As credit unions begin planning for 2025, one thing is clear—strategic project management is no longer optional. The complexities of modern financial services, evolving member expectations, and new technologies demand a structured approach to ensuring projects are executed efficiently.
At MDT, we utilize two tools that help credit unions establish a solid communication foundation and drive project success: the RASCI Matrix and the Stakeholder Register.
Our Project Management White Paper explores these strategies in more depth and examines how credit unions can leverage these tools to achieve operational excellence.
What is the RASCI Matrix?
Responsible, Accountable, Supportive, Consultative, and Informed
The RASCI Matrix is central to a credit union’s project management strategy and is designed to clarify roles and responsibilities within a project. By assigning specific roles, credit unions can ensure every team member knows their part in a project and how they contribute to the overall outcome — hence the RASCI acronym: Responsible, Accountable, Supportive, Consultive, and Informed. It avoids confusion and ensures no task falls through the cracks.
For credit unions, where collaboration spans multiple departments, the RASCI Matrix brings much-needed clarity. For example, during a core system upgrade, the matrix ensures alignment between IT, operations, member services, and management by clearly defining who leads each aspect, who should be consulted, and who needs to be kept informed.
MDT’s project management expertise, honed through years of working with credit unions, can help your institution implement a RASCI Matrix effectively. “By clearly defining roles and responsibilities, we empower credit unions to focus on execution without the distractions of role ambiguity,” explains Jennifer Pardonnet, project manager at MDT.
The Power of a Stakeholder Register
The Stakeholder Register is equally critical. This tool helps identify everyone involved in a project and outlines their specific obligations and communication needs. The register includes internal stakeholders like department heads and IT, external vendors, consultants, and even regulatory bodies for certain projects, such as implementing a new digital banking platform.
Effective use of a Stakeholder Register ensures everyone is on the same page. It is a tool that fosters alignment across all groups, ensures decisions are communicated efficiently, and ensures that no stakeholder is left out of critical discussions. In practice, it prevents last-minute surprises and minimizes project delays, saving time, headaches, and money.
As Pardonnet reiterates, “The Stakeholder Register allows us to create tailored communication plans that ensure the right people get the right information — at the right time. It’s a simple yet powerful way to keep projects moving forward smoothly.”
Now is the Time to Consider Project Management
As we approach the end of 2024, it’s an ideal time for credit unions to plan their 2025 business initiatives. Whether it’s a technology upgrade, a merger, or a service rollout, incorporating project management tools like the RASCI Matrix and Stakeholder Register will prepare your credit union for success.
By solidifying your project management strategy now, your credit union can avoid the chaos of unplanned initiatives that can arise. Projects planned and managed early in the process will benefit from smoother execution, more accurate timelines, and vital team collaboration.
Preparing for Success in 2025
At MDT, we’ve witnessed firsthand how project management tools like the RASCI Matrix and Stakeholder Register can transform credit union operations. These tools prevent project missteps and drive efficiency by clarifying roles, streamlining communication, and ensuring stakeholders are aligned.
As your credit union prepares to tackle large-scale initiatives in 2025, integrating these project management solutions will set the stage for success. To better understand how these tools can shape your project outcomes, explore our Project Management White Paper, which offers actionable insights into these strategies for operational excellence.
Contact MDT to learn how our expertise can help elevate your project execution to the next level.
About MDT:
Member Driven Technologies (MDT) provides a private cloud alternative for core processing and IT needs. The CUSO hosts the Symitar core processing system from Jack Henry™, as well as dozens of seamlessly integrated solutions and supporting services to help run the entire institution, such as digital banking, payments, lending, cybersecurity, and imaging. Rounding out its comprehensive suite, MDT also offers business continuity, disaster recovery, regulatory solutions, consulting, data analytics, email hosting, and hardware purchasing services. By partnering with MDT, credit unions nationwide are boosting efficiencies, enhancing security, and reducing costs while maintaining a high level of control. Visit mdtmi.com or follow @memberdriven for more information.