IT and finance teams clash over project priorities. How will you bridge the gap in Financial Technology?

Completley agree with Alina. I My opinion bridging the IT and finance gap in FinTech requires to bring down both teams on common ground and the best approach to do so is to establish common language of communication, alignment, and collaboration. This happens through regular meetings to discuss projects, priorities, and challenges. Defining common goals and KPIs to ensure both teams understand business and strategic objectives and share responsibility. Implementing Agile methodologies, including Scrum meetings, daily stand-ups, and sprint reviews, to adapt to changing priorities and foster collaboration, keeping everyone aligned and addressing issues promptly.

"Technology is best when it brings people together."- Matt Mullenweg Best possible approach to bridge the gap: >> Unified Goal Setting: Align IT and finance teams with shared objectives and clear communication channels to foster collaboration. "Unity is strength… when there is teamwork and collaboration, wonderful things can be achieved." - Mattie Stepanek. >>Cross-Functional Training: Implement training programs to enhance mutual understanding of each team's challenges and priorities, bridging the knowledge gap. >>Agile Methodologies: Adopt agile frameworks to ensure flexibility, faster feedback, and joint ownership of project outcomes. Excited to hear diverse #perspectives from #LinkedIn community!

Bridging the gap between IT and finance teams is crucial. In my role, we achieve common ground through: Monthly Stand-Up Meetings: We discuss company direction and growth needs, allowing each Finance Director (FD) to present critical projects. Project Ranking and Feedback: We rank projects based on importance, providing weekly updates on progress and accomplishments. This keeps everyone informed and engaged. Prioritizing Urgent Needs: We address urgent issues promptly, ensuring responsiveness and collaboration. These practices foster understanding and alignment, enabling joint decisions on project priorities.

Imagine you’re working on a project to improve the company’s payment system. The finance team wants the system to include detailed financial reporting features, while the IT team is concerned about ensuring the system is secure. You organize a meeting where both teams can discuss their priorities. You then propose a solution where the IT team first strengthens the system’s security, and once that’s done, the finance team can add the reporting features. This way, both teams' concerns are addressed, fostering better collaboration and understanding.

Bridging the gap between IT and finance teams in Financial Technology is all about better communication and teamwork. Regular meetings where both teams discuss their goals and concerns can help. Using a project management system that shows how each task is connected and benefits both teams can align their efforts. Encouraging both teams to learn about each other's roles and challenges fosters understanding and cooperation. This approach turns potential conflicts into effective collaboration, leading to more innovation and efficiency.

Communication is key. Facilitate regular meetings where both IT and finance teams can openly discuss their priorities, challenges, and goals. Establish a common language and shared objectives to align both teams. Implement a collaborative project management tool to track progress and dependencies transparently. Encourage cross-functional training to increase mutual understanding and respect for each team’s expertise. By fostering a culture of collaboration and open dialogue, you can bridge the gap and ensure project priorities are balanced and effectively managed.

Problem number 1 is viewing the teams as opponents. Problem number 2 is seeing it as an “IT” project. The business sponsor should be able to articulate why an “IT” project is needed, it should not get to the point that IT are putting the case to finance in the first place. All “IT” projects support the goals of the business in some way, otherwise why do the project in the first place?

In our organization, we maintain a data dictionary that defines all terms and jargon, recognizing that each organization has its own culture and language. Additionally, we maximize interactions between IT and finance teams to ensure both are always informed and aligned on ongoing projects. This approach fosters clear communication, helping to harmonize efforts and consider both financial implications and technical feasibility during FinTech project planning. we further have a manager of excellence who focuses on the needs of the Finance team and ensures they get excellent service throughout the process

Foster open communication channels between IT and finance teams. Encourage regular meetings where both sides can discuss priorities, challenges, and opportunities.

Strategic planning is crucial. Align IT and finance teams by establishing a unified vision and clear, shared objectives. Create cross-functional committees to prioritize projects based on business impact and resource availability. Use data-driven decision-making to objectively assess project value and urgency. Schedule regular alignment meetings to review progress and adjust priorities as needed. By fostering collaboration and maintaining a strategic focus, you can bridge the gap and ensure both teams work harmoniously toward common goals.

You can bridge the gap between IT and finance teams in the context of Financial Technology, fostering collaboration and ensuring that project priorities are aligned with the overall goals of the organization.

Role clarification is essential. Clearly define the responsibilities and expectations for both IT and finance teams, ensuring everyone understands their contributions to project goals. Establish a project management framework that includes joint planning sessions to align priorities. Encourage open communication and regular updates to keep both teams informed and engaged. By delineating roles and fostering collaboration, you can bridge the gap and ensure projects are completed efficiently and effectively, benefiting the entire organization.

Form cross-functional project teams that include members from IT, finance, and possibly other relevant departments. This fosters collaboration and ensures that projects are approached holistically.

Joint initiatives are key. Create cross-functional teams with members from both IT and finance to work on shared projects. This fosters collaboration and mutual understanding. Implement regular meetings to align on priorities, ensuring that both perspectives are considered. Use these initiatives to build trust and improve communication between teams. By focusing on joint efforts and shared goals, you can bridge the gap and drive successful project outcomes that benefit the entire organization.

Ensure that IT projects are aligned with overarching business and financial objectives. IT solutions should directly contribute to achieving financial goals and improving operational efficiency.

Continuous learning is vital. Encourage both IT and finance teams to participate in cross-functional training sessions to understand each other’s roles and challenges. Promote a culture of knowledge sharing and mutual respect. Implement regular workshops and joint problem-solving sessions to build collaboration skills. By investing in continuous learning and development, you can bridge the gap between teams, fostering a more cohesive, adaptable, and efficient organization.

Foster a culture of continuous improvement where feedback loops are used to refine processes and collaboration methods over time. Encourage learning from both successes and failures.

Digital transformation is no longer solely the responsibility of the IT team. It's a journey that involves every functional area within the organization. The IT team plays a crucial role in facilitating this transformation, while the Finance team holds a particularly vital role as custodians of all systems, processes, and IT tools and solutions. Their involvement is pivotal to the success of the transformation process.