As a fast-growth organisation in Trinidad & Tobago, Republic Bank had clearly stated ambitions to continue to increase its profitability, reputation and shareholder value. Marketing and Group Corporate Communications played an important role in assisting the Bank achieve its strategic objectives; the question was whether and how the effectiveness of these departments could be improved.
Quadrant was selected to address this challenge as a result of our previous restructuring work for Barclays in the UK.
What did we do?
Working both at the client head office and in London, we conducted a rapid situation analysis, including executive interviewing, issues workshops and a culture survey.
It quickly became clear that there were good reasons for integrating the two departments, with a possible further stage involving Sales, and that a more central and strategic role for the new unit would be valued.
Much of our work was therefore concentrated on options for change and alternative organisational models. A ‘value management’ approach was preferred, based on valued customers and customer value, and this was at the heart of our recommendations to the Board. The detail included a proposed departmental structure, responsibilities and required skills.
What was the breakthrough for Republic Bank?
Group Marketing had been structured along product lines. This had been recognised by the Bank as inadequate. ‘Value management’ was the breakthrough because its emphasis on customers’ requirements, teamwork and communication was a close fit with the Bank’s vision, mission and values.