Standard Life Bank

Standard Life Bank case study

Building a growth strategy in a highly commoditised UK mortgage market.

Challenge

Standard Life Bank, a mid sized retail bank with a strong reputation for product innovation and customer service, approached Edengene to help develop a strategy to enable it to compete in the highly commoditised UK mortgage market. They needed an approach that would build on their strengths, yet enabled them to gain share within specific target market areas where a lower level of direct competition exists.

Edengene's Approach

In close collaboration with the bank’s executive team, Edengene:

• Explored relevant industry drivers, including:

- Changing customer needs
- Distribution channels
- Competitive environment and
- Future industry/customer trends

• Examined how Standard Life Bank could compete within the future industry environment. This information was fed into a series of executive working sessions where several strategic options were identified by the management team
• Considering financial implications & organisational repercussions for the bank, Edengene and the bank’s management team evaluated these alternatives, narrowing the focus on a single preferred option
• Defined a clear vision and market profile for the future organisation and described the organisational requirements to execute the strategy

Outcome

• Standard Life Bank reorganised around a small number of focused customer segments, ensuring that key activities are based on a deep understanding of the customer
• This has already resulted in greater margins and increased market share within chosen segments, contributing to an overall improvement in financial performance.

See it in action

http://ukgroup.standardlife.com