RGP (Nasdaq: RGP), a global consulting firm, today released a new report that shows a significant number of financial services organizations are finding it difficult to manage data-intensive projects integral to their success and survival.
Forty percent of financial services executives said that meeting key project goals has become more difficult since 2020, with 73% reporting that a shortage of capable talent is making it more difficult to meet these goals on time. Only 15% of respondents stated that all of their critical projects since 2020 have achieved or exceeded goals.
"Financial services leaders have had to manage a wide range of complex issues in a rapidly changing environment, and data modernization is at the heart of these challenges," said Irene Hendrick, Senior Vice President of Revenue at RGP. "Whether an organization is sunsetting legacy systems or managing vendor risk to optimize costs, these types of critical projects and strategic initiatives often fail due to poor data quality. Leaders must understand what data is needed, why it's necessary and whether it exists in an environment that is compatible with risk, compliance and analytics."
To improve their chances of success in critical areas such as digital customer experience, risk management, AI and cybersecurity, many financial services leaders are planning to upgrade their organization's project skills. Respondents said their firms need to make the greatest improvements in the areas of assessing and planning (50%), agility to quickly embrace major changes (40%), and advanced project management tools (39%).
"More financial services leaders are navigating talent shortages and their own skill gaps, by matching critical needs with experienced outside talent," Hendrick said. "This rapid pace of change has also created a greater need for surge staffing, which is a trend that we anticipate will continue to accelerate as well. This new mix of in-house talent, contractors and external partners is a bold change for financial services firms that requires openness, agility, collaboration, and digitization."
The research findings are based on RGP's fall 2022 survey of 404 large companies with $1 billion or more in revenue, including 120 financial services executives. Read the full report, "Mastering Mission-Critical Projects in Financial Services" by visiting https://rgp.com/now/research/financial-services/mastering-mission-critical-projects.
Recently named among Forbes' World's Best Management Consulting Firms for 2023, RGP is a global consulting firm focused on project execution services that power clients' operational needs and change initiatives utilizing on demand, expert and diverse talent. As a next-generation human capital partner for our clients, we specialize in co-delivery of enterprise initiatives typically precipitated by business transformation, strategic transactions, or regulatory change. Our engagements are designed to leverage human connection and collaboration to deliver practical solutions and more impactful results that power our clients', consultants', and partners' success.
A disruptor within the professional services industry since our founding in 1996, today the Company embraces our highly differentiated agile delivery model. We attract top-caliber professionals with in-demand skill sets who seek a workplace environment characterized by choice and control, collaboration and human connection. The trends in today's marketplace favor flexibility and agility as businesses confront transformation pressures, severe skilled labor shortages and speed-to-market challenges. As talent preferences continue to shift in the direction of flexibility, employers competing in today's business environment must rethink the way work gets done and consider implementing new, more agile workforce strategies. Our client engagement and talent delivery model offers speed and agility, strongly positions us to help our clients transform their businesses and workplaces, especially in a time where high-quality talent is scarce and reliance on a flexible workforce to execute transformational projects is increasingly imperative.
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