Our purpose driven business
To help us to balance delivering responsible and sustainable products, services and partnerships to our customers, maintain high levels of regulatory compliance, and provide a stimulating and rewarding workplace for our employees, while generating appropriate, sustainable returns for our shareholders, we have built a Blueprint for the future of Provident Financial.
Our Blueprint brings together why we exist as an organisation, framed in the context of the role that our business plays in the lives of our customers. It also sets out the strategic areas of focus and the key priorities that will drive both competitive advantage and commercial success for the whole Group. Finally, it articulates how these focus areas and priorities will be delivered and sets out the behaviours that are needed to succeed.
Our Blueprint explained
Provident Financial’s purpose is to help put people on a path to a better everyday life. This is our reason for being. It unifies us and is something that we can get behind both practically and emotionally.
What our purpose means:
- Help = our purpose and our role in helping customers achieve financial inclusion.
- People = references the humanity, intrinsic to the way we do business.
- On a path = progression, growth and moving them forward in their lives. It’s a journey.
- Better everyday life = our business is not in the big life-changing moments; we help people in their everyday spending.
Our Strategic Drivers
This purpose is built upon a number of strategic drivers, which are the critical pillars of our strategy, under which sit practical priorities. They drive our competitive advantage and force choices. However, they are not everything we do as an organisation; they are designed to focus our minds, time and investment. Our four strategic drivers are:
- Customer progression – We will build products, services and partnerships that change the game for our customers.
- Human experiences – We will build enduring relationships by delivering experiences that seamlessly integrate the latest technology with our brilliant people.
- Head AND heart decisions – We will deliver for our stakeholders by balancing: (i) data and insight; (ii) financial return and doing the right thing; and (iii) customer need and customer want; in order to build a long-term, sustainable business.
- Fighting fit – We will continuously challenge our cost base, efficiency and effectiveness, and change our capability to ensure we remain the most competitive player in the market.
To make sure we deliver on our purpose, it is essential we create a culture where: (i) we think ‘customer’ all the time; (ii) we constantly innovate and make things better for all our stakeholders; and (iii) we hold ourselves and each other personally accountable for success. As a result, we have developed a set of behaviours we are now embedding in our overall culture. These are:
- Be hungry for better – This is seeking out opportunities for constant improvement, as well as having conversations that will help us move the dial, even when it’s tough.
- Put the customer on the team – This is making every decision with our customer in mind, as well as owning the trade-off between commercial and customer impact.
- Act like it’s yours – This is using resources with the same respect and consideration you would your own, as well as doing your bit to step-change our performance and maximise value.
To demonstrate that we are delivering our business activities in accordance with our Blueprint we have created a dashboard of metrics which we will use to measure and report its implementation.