Strategically Strengthened Market Position:
SCOTIABANK
Challenge:
Being the dominant player in a market can bring its own vulnerability. Canadian indirect lending market leader, Scotiabank needed to ensure and strengthen their market position. Not wanting to rest on their laurels and allow competitors to take away their customers, they sought to align strategy to their customers’ changing needs.
Solution:
We worked with their leadership team to define their marketplace position and clearly articulate strategic priorities and trade-offs. We then gathered customer research to provide insight about customers’ experiences and buying process, while uncovering employee perceptions about how well Scotiabank and leadership aligned their action to the stated strategy.
Based on this analysis, we helped Scotiabank assess how well their organization practices aligned with or didn’t align with three perspectives: the leaders’, customers’, and employees’. From this stemmed frame-breaking strategic insights that enabled Scotia’s management and employees to resource priorities differently in support of strategy.
Results:
Following our work, employees and management became more unified. Strategic trade-offs were better understood throughout the organization and employee engagement increased measurably. Most importantly, revenue in one region grew by 30% as a direct result of the work.