Background
Popular, a 130-year-old financial institution originated in Puerto Rico, embarked on a transformative journey to remain competitive in a rapidly evolving banking landscape. Faced with growing competition, digital innovation and the effects of the pandemic Popular sought to position itself as the most relevant and trusted bank in its markets while continuing to delight customers and being an employer of choice. To achieve this, it recognised that its culture needed to be more agile and responsive so that its 8’500+ employees could embrace new ways of working that aligned with the bank’s long-term goals.
The challenge was not only to simplify and modernise its cultural framework but also to break down long-standing norms that were impeding speed of transformation. In partnership with consultancy Dragonfish the bank aimed to unite its workforce around a compelling purpose while maintaining the heritage that had made it successful for over a century.
Approach
Dragonfish adopted a human-centred approach that placed Popular’s employees, customers and communities at the heart of the culture transformation. Research and data collection informed the new purpose, involving 35% of Popular’s workforce across six regions and consultations with 400 customers and 50 partners. This inclusive approach led to the development of the purpose: “We put people at the center of progress.”
The process involved co-creating actionable behaviours and values with Popular’s leadership, which were tested and refined across various markets. Dragonfish also worked closely with leaders to align the new cultural framework with Popular’s strategic goals, focusing on agility, accountability and customer alignment. More than 1,600 leaders participated in an experiential activation programme, while 225 culture champions were mobilised to embed the new values across the organisation.
“Popular Bank’s cultural transformation ensures that it is future-ready while reinforcing its position as a leading heritage bank”
To ensure the new culture took root Dragonfish designed a comprehensive 12-18 month roadmap. This operational plan focused on embedding the values into daily practices, providing tools to assess team performance and integrating culture into leadership agendas through regular governance and measurement.
Outcomes
Popular Bank saw significant improvements across employee engagement, customer satisfaction and financial performance, with 95% of colleagues feeling inspired by the new purpose and 94% of leaders motivated to model the new culture. Customer acquisition surpassed expectations, with the loan portfolio increasing by $1 billion in 2023. Operating costs were reduced by 6% due to streamlined processes and improved ways of working.
Popular’s new cultural framework, Somos Popular (We are Popular), has become a central driver of the bank’s success, uniting employees and ensuring the organisation is future-ready.