Managing projects in banking isn't just about tracking tasks; it goes deeper than that. It’s about compliance, efficiency, customer satisfaction, and, of course, managing all of this on a large scale with hundreds of projects of different sizes at the same time. In this scenario, Jira has become a solid foundation to meet these requirements with ease. In this blog post, we show you how the right configuration makes a difference referring to enhancing visibility, consolidating workflows, and accelerating the decision-making process.
The banking industry is complex, fast-paced, and, at times, chaotic. But as banks grow, so do their processes, and they need to keep every piece in constant motion and under control—resulting in dozens or even hundreds of separate processes and workflows for different projects scattered across various systems. This is where the work of a System Administrator becomes essential. Keeping this chaos unified and simplifying it as much as possible ensures system reliability and efficiency.
Another key player in keeping everything together is the Project Manager. Without them, deadlines will slip, compliance risks will skyrocket, and customer satisfaction will plummet. Managing banking projects manually or using outdated methods could mean the downfall of a company. Efficiency is the key, which is why banks are choosing to work with project management software that meets their needs, helping them achieve precision, efficiency, and visibility.
Among the most common options out there are Trello, Monday, Asana, Jira, Microsoft Project, Wrike, and others, but when it comes to the banking industry, it’s most commonly they use a different tool for a different tool, even relying on spreadsheets. Every bank has its own universe.
In a simplified way, banks have specific needs to address and operate, given their needs:
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Taking into consideration each of those needs, and regarding the current options for project management in the market, Jira stands out as a go-to option in the banking and investment industry, the same goes with companies that handle multiple collaborations across different teams, and manage hundreds of projects.
Jira is a project management tool designed to be used in different environments and industries, offering customization options either manually or through the Atlassian Marketplace. It provides flexibility for industries that require strict workflows, compliance tracking, and detailed reporting, such as the banking industry.
Atlassian products (such as Jira) are designed to help regulated companies, such as those in banking, comply with requirements through features like Data Residency and other specific certifications, which can be verified in their Trust Center. Among its key features, Jira excels in workflow creation, project progress monitoring, customizable dashboards, accountability through task assignments, and responsibility tracking, as well as automation and artificial intelligence capabilities.
Here’s the downside: while Jira excels in task and issue tracking, as mentioned earlier, banks often need an additional layer to accelerate project management and simplify processes—especially when transitioning from on-premises solutions to the cloud or consolidating workflows. This is where Projectrak Cloud comes into play.
Projectrak, in its cloud version, is a solution available in the Atlassian Marketplace that provides Jira Administrators and Project Managers with almost instant capabilities to track project portfolios at scale. It comes with a robust set of features, particularly in reporting, and its customer base in the banking industry continues growing, offering instant and reliable control over operations and its software.
Among its features, Projectrak centralizes project information, provides multiple portfolio views, allows customization of project fields, and offers advanced reporting and dashboards—delivering a superior project portfolio management experience and enhanced visibility for stakeholders.
For example, consider a major global banking and investment company that needed to migrate from on-premises instances to the cloud. During this process, they discovered they had over 5,000 workflows, facing the enormous challenge of translating them to cloud. Without the solutions we mentioned earlier, this transition could have taken years.
Imagine this scenario: This banking and investment company had one workflow for risk assessments, another for regulatory compliance, another for digital banking upgrades, yet another for fraud detection initiatives, and many more... While each workflow served a well-defined purpose, and somehow made sense in on-premise, they also could risk to become disconnected, redundant, and difficult to manage, leading to inefficiencies, miscommunication, and wasted resources. The challenge was to consolidate and streamline this complexity into a single, efficient cloud-based system:
With Projectrak Cloud, they consolidated different and separated workflows into a single structured system inside Jira: from 5000 to just one. Amazing, right?
Among its benefits, besides the simplicity it represents from a Jira or System Administrator's point of view, they got a unified view where all teams can track project status, pending approvals, and deadlines, reducing manual effort, ensuring compliance and consistency across different (workflows) initiatives, and a clear role assignment giving also clarity on their responsibilities.
Overall, gaining velocity, and focus, saving time, reducing redundancy, improving collaboration, and keeping every project aligned with business goals through a unified project portfolio view.
Discover how this banking industry leader reduced their workflows from 5,000 to 1 >>
The financial sector doesn’t have time for bottlenecks. Banks need precision and agility in their project portfolio management, and Jira, alongside Projectrak, makes the perfect combination—helping System Administrators and Project Managers ensure that every initiative runs smoothly, remains compliant, and delivers results faster.
Without a doubt, Jira and Projectrak make a perfect duo for the Project Portfolio Management Office (PPMO), especially when working with big amounts of projects.
If you're already using Jira, and you need to enhance your project management game, Projectrak is the missing puzzle piece that brings clarity, efficiency, and control to your projects. Try it now for free and check it for yourself.
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