As part of its refreshed strategy maib has embarked on an Agile Transformation, a project, which is envisioned to result in a long-term lasting organizational and cultural change, and deliver tangible operating improvements. An agile model of operations is based on a flatter organization structure, as opposed to a traditional hierarchical one. Organizational transformation will create new structure and processes, around which smaller, more agile teams would be able to achieve their goals underpinned by bank’s “big picture” strategy. Cultural change will place decision making authority and ownership for end result firmly with the people closer to customers. The desired results from the transformation will be the increase of the change execution speed through a simplified operating model, the ability to better respond and adapt to customer needs, to increase productivity, increase employee engagement, to become employer of choice for talent and, ultimately, the capability to deliver higher returns to shareholders.
According to various studies, more than 60% of organizations are preparing to or have already transformed to Agile, banks having the second highest pace of transformation. Many leading regional and large European banks have gone through successful Agile transformation. The companies who got the new operating model right are rewarded with a much higher level of customer centricity, an improvement in operational performance, an increased speed in driving the change and in time-to-market by becoming a top innovator, an uplift in employee engagement and gain in efficiency.
According to the project plan, maib’s Agile Transformation is to be run in several waves to cover most of main business areas first and then to be scaled to other zones within the bank to a level of a fully agile organization. The wave approach provides the opportunity to test and learn fast and ensure overall success of the transformation. Maib’s primary agility focus is on the areas of Retail, SME and IT, which are critical in the fast growing market. In its path to agility maib is assisted by a leading management consultancy, and the first agile teams are expected to be fully launched by the second quarter of 2022. Maib is the first bank in Moldova to embark on the path of agile transformation.
Giorgi Shagidze, maib CEO, said:
“Agile transformation is an ambitious, one of a kind project for an organization of maib’s scale and complexity. The need for agile transformation is based upon the changing industry landscape, where customer centricity and digitalization are key to maintaining the lead in the market and unlocking additional value. The journey will result in a fundamental change in the way of working and cause a huge cultural change creating a mindset needed to achieve the speed and flexibility required to fulfil our goal. We are all very excited by the transformation and are ready to make the change that will unlock benefits for many years ahead.”
Maib is the largest bank in Moldova, accounting for 31.1% of country’s banking assets and 34.2% in loans as of 30 September 2021. The bank provides over a quarter of all mortgage loans extended to Moldovans. The bank serves over 35% of Moldova’s population and is among the largest employers in the country. Maib is widely recognized for its customer service and product innovation having been awarded Best Bank in Moldova in 2021 by The Banker magazine. Since 2018, maib’s largest shareholder is HEIM Partners Limited, a consortium of investors composed of European Bank for Reconstruction and Development, Invalda INVL, a leading asset management group in the Baltics, and Horizon Capital, an Emerging Europe focused private equity fund manager.
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