I gazed into the crystal ball trying to figure out what will be the type of projects in the year 2018 and beyond that may come up for our brethren. The list of projects as it evolved can be summarized in 3 phrases, possible projects, probable projects and finally, fantastic projects. Here is the list of the exciting world that is opening up for us.
Blockchain – Distributed ledger: This definitely tops the list. The growth has been fantastic in the last few years. I dare say there has been no technology seminar without a sessions on blockchain. Concepts have started moving from POC to reality. Organisations are now convinced that Distributed Ledger is here to stay and has benefits that no current technology can offer
Digital: Like Blockchain Digital has been ringing for a while, perhaps much longer. To the question “What is digital?” the answers are many. However each one is right. In short anything that can be translated to bits and bytes is digital. The intangibility is the exciting part of being digital. We studied about continents that are inhabited like Asia and those where it is difficult to dwell like Antarctica in our schools.
Artificial Intelligence / Machine Learning / Deep Learning: Aha! AI as it is popularly called has just maneuvered onto the technology highway and is fast accelerating. This technology is expected to migrate mundane tasks to be self- driven through automation. This requires new thinking.
GDPR / MiFID II / PSD2 / Brexit: General Data Protection Regulation (GDPR), Markets in Financial Instruments Directive (MIFID), Payment Services Directive (PSD).
2018 is the year of regulations in EU. Financial institutions will have to set aside significant investment to comply with these. It may be necessary for Project Managers to familiarise with the evolving regulations to a level where it will be necessary to plan a project and not be the 'Fall Guy' taking the brunt of accountability if a project were to go wrong.
Open Banking: This is the business outcome of PSD2. This regulation has given rise to a new business model for banks. Many banks look at this as a great opportunity for 'collaborative' banking where 'Customer is the King'. I would go far enough to use the phrase 'Customer Banking'. Open Banking has literally opened the flood gates to data sharing amongst the banks.
Fintech Integration: Fintechs are gradually eating into the business of conventional banks. They were held at bay by regulations that was very strict for new entrants into the banking system. With regulators recognizing that with Fintechs in the ecosystem the industry will stand benefitted and the conventional banks have been hit hard.
This is a great opportunity for us to demonstrate our capability and credentials. I always believe that an intelligent understanding of domain will make a Project Manager more valuable to an organisation. So let us enter the new universe with confidence as Project Managers.
Thanks and Best Wishes
Tanish Mathur, PMP, PMI-ACP