Case Study: St George
How St George Margin Lending Unlocked a 61.7% Growth in Profit
Client: St George Margin Lending
Industry: Banking
History: Founded in 1937
Size: 180 employees
Dept Head: Craig Mowll
Engagement: 2004 - 2008
ROI at a Glance
Margin Lending division achieved profit growth of 30% per annum over six years to 2008
In 2007, the division delivered 61.7% growth in profit
Greater camaraderie amongst team members
Some of the transactions increased by 400% in value
St George Bank was Searching for Growth
The business had the right platforms and controls, but found they weren’t positioned for further growth. Yet, after investigation, they found a change of strategy or direction wasn’t needed to drive this growth, but rather a change of mindset. A “present day” focus on the team’s operations was costing the business opportunities to grow into the future.
To help the team develop, a change management program was launched to build a common language, shared understanding and align the team towards the growth St George was looking for.
It Started With the Team in One Room
Stellar Consulting was asked to help St George build on the change management program. Gathering the St George division into one room, Chris and his team used frameworks to gather the state of the business, what challenges they faced and how they wanted to grow. With a vision in place, Stellar then guided the St George team through how they could achieve these goals.
Buy-In Was Only the First Step
Getting the St George team to frame and own a shared vision was a big step, but it was only the first. With the team willing to grow and change, Stellar helped to address aspects of the business that needed improvement, from the back-office function to internal communications to staff responsibilities. Working as close-knit partners, Stellar and St George left no stone unturned to improve processes and strengthen staff to enable the business to handle new growth.
Stellar and St George reshaped the division and developed a strong, people-focused culture. With new structures, efficient processes and an upskilled team in place, St George Bank was ready to meet and exceed their ambitious growth goals moving forward.
