The Malaysian CEO came on board 1 year into the journey. Working with the CEO, we identified and interviewed top executive search firms and helped recruit the first 19 employees.
Until permanent staff were in place, we kept things moving. We collaborated with the CEO to identify which products to offer, how to attract and keep customers, and where to locate bank branches and ATMs.
McKinsey and the client functioned as a single unit through each critical development phase. As managers came on board, we worked closely to integrate each of them and their ideas into the process of creating the bank.
Our competitive analysis revealed weaknesses in existing banks that our client could use to its advantage. For example, early on we went to another bank for a routine transaction. When we arrived, we took a number and then waited and observed. Experiencing the competition’s sub-par service inspired ideas to make the client’s new bank truly distinctive. The client’s bank is completely oriented around serving the customer—from long before the customer walks in the door until after he or she leaves.
We gathered facts rigorously, using focus groups to learn about customer preferences at every step. To help the client map out promising branch locations, we visited different neighborhoods and cities, took photographs, and talked to potential customers. We developed a negotiating strategy for the ATM networks with third parties and the central bank. We visited building after building with real estate agents to find the right place for the headquarters, accessible to airports, hotels, and restaurants. We even helped pick paint colors.
Together with the client, we developed organizational structures and income statements to correspond with projected growth. We set up the IT system with built-in core process advantages, such as streamlined account opening and servicing.
We developed the requirements for integrated marketing and execution, identified potential agencies and prepped the CEO and marketing head to make the final decisions. We also worked with a PR firm to develop launch plans.
All the while, our team focused on preparing the client to take full control at launch. We worked side-by-side with new employees as they joined, mutually benefiting from each other’s varied skills and supporting them until they took complete charge of their respective functions.