Fifth Third Private Bank was struggling with the challenge of changing conditions in a rapidly growing market of financial services. Further compounding the problem was the Great Recession of 2007-2009. The local market CEO reached out to see if we could help in designing a strategy that would harness the power of the team and help the Division Manager regain market position. During the following 8 months we worked with the bank to set a strategic plan in place, align the internal team with the plan, and execute on the plan. We interviewed the entire team, reallocated the physical layout of the operations for efficiency, evaluated product mix, instituted training programs to enhance the resident expertise, reset the team culture, addressed internal perceptions, and worked with the Divisional Manager on instituting feedback loops and accountability measures. The end result was a reset of the divisional playbook with a return to top quartile performance within 6 months. The division grew assets under management, revenues and profitability achieving regional leadership in those metrics.
“Matt partnered with our entire team collectively and one-on-one to help transform what had been lagging performance. We were able to identify rising stars, establish clear goals and processes to measure and achieve our goals. With clear communication and the adoption of a winning culture we achieved great success and growth.” Robert P. Banks
Growth is an elusive initiative and often softly defined. Without metrics, culture, accountability, processes, and strategy it is difficult to achieve desirable growth. Too often companies misconstrue revenues or profits for growth without understanding the underlying elements that drove those results and it turns out to be unsustainable. Growth must be purposeful and well-engineered in order to be foundational.