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Consumers are increasingly seeking out companies that align with their values, and the financial sector is no exception. This growing demand for purpose-driven businesses is reshaping the very definition of success.
On a recent episode of Behind the Growth, I had the pleasure of interviewing Mahima Poddar, Group Head of Equitable Bank, to celebrate her journey and explore how her leadership is driving positive change in Canadian banking. Mahima has played a pivotal role in transforming Equitable Bank into a shining example of purpose-led leadership.
In this article, we’ll delve into key takeaways from our conversation, uncovering how Equitable Bank’s commitment to enriching people’s lives is shaping their strategy, culture, and customer experience. You’ll discover how a purpose-driven approach can create tangible benefits, not only for customers but for employees and communities as well.
Defining Success: Beyond Profits
Mahima eloquently captured Equitable Bank’s philosophy on success: “Our vision is the center of what we do, and that’s to drive change in Canadian banking to enrich people’s lives.”
The key elements of this philosophy are:
- Driving Positive Change in the Industry: Equitable Bank is committed to challenging the status quo and pushing the boundaries of what’s possible in Canadian banking. They are not content with simply replicating existing models; they strive to create a better, more customer-centric experience.
- Enriching the Lives of Their Customers: This is the heart of their purpose. Equitable Bank believes in empowering their customers to achieve their financial goals and improve their overall well-being. They do this by offering fair and transparent products and services that prioritize customer value.
- Putting Customers at the Center of Their Operations: Every decision, from product development to customer service, is made with the customer in mind. This customer-centric approach ensures that Equitable Bank remains focused on meeting the evolving needs of the people they serve.
This purpose-driven approach stands in stark contrast to the profit-centric model that often dominates traditional banking institutions.
Mahima observed that at many big banks, “There’s so much pressure on hitting the analyst consensus … that there’s actually very little opportunity to innovate or push the envelope.” This relentless pursuit of short-term financial targets can leave little room for genuine customer-centricity and limit a bank’s capacity to innovate and adapt to changing needs.
Building a Purpose-Driven Culture
Creating a truly purpose-driven organization requires more than just words. It demands a culture that embodies those values in every aspect of the business. Mahima highlighted how Equitable Bank cultivates this culture through a unique approach to leadership and employee empowerment.
She explained that at Equitable Bank, “Every team member acts like an owner of the bank.” This simple but powerful concept creates a profound shift in mindset. “It takes out all of the noise of ‘Am I doing the right thing for these different stakeholder groups?'” Mahima elaborated.
When everyone operates with an owner mentality, decision-making becomes clearer and more aligned with the company’s core purpose. “Because again, ultimately, you’re 100 percent owner of this bank, and it’s likely the right decision across employees, across stakeholders, across regulators, because you care about the long-term sustainability of the organization,” Mahima emphasized.
This “ownership mentality” is a key driver of Equitable Bank’s success. It encourages long-term thinking and sustainable practices. Employees are motivated to consider the impact of their decisions not just on the next quarter’s earnings, but on the lasting health and viability of the organization.
Tangible Benefits of Purpose-Led Leadership
Equitable Bank’s commitment to purpose-led leadership translates into tangible benefits for their customers. One of the most compelling indicators of this success is their exceptional Net Promoter Score (NPS).
Mahima highlighted their impressive customer satisfaction levels: “Our ultimate goal is for customer satisfaction … Our goal is not just to be best in Canada … but to have customer satisfaction that’s best in class globally.” This ambition to be a global leader in customer satisfaction demonstrates the depth of Equitable Bank’s commitment to exceeding expectations.
This dedication to putting the customer first is evident in their product offerings. Mahima emphasized that “Everything that we’re doing is about giving more benefit to the customer.” Equitable Bank demonstrates this commitment through products designed to provide genuine value and empower customers.
Examples include their no-fee banking options and high-interest savings accounts. These offerings directly address common customer pain points and prioritize their financial well-being. By developing solutions that are demonstrably better than what already exists, Equitable Bank has solidified its position as a leader in purpose-driven banking.
Takeaway
Mahima’s insights offer a compelling blueprint for leaders looking to build businesses that go beyond profits to create genuine value for their customers. By embracing a purpose-driven approach, fostering a culture of ownership, and prioritizing long-term impact, companies can create a more sustainable and fulfilling future, not just for themselves, but for the people they serve. Equitable Bank stands as a testament to the power of this philosophy in action.
If you found these insights inspiring, be sure to tune into the full episode of “Behind the Growth” for a conversation you won’t want to miss! Hear directly from Mahima Poddar as she delves deeper into Equitable Bank’s journey, sharing her valuable perspectives on leadership, innovation, and the future of banking.
Link to podcast
Purpose-Led Leadership and its Impact
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