Client Situation
Our client is one of the prominent commercial banks in Oman. The bank offers best-in-class retail, commercial, and investment banking solutions and is known for its customer-centricity. Considering the region's changing industry landscape, the bank engaged Cedar to assist with a quick strategic review and a way forward roadmap for their various divisions. These include Retail & Corporate; Conventional & Islamic Banking; Private & Wealth; Treasury & FI; and Investment Banking Divisions.
Cedar’s Approach
In this program, Cedar was mandated to assist the bank with a strategy validation exercise across seven divisions. Cedar was also asked to provide independent inputs and strategic observations on aligning the way forward roadmap developed by the bank with the industry landscape. To achieve this, Cedar conducted one-on-one interviews with key stakeholders from all divisions to understand the current business landscape, business objectives and the way forward vision for respective divisions. As a result, Cedar designed a strategy map to categorize initiatives as per Financial, Customer, Internal Process and Learning & Growth perspectives.
Outcome
Cedar conducted a detailed strategic review and was able to:
- Identify key drivers and opportunities and review their alignment with the initiative identified by the bank
- Perform SWOT analysis of the business performance based on the competitive landscape
- Develop way forward recommendations for every division based on the key drivers and the bank's initiatives
- Define critical objectives using a Balanced Scorecard Framework and mapped initiatives in alignment with aggressive business and revenue growth
- Identify 30+ initiatives that aligned with the objective of business and revenue growth, categorize them as quick wins, medium term and long term based on ease of implementation