A leading bank in Latin America needed to transform the way it operated in one of its markets to achieve alignment with the transformation which the controlling group was undertaking at a global level. The cultural challenge was important. It required a focus on customers and achieving greater agility in its ability to respond to a highly dynamic scenario.
Context
A global bank was facing more demanding customers and more audacious and changing competition. To respond to these challenges, the company decided at a global level to implement a new corporate culture. However, in one of the countries where it operated, there was lack of common understanding about the need for change nor agreement about how this new culture would impact the business. In fact, this was not the first attempt to implement a new culture in the organization and so a new focus was required.
Opportunities detected
Among the main problems, the Matrix team identified that that as the banking business was not in trouble, the executive team did not view the cultural change as a real priority. In addition, the organization viewed the initiative as “an order from head office” and as an initiative of human resources without a clear relation with business strategy. As a result, policies, processes and targets, etc., remained exactly the same, contrary to the behaviors which the change sought to encourage.
Proposed actions
To tackle these opportunities, the company and Matrix agreed on five critical fronts:
Vision: a vision of the future state and the unifying framework was agreed. A consensus for change was developed and key elements were identified.
Strategic projects: Strategic projects and their alignment with the cultural change were revised. The bank incorporated project analysis methodology and evaluation tools.
Facilitators. Process facilitators were identified and a road map for cultural change was created. In addition, proposed actions were planned.
Structure: The management structure for the change process was strengthened. The decision-making process, coordinating bodies and the management structures were evaluated.
Communications plans: A communications strategy for the cultural change was designed. Expectations and guidelines for key audiences were defined.
