Project Management Office reduced delivery times, grew ROI, and substantially improved global stakeholder satisfaction, achieving a positive and clear impact on business results
Project Management Institute, the world’s largest association for project managers, announces that Navy Federal Credit Union, the Virginia, USA-based financial institution serving the military and their families, has taken top honors as the 2015 Project Management Office (PMO) of the Year winner. The annual award, which was presented this week during PMI’s 2015 PMO SymposiumSM recognizes PMOs that have demonstrated superior organizational project management abilities, adding value to its organization through its support of successful strategic initiatives and achieving a positive and clear impact on business results.
As a trusted financial institution serving the military and their families, Navy Federal Credit Union oversees a portfolio of 150 IT projects that serve the needs of customers while addressing compliance requirements and tapping into new technology trends. One of those projects had the goal of giving customers uninterrupted access to their bank accounts with instantly issued debit cards. Beyond reducing a 10- to 14-day delivery window to a matter of minutes, the upgrade promised a real ROI: instantly issued cards are used faster than mailed cards and have a 40 percent higher activation rate.
Rolling out the instant card system across Navy Federal’s 265 branches worldwide required prioritizing resources across the organization and securing executive support. The PMO also had to prep global branch teams to introduce new technology, which meant training more than 3,000 employees on an accelerated six-month timeline. The PMO played a critical role by acting as the glue that held the effort together. It relied on standardized processes and a common sense approach to generate predictable and repeatable results. Since 2010, Navy Federal Credit Union’s PMO has grown from five people to more than 120. The growth mirrors that of the credit union’s portfolio: There has been a 42 percent increase in the number of annual projects from 2012 to 2014. And as the PMO continues to mature, it has broadened its focus to become more of a strategic partner across the business.