What Was Needed
The recently appointed EVP Strategy and New Ventures was given the mandate to align Global Relationship Management (GRM) to the new corporate strategy. GRM managed the bank’s top 50 clients representing 70% of total revenue.
The group included some of the most senior people in the bank but there was a mixed perception internally whether GRM fulfilled its purpose and provided a valuable return on the considerable investment.
What We Did
The Strategy Map framework was used to develop a new purpose and strategy for the group, agree the strategic shifts with stakeholders, align the GRM organisation structure, reorganise and segment the clients, and gain the buy-in of the rest of the bank.
The Balanced Score Card was used to manage GRM’s performance. The strategy map framework was used to transform the client account planning process to drive a more proactive and strategic approach to servicing and developing the bank’s most important accounts.
- Client revenue generated by GRM clients grew faster than non-GRM clients.
GRM costs were reduced by 40%.
- Internal customer engagement & satisfaction increased significantly.
- Increased return on investment from the programme recognised by the bank.
- The client segmentation and role alignment focused the team on the relevant value-adding activities & a new operating model
- The approach built a greater degree of transparency, trust and alignment when coordinating large sales across business lines and regions.
- This provided a basis to present a coordinated approach to clients – to put the client first – whilst creating greater value for the bank.
“The balanced scorecard approach to strategy management has provided us with a framework to align the businesses to a common set of goals, and a way to engage the whole organization, enabling us to navigate confidently through turbulent times.”
Jack Klinck, former EVP Strategy & New Ventures