Turning the Tides in a World in Flux
Challenge:
Sogebank is a 30-year-old bank in Port-au-Prince Haiti, with a track record of providing financial services in an environment where most of the population is unbanked or handle most transactions using fiat currency daily. Sogebank however, proved itself adept at developing banking services in a challenging market and has grown to become the 2nd largest bank in the country with branches throughout the island. However, bank executives realized that the effects of digital transformation were far reaching even in a country where citizens had been used to analog services for centuries. It was time to begin internal dialogues about changing from business as usual to charting a new course for uncertain times.
Solution:
Sogebank approached Gilead Sanders to help them think strategically about the future of banking in developing countries and how best to chart a course for the future. Gilead Sanders proposed developing a 5-year strategic map that considered the effects and ramifications of global technological and customer shifts in the world of finance. Gilead Sanders held a series of strategic dialogues with Board members, executives, management, and team members exploring such themes as DeFi, Blockchain, cryptocurrencies, and the rise of Fintechs. We also provided deep insights of the changes happening in similar countries such as Kenya, Jamaica, and Latin American countries. Gilead Sanders embarked on a 3-year restructuring plan working closely with all business units training on new models of working, running design sprints, and developing and testing new business models focusing on a digital-first focus. We designed a series of bootcamps with teams developing Priority Improvement Projects to create new business concepts and approaches to the market. The PIP’s produced a series of exciting, and viable ideas that were presented to the Board of Directors and bank executives for final selection. In the end, multiple prototypes were launched into the market.
Impact:
Thanks to our structured approach, Sogebank began a transformation program involving over 500 of its core team members training in new ways of working, agile scrum processes, design thinking and customer-centricity models. The Bank also pivoted toward a more strategic focus on the Haitian Diaspora as an untapped source of business by developing business models that allowed them to repatriate resources and dollars in local projects. Sogebank is now poised with internal know-how and focused on creating new business models and market value based on shifting consumer demands and sophistication.