A new CEO joined the organisation with a strategy to become “less bank more retailer” which would involve a significantly improved customer experience, a more sophisticated approach to customer segmentation including risk profiling and a refreshed product portfolio.
Our culture diagnostic found while colleagues had customers in their consciousness, they were not supported by customer-friendly systems and processes and were suffering from under-investment in tools to do the best job for customers. We also found innovation and change orientation was suppressed by a heavy hierarchy and a pattern of risk avoidance, caused by many years of top-down decision-making and playing it safe which had affected confidence to act.
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