BankCo* is a leading Asian commercial bank with a large corporate banking business consisting of blue chip customers across all major industry sectors.
In the past 10 years, several domestic and foreign banking competitors had aggressively targeted BankCo's key corporate customers and had increasingly gained market share vs. BankCo. Competitors had upgraded their product offerings and delivery capabilities and were providing superior levels of service to BankCo's customers.
BankCo still had many sources of competitive advantage (established customer relationships, capable relationship managers, strong brand) but needed to develop a systematic plan for reversing its declining corporate banking market share.
Working with the client, Bain developed and implemented a three-phase strategy.
BankCo went "back to basics" and implemented several initiatives to improve service levels, protect existing customers and deepen customer relationships.
- Strong ownership from the top team on formalized vision and values
- Enthusiastic buy-in on vision and values from the management teams in all local operations, removing most cultural barriers to centralization of synergistic functions
After applying the "back to basics" initiative, BankCo experienced a significant service level improvement, a market share turnaround and significant profit growth.