Developing a more innovative corporate culture

The transcript describes a banking client's journey to drive cultural change to meet strategic objectives. Initially, the client recognized their lack of innovation and diversity within their executive team. To address this, they created an 'ideas room' where junior and operational employees could collaborate on innovative ideas. This initiative, although simple, was a significant cultural shift for the bank and led to increased revenues in target markets. The process exemplifies how bottom-up change can drive significant organizational growth.

What was the primary reason the bank decided to drive a cultural change?

• To improve their market effectiveness

• To enhance innovation and diversity

• To expand into new markets

• To reduce operational costs

What was the purpose of the 'ideas room' created by the bank?

• To train employees on new technologies

• To evaluate employee performance

• To conduct market research

• To allow employees to collaborate on innovative ideas

How did the bank decide which ideas to fund?

• Based on employee votes

• Through executive decision

• Random selection

• By evaluating relevance and success

What was the impact of the cultural change on the bank's revenues?

• Revenues fluctuated unpredictably

• Revenues increased significantly

• Revenues remained the same

• Revenues decreased

What was a key factor in the success of the bank's cultural change initiative?

• High financial investment

• Hiring external consultants

• Top-down management approach

• Bottom-up process of change