Knowledge Management Practices in Research and Development Strategic Projects Undertaken by Banks

Abstract

The dynamic development of information technologies that can support the functioning of financial institutions also implies a rapid increase in the number of investments in projects, e.g., related to ICT and AI. In addition to projects concerning current operations in the banking sector, a growing number of research and development projects of strategic importance can be observed. Implementing such projects is an excellent way to improve the banks’ competitive position on the market, provide a better response to customers' increasing expectations, improve the quality and increase the security of the financial services offered. The problem addressed in this study is of great significance in the context of seeking new directions to stimulate the development of R&D activities of strategic importance carried out by banks. However, such research has not been run thoroughly enough so far. Therefore, the theoretical, methodological, and practical gaps in this area are clearly visible against the background of the literature review. There is a need to improve knowledge management processes at the level of R&D strategic projects during their planning, implementation, completion, and post-project reviews. Project managers and business practitioners use more or less formalized activities and practices of knowledge management in strategic R&D projects, which are more or less adapted to the specifics of these financial institutions vital for the economy. The paper discusses the practices, procedures, and approaches used in selected big banks in Poland. This preliminary research used reviews of organizational documentation, direct observation, and interviews with people involved in R&D projects. Identification and analysis of these practices can contribute to improving the effectiveness of explicit and tacit knowledge management processes that are of strategic importance in the banking sector.