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“Not only can we now ensure the implementation of
strategy within the company and measure its success, we have clarity across
our organization.”
- Charlie Bradley, Senior Vice President
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Client Success Story – Fifth Third
Bank
Summary:
In the midst of the financial crisis in 2009, Fifth Third Bancorp’s
Consumer Lending and Mortgage Banking businesses sought to align their strategy
to create deep relationships with customers seeking a multi-product financial
partner. To this end, Fifth Third’s Consumer Lending and Mortgage
Banking businesses utilized Pathway’s proven practices across its
organization, positioning the division’s strategies to more effectively
develop meaningful, long-term financial services relationships in the face
of increasingly diverse customer needs. Strategy mapping identified key
opportunities for growth and operational excellence, both of which allowed
the company to better position itself for future success in its various
business segments.
Background:
Fifth Third Consumer Lending and Mortgage Banking business is a division
of Fifth Third Bank, a super-regional financial services company headquartered
in Cincinnati, Ohio. Having operated for over 150 years, Fifth Third continues
to provide customers with a wide assortment of quality financial products
and services, helping their dreams become reality.
Problem:
In 2009, the Consumer Lending and Mortgage division of Fifth Third was
beginning to emerge from the profoundly negative impacts of the 2009 economic
client. It was more important than ever for Fifth Third to quickly and meaningfully
redefine its organizational strategy, focusing on a central mission to “help
customers’ dreams become reality.” A new Executive Vice President
responsible for these businesses was eager to build a proactive business
strategy to grow the business. The leadership needed a clear approach to
first articulate the organization’s core strengths and then drive
them down through each division.
Pathway Guidance Solution:
With the expertise of the Consumer Lending and Mortgage Banking Division’s
top 50 business leaders, Fifth Third leveraged Pathway’s approach
to help each organizational segment identify its core strength and clearly
define the target customer. Cascading the strategy mapping process down
through the organization revealed a variety of foundational themes and growth
opportunities, allowing the Consumer Lending and Mortgage Banking businesses
to improve operational excellence and also to identify opportunities to
expand its businesses. Furthermore, using the Balanced Scorecard method
gave Fifth Third’s leadership a more quantitative, objective measure
of success. “Not only can we now ensure the implementation of strategy
within the company and measure its success, we also know what success will
look like in the future. We have clarity across our organization.”
says Charlie Bradley, Senior Vice President.
Outcome:
Today, Fifth Third Bank’s Consumer Lending and Mortgage Banking
leadership continues to employ the practices developed in concert with Pathway
Guidance, constantly reinforcing the company’s central commitment
to its customers’ needs and dreams. With over 10 business segments
with strategy maps and scorecards currently in place, the bank’s workforce
remains highly engaged and dedicated to positioning the company for continued
success. Charlie Bradley continued saying, “Our organization has passionately
embraced the dream, and we are successfully implementing the key strategic
initiatives that are driving us to achieve our dream.” |
