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
