The transition from waterfall and hybrid to agile project management in one large traditional bank in South Africa

Abstract

An increase in the research literature on the digital economy in the traditional banking sector has led to the adoption of agile approaches and challenges faced by traditional and hybrid methods. However, scholars have focused on explaining the separate methods and models in other industries rather than the benefits or challenges in transitioning from waterfall and hybrid to agile project management. However, despite the limited literature on financial services, this study focused on examining the experiences of project managers during the transition from waterfall and hybrid to agile project management at a large traditional bank in South Africa. The research case study utilised a qualitative inductive approach as it allowed for understanding the experiences of project managers regarding the transition from waterfall and hybrid operation to agile methodology. Supporting the qualitative design, the interpretivist research paradigm guided the research journey and decisions. The researcher performed a descriptive analysis of the data collected. The research design helped the author assess detailed comments about project managers' different experiences and perceptions as they transitioned from waterfall and hybrid to agile methodology (Greening, 2019). The study population comprised three divisions in one large traditional South African Bank: Corporate and Investment Bank, Retail and Business Bank, and Group divisions. From the population, the level of analysis was the one large traditional bank in South Africa and the embedded unit of analysis was the three divisions within the large traditional bank in South Africa. The unit of observation was project managers from each division. A small sample size of 12 project managers, consistent with qualitative research and arrived at when saturation was reached, was utilised for data collection. The data was collected using semi-structured interviews, transcribed and analysed using ATLAS.ti. The principal findings revealed that agile adoption enhanced communication, collaboration and teamwork. In addition, it achieved a higher return on investment. However, the barriers to agile adoption included cultural and technological barriers. The findings revealed that the agile methodology works well with non-regulatory projects compared to regulatory projects. The researcher proposed enhanced communication, iii training, development and collaboration as key strategies to enhance the transition and adoption of agile methodology. The research is expected to provide valuable insights and guidance into large traditional banks through a conceptual framework and through the theory of collaboration. By achieving the above the researcher contributes to the body of knowledge on project management by providing a conceptual framework for the transition from waterfall and hybrid to agile methodology in a large traditional bank.