Virtual Project Teams: A case study of virtual project team effectiveness in a South African Financial Institution

Abstract

The South African financial services sector has experienced phenomenal growth over the past two decades, and financial institutions that were previously regional are now operating nationally. To enhance operations and meet customer expectations, financial institutions have turned to technology and virtual project teams. There is mounting evidence of the use of virtual project teams throughout the financial services sector; however, the effectiveness of virtual project teams in South Africa, and the support they receive, is yet to be determined. This case study aims to investigate the effectiveness of virtual project teams by focusing on the organisational systems and group dynamics of the virtual project teams at one of South Africa’s leading financial institutions. The study involves a cross-sectional survey conducted by means of a Lickert-scale questionnaire distributed among all 23 project team members (10 in Cape Town and 13 in Johannesburg). The findings are predicted to indicate the support provided by this particular financial institution to the virtual project teams’ operations, while also identifying the organisational systems in place and measuring the effectiveness of the virtual project teams. The financial institution on which this case study is based gave consent for the case study to be conducted, on condition of anonymity.