Enhancing Stakeholder Communication in Banking Software Projects: Lessons Learned from Crisis Management

The banking industry has profoundly transformed in an era marked by rapid technological advancements and evolving customer expectations. To remain competitive, financial institutions must embark on modern banking software projects. However, the success of such initiatives is intrinsically tied to effective stakeholder communication. The paper begins by illuminating the adverse consequences of the initial crisis, magnifying the elements that triggered this predicament. A corrective scenario is meticulously outlined, designed to rectify past errors and prevent future recurrence of such difficulties. This research strives to arm decision-makers with the tools to anticipate risks and take proactive measures to avert disaster. This paper underscores the importance of transparent communication, diligent crisis prevention, and continuous improvement in modern banking software projects. By identifying crisis-causing factors and implementing corrective measures, stakeholders can steer these projects toward success, fostering satisfaction among all involved parties. Ultimately, this structured analysis is an invaluable resource for professionals and organizations in software development and banking, guiding them toward enhanced stakeholder communication and adept crisis management.