Great post, Aleem. Two things stand out for me.
1) we need to focus on the 'do-how'
2) the difference between the "problem-cycle" and the "project-cycle"
Do-how comes from experience and is difficult transfer. We would benefit from spending more time doing, at all levels, and less time talking about it. Two concrete actions we could take are to involve more junior staff earlier on in project preparation AND implementation; and invest in 'experience transfer programs' from ready-to-retire and recently-retired senior bank project leaders and managers. These are our coaches!
On the second point, a 3 - 5 year project is comprised of dozens of problems, each of which has to be addressed for the project to succeed. Project management should account for this reality along with operational governance and systems - design should involve more listening and observation of the intended clients of a given service, procurement should be streamlined and reporting should focus on "what didn't work?" and "what did?" according to the data, so that over the course of 3-5 years we are able to try and try and try again instead of investing in one big try that is most likely to fail as often as it succeeds.