How does a very traditional, Market leading Sharia Compliant Islamic Bank make reinvention a regular part of its business strategy? How can a conservative Management Team be motivated to embrace change, and promote discovery and imagination?
How do you persuade such a management, that in not doing so, they risk losing their market share and position to competitors?
DVC where posed these question by one of the Gulfs Largest Banks. After a number of meetings and the signing of an NDA we began the process of auditing their brand, financial products and business strategies. Utilising our Stakeholder Engagement and Measurement Programmes we began to map a series of metrics and KPIs, which also set targets for future actions.
One of our central tasks was to work with the bank’s Human Resources Team to establish a remuneration policy that was based on KPIs that rewarded driving disruption to accelerate transformation.
The success of any pay for performance system is contingent on the design and implementation of appropriate, measurable and balanced key Performance indicators (KPIS).
A great deal of care was taken to design KPIs and related incentives that rewarded Thought Leadership and Customer Engagement outcomes. Reinvention became a top priority for all management.
Through utilising Blockchain Technology we also introduced a Content Marketing Programme that made it central to all the stages of the bank’s growth.
We established a Thought Leadership Programme which allowed the Bank to promote their insights and ideas. This created a real empathy with its actual and prospective clients. They established a relevant and contextual dialogue with all their stakeholders.
We also rolled out an internal marketing campaign that rewarded Original Thinking. This greatly improved Employee Engagement with the company’s goals and fostered a greater brand advocacy.
This has led to a revitalisation of the Bank, its brand and its financial products, as it continues to maintain its market leadership positioning.