Standard Life
Edengene, 2006
Putting the customer at the centre of Standard Life’s strategy
Summary
Over the years, the group had built up an exceptionally strong reputation for customer service during the years of mutual ownership, with strong product innovation and growth performance from its small subsidiary bank, Standard Life Bank.
With demutualisation looming, the CEO of the Bank recognised that the bank would come under the spotlight during the demutualisation process, and saw the need to set out a clear growth strategy. She also knew that it was critical to maintain a focus on innovation within the core business (mortgages) at a time when industry-wide rate cutting was eroding margins, making it impossible for smaller mortgage banks to compete on price.
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