A very large old-established and successful insurance company in the UK started a new venture which was intended to be a “breakthrough” bank.  The Bank was to have a wide popular appeal, and make extensive use of internet technology. 

LPR’s Charter
The CEO of the new venture -  a client of LPR in his previous position of CEO of a large company - engaged LPR to work with his new management team. The intention was to develop his direct reports into a team of powerful leaders, capable of inventing and realizing the breakthrough products, and putting in place a distinctive culture – one of extraordinary service, speed and innovation.  The launch was to occur  in 18 months.

Potential Problems

  • The CEO’s major concerns were that his direct reports, experts in their own fields, did not operate well as a team – and the window of time (18 months) was very short to get to launch
  • Furthermore, they needed to be both the designers and the role models for operating in the desired culture, as a fast employee growth was expected 
  • The “breakthrough products” were very unclear
  • There were potential issues with the mother company, a very conservative organization, in getting acceptance of real breakthrough designs for the bank.

Launching the new products, with a supportive internal culture within 18 months looked impossible.

The Process
We worked with a leadership team of about 10 people and had them invent and commit to a culture for the organization, a strategic intent and a design for the bank.  We coached each executive in living the values, and leading the kind of organization they wanted. 

The Results

  • The Bank successfully got the go ahead from their mother company, and launched their first products within 18 months
  • In the process, the leadership team defined their identity, their market, and their approach to selling – often having to deal with pre-conceived ideas and positions from the mother company 
  • They developed the distinctive culture they desired, a culture that was sustained through the fast employee growth that took place after the initial launch (The headcount grew from the initial 15 to 200 before launch to several thousands.)  They view their culture as a major factor of competitiveness and success.

 

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