ICBC’s Foreign Trade department is critical when it comes to operations and their associated profits. Its main competitive advantages, anchored by a moderate risk strategy and a deep understanding of regulatory frameworks, have been a key part of its success in the last decade.
In September 2014, foreseeing imminent changes in the market, the bank decided to strengthen and increase its participation in the sector by improving productivity, efficiency, and agility in its business.
THE PLAN OF ACTION
ICBC requested our help in doing this, so we set out to redefine their operations from start to finish. We began with the commercial side of their business, and then continued with operations and related areas.
Along the way, we established four focus areas for improvement:
- Efficiency and competitive agility in all aspects of their foreign trade business
- Integration and feedback on knowledge shared between departments (including Quality)
- Development of interdepartmental working teams
- Development of a company culture that fosters rapid adaption to both organizational and regulatory change
Restructuring these processes allowed ICBC to position itself as the top competitor for import and export transactions in 2016.