This client was a national bank that has a rapidly growing customer base and leads with purpose to create a positive impact for their customers and the world.
The bank had experienced strong growth, having largely achieved its strategic ambitions that it had set five years ago. Yet in the face of rapidly changing customer expectations, new technologies, regulatory developments and a record low interest rate environment; it sought support to revise its strategy and operating model to continue its growth and success.
Nous recognised that the bank was operating in a highly competitive, low interest environment in which margins would be slim and the budget to deliver significant change tight. We therefore adopted a purpose-led approach that focused on identifying critical areas that would allow the bank to release costs and achieve the greatest ‘impact’, and which would distinguish it in the market.
We engaged extensively and led ideation activities with leaders across different levels to obtain fresh and quality perspectives. We undertook:
These activities translated into a compelling strategic narrative that set in place the bank's five-year trajectory, a revised operating model, and a clear roadmap of transformation priorities. We also simultaneously built key staff members' ability to own and sustain the new strategy and operating model.
The new strategy and operating model assessment will form the basis for the bank’s five-year transformation plan. Nous has continued to support the bank by conceiving ways to sequence and prioritise the work program and to respond to the impact of the COVID-19 pandemic on the financial services sector.