The 3-4 period prior to this review, through necessity the Bank had invested the majority of effort on efficiency, cost control and business growth which had constrained ability (not desire) to invest and focus on some longer term strategically important areas.
The objectives of the engagement were to review existing capabilities and effectiveness, focused on how to better support the execution of the customer led strategy. The focus was on optimising execution, while taking into account the strategy, delivery and operating aspects of achieving the target business outcomes. A forward thinking view was taken, overlaying changing customer preferences, with the Bank’s Basel II advanced accreditation focus and findings from a variety of in-flight initiatives.
A three-month exercise was conducted considering options and identification of the way forward, facilitated via cross-functional groups to identify prioritised work streams. This involved two distinct phases:
Initiated a change program, initially led by Capability and transferred to the Bank, with multiple streams to achieve target outcomes and benefits. Early growth increases were achieved.