Nairobi, August 28, 2014 --Regional banking solutions provider, Equity Bank Group, has engaged global management strategy firm McKinsey to play a business advisory role in the implementation of the bank’s 3.0 strategy.
On hand to close the partnership agreement at Equity Bank Headquarters was McKinsey global managing director Dominic Barton and Equity Bank Group, managing director, James Mwangi.
Equity Bank’s engagement with McKinsey, will guarantee the bank access to a pool of global management resources required to fuel its transformational 3.0 strategy geared at changing banking to a lifestyle. The strategy will turn Equity Bank from the conventional banking model; -Somewhere you go; to Something You Do.
Speaking at a luncheon hosted in honour of the visiting McKinsey & Company Global executives at bank’s head office, Mr Mwangi, said that the growth of third world countries to medium income economies, will be highly dependent on a mix of local and global elements including shared prosperity values, financial literacy, social cohesion and deliberate efforts to raise academic standards.
Such inclusive partnerships, he said, will involve efforts to empower African public and private sector players to adopt world class but locally formulated development strategies through mutually agreed collaborative avenues.
Equity Bank’s success, he acknowledged is primarily as a result of formulating solutions to local financial inclusivity challenges. “We think global and act local in innovation and delivery of our services,” he said.
The McKinsey's Mr Barton, who is also a member of the Canadian Prime Minister’s Advisory Committee on Public Service, welcomed Mr Mwangi’s views and described the partnership with Equity Bank as a unique opportunity.
“We are happy to work with a partner such as Equity Bank; that promotes a unique globally recognised business model anchored on values and purpose driven principles which are the same principles that we uphold as McKinsey,” Mr Barton said.
Mr Barton noted that with a projected growth of more than 2.2 billion middle class, highly urbanised, consumer base, in the next 20 years, the world’s economic power-base will shift fundamentally. He said that the largest part of this population will come from emerging markets in Africa and Asia.
“Such a shift requires the integration of values and systems that can support a purpose driven organisational development,” Mr Barton said. “Most importantly business organisations must shun their short term thinking and adopt a long term purpose driven approach to management,” he added.
Globally, McKinsey & Company is regarded as leading management consulting firm regularly retained as a trusted advisor to the world's leading businesses, governments, and institutions.
In Kenya, McKinsey played a critical role in the formulation of Kenya’s Vision 2030 national development strategy and has been a key management consultant for Equity Bank among other leading organisations.
Founded, in 1926 by James O. McKinsey, McKinsey & Company, has grown into a global partnership serving two-thirds of the Fortune 1000 companies alongside numerous public sector bodies globally.
McKinsey works in more than 20 industry sectors across functional areas such as strategy, operations, business technology, and sustainability. Over the last five years, McKinsey has served more than 3,400 clients in diverse fields and global locations.