A Perspective on the RACI Matrix for a FinTech Partnership
Peter Johnson- Jan 5, 2024
- 3 min read
For my FinTech Series, I feel it's important that people understand the RACI matrix and how it plays a role in partnerships. To do this, it's necessary to have an organizational structure and a clearly defined process, specifically within the banking industry.
As new and experienced Banks join forces to enter the FinTech world, they must realign and manage their partnerships in an effective manner.
Task/Activity # - Who is responsible for the task/activity
Responsible # - Who is doing the work
Accountable # - Who is accountable for the task/activity being completed
Consulted # - Who should be consulted for their input
Informed # - Who should be informed about the task/activity —
The individual made a mistake.
The person erred.
The Bank Innovation Team and Financial Technology Partner, lead by the Bank Innovation Lead and the Financial Technology Chief Executive Officer, as well as regulatory experts and legal teams from both sides, and senior management must come together.
Task # Assigned To # Primarily Responsible # Consulted # Kept Up To Date
The team working on the bank project consists of business analysis and requirements gathering experts, a bank project manager and FinTech project lead. Business users and technology teams from both sides, as well as senior management from both organisations, are also involved.
Task/Activity # Who is responsible for it # Who is held accountable # Who needs to be consulted # Who needs to be informed
Design and Development of Solution # FinTech Development Team and Bank Technology Team # FinTech CTO and Head of Bank IT # Bank Product Managers and FinTech Business Analysts # Regulatory Experts and Legal Teams
The following individuals are involved in the task/activity: those responsible for it, those who are accountable for it, those consulted in regard to it, and those who are to be informed about it.
Assessment and Validation # FinTech QA Team, Bank QA Squad # Lead representing FinTech, Bank Manager taking care of the venture # Customers (from both sides), Security Crew # Executives (from both sides)
Who will be responsible for the task/activity? Who will be considered accountable for it? Who needs to be consulted? Who needs to be informed?
The #Bank Operations Team, FinTech Support Team, Bank Operations Manager, FinTech Customer Success Manager, users from both sides, and the marketing teams from each side, as well as senior management from both parties should all participate in the deployment and go-live process.
Task # Person in charge # Ultimate Decision-Maker # Involved in Discussion # Kept Up to Date
The following personnel are involved in ongoing operations and maintenance: FinTech Support Team, Bank IT Helpdesk, FinTech Customer Success Manager, Bank IT Head, users from both sides, security teams, and senior management from both sides.
Designate who will be: Responsible for completing the task, Accountable for its completion, Consulted about the task and Informed of its progress.
Risk Management and Regulatory Compliance: A Team Effort Involving Bank Compliance Team, FinTech Legal Team, Bank Chief Risk Officer, FinTech CEO, Regulatory Experts, Legal Teams, and Senior Management From Both Sides. — —
The car needs to be serviced.
The car requires servicing.
In order to successfully handle FinTech associations, banks may be required to redefine their organizational layout to support pooled effort and development. I hereby propose some attainable structures:
What type of structure is best for a bank will be determined by its size, values, and intended objectives.
I would like to put forward further Suggestions.
By incorporating these recommendations, it can help banks create prosperous and mutually advantageous partnerships with FinTech businesses, so they can leverage emerging technologies and stimulate business expansion.
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