation «Sbergile» project, the way of: forming of teams, teams work, product, sprint, flexible principles and practices, tools and analyses of stakeholders involves; 6. To identify the influence of an agile methodology on the mechanisms and tools of PM in «Sberbank»; 7. To assess maturity of an agile project management in «Sberbank»; 8. To analyze the impact of using agile methodologies on the project success rates in «Sberbank» and to work out recommendations for financial institute in Russia; 9. To identify the way of using of agile project management methodologies in foreign and Russian financial institutions. The overall perspective of the study is qualitative - it is primarily focused on the case-study method for the analysis of PM in «Sberbank» based on Scrum methodology. A comparative analysis of Russian banks which use an agile methodology was carried out, as well as an analysis of the implementation an agile project management approach in foreign financial institutions. As a result of the research, it was concluded that financial institutions are increasingly replace traditional models of PM, and introduce agile methodologies. Agile methodology is a new way of PM, through which projects are managed in a progressive way and are able to change according to the environment conditions. The most common agile methodology among financial institutions is Scrum. In «Sberbank», the transformation project «Sbergile» of implementing an agile methodology allowed to change the organizational structure, approaches to a team building, business processes, tools and mechanisms of a PM. As a result of the study of «Sberbank» new system, success factors of transformational changes were identified, such as: readiness for changes, globality and consistency of transformation, changes in organizational structure, trainings for employees about new methodology and new agile project office. Comparative analysis of implementation of an agile methodology of project management in Russian and foreign financial institutions has led to the conclusion that the scope of using the methodology is widespread among financial institutions abroad and in Russia. However, comparing the international and Russian practices of developing agile project management methodologies, there are differences in the scalability of the transformation and in the recruitment process.

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