| | Industry: Retail Bank
| The Situation:
- Bank serves closed population and therefore is limited in new client procurement
- No comprehensive strategy in place despite extremely rapid growth over prior ten years
- High employee turnover and low morale
The Intervention:
- Executive team off-site—5 days to develop 30 year vision, five year goals, strategy map, core values
- Executive message development with CEO to launch new vision and strategy
- Strategic intent to diversify product lines and expand into full financial service provider
- Strategy scorecard developed with metrics for all parameters
- Retraining of all employees in strategy map, core values and skills expansion
- IPO planned for three years out
Results:
- IPO complete
- Strategy successfully underway
- Over 50 new products/services launched
- Market penetration only up 2%, but total accounts up 390%
- 6 new branches opened
- Co-owned banks opened in remote markets (international)
- Employee morale improved, turnover reduced by intended amount
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