With a burning desire to reinvent banking – a new purpose was created

Challenge

Despite emerging from the 2008 global financial crisis relatively strong, it was clear to the new leadership team that the large Nordic financial institution yearned for a renewed identity: One that went beyond playing it safe, and aligned with a desire to make bold choices to get ahead of the game in a competitive and disrupted industry.

Faced with a 1) struggling reputation, 2) its people growing tired, and even ashamed, when having to defend their choice of employer, 3) and a deep-rooted Nordic mentality of corporate citizenship – a decision was made to co-create a new purpose and values for the organization.

Opportunity

Together with its people and customers – a new purpose and values were defined to reflect the dreams and vision that the people shared for the organization. Over 95% of the organization engaged in cross-organizational dialogue about the new purpose, and what it would mean for them and their work – bringing this purpose to life in the business going forward.

The purpose also proved a strong guide and lens for difficult decisions. It aligned, inspired, and guided people in the organization to also create progress in solving challenges that were previously unresolved.