Powering Retail Banking Transformation for Long-Term Success

How We Got There

The Challenge

A leading Canadian bank embarked on a multi-year, retail banking transformation designed to implement a new strategy impacting over 1,000 branches and 20,000 employees. The client had an extremely tight 4 month timeline to go from zero awareness of the new strategy to a full national launch with a 2+ year rollout and sustainment plan.

The primary challenge was building awareness and securing buy-in from the senior executive team, then efficiently cascading it to front-line employees. This would require a well-coordinated approach executed within the limited timeframe, all while maintaining high standards and avoiding shortcuts.

The challenge was further intensified by the bank’s history of difficulties with delivering large projects, and its limited experience in managing changes of this magnitude. To add to the complexity, the transformation was undertaken alongside more than a dozen other large scale initiatives, all impacting the same stakeholder groups. With no centralized coordination or oversight across these efforts, a lack of alignment emerged, posing significant risks to the project’s overall success.

The Solution

Optimus SBR led the design, execution, and oversight of a comprehensive change management strategy to support the retail banking transformation. After a rapid 4-week assessment to identify key risks and stakeholders, our team established a CMO to steer the initiative, close project gaps, and ensure robust governance.

A critical step was identifying the key messages and crafting content tailored to each of the senior executives, then flowing the messaging effectively to the teller level. This involved coordinating with multiple stakeholders across various departments to clearly articulate the change and ensure everyone understood its impact. Since the initiative affected roles, branch staffing, performance management, day to day processes, systems, and career paths, we ensured our approach was thoughtful and seamless, tactically managing questions and concerns throughout the transition.

We supported the client’s first-ever national bank leader symposium for over 1500 branch leaders, incorporating experiential learning, roleplaying, and strategic discussions to align them with the transformation’s goals. Additionally, we developed a comprehensive change management plan, incorporating coaching, resistance management, training, sponsorship, and communication strategies to drive adoption across 1,000 branches nationwide.

To coordinate the transformation with other ongoing large-scale initiatives, we conducted a portfolio impact assessment. This strategic step minimized disruption and reduced resistance from stakeholders, ensuring a smoother transition.

The Results

The retail banking transformation achieved widespread success, with new roles, processes, and technologies being adopted effectively across the organization. The national symposium for branch leaders served as a key driver for engaging leadership and securing alignment, reaching over 1,500 participants and creating momentum for change. Resistance was managed proactively through targeted strategies, ranging from one-on-one coaching at retreats for senior executives, to a highly engaging launch day event for all levels. As a result, there was strong buy-in from both leadership and frontline staff.

The new CMO capability with advanced tools, governance frameworks, and streamlined processes set a new standard for how large, complex change initiatives would be managed by the client.

The portfolio impact assessment ensured that the transformation was integrated smoothly with other ongoing initiatives, preventing disruptions and promoting seamless implementation. The transformation not only improved operational efficiency but also strengthened collaboration across branches, empowering the bank to thrive under its new advice-based strategy.