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Grit, Guts and Gumption: Driving Change in a State-owned Giant
This is the story of the carefully planned resurgence of the State Bank of India (SBI) from a laid-back incumbent under threat from private players to a customer-oriented competitive organization that has outperformed rivals despite several constraints. The leadership at SBI succeeded in reshaping perspectives and profitability at the bank, which employs a staggering 200,000 people, notwithstanding salary restrictions and regulatory bottlenecks. While the primary thrust was on changing employee attitude towards their own organization and, of course, its customers, the transformation exercise was broadbased, encompassing fundamental changes in technology, processes and business-mix alike. In about three years beginning 2006, SBI not only defended its own lair against the siege of younger, leaner, meaner rivals, but actually took the battle to the attackers domains. SBI s size and setting make the story an inspiring example to other organizations, particularly in the public sector. Written in a fluid and engaging style, and backed by facts, figures, analysis and anecdotes, the book challenges several stereotypes and dogmas common in today s management circles.
- GenresManagementBusiness
264 pages, Hardcover
Published November 20, 2010
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Displaying 1 - 12 of 12 reviews
January 30, 2020
This book could have been so much better. As it is, it is readable, and gives a dry idea of the scale of what was achieved at the State Bank of India, which was by any measure extraordinary. It could have been a great book, the material certainly was there: what it is, is barely an okay book. It takes as its subject the change management saga of one of the world’s biggest banks, made complicated by its position as a national bank of huge importance to its country, and reduces it to a little more than a textbook. It is also a thinly veiled advertisement of McKinsey (why!?), and in places starts out a promising story and then buries it in numbers and statistics.
Still, it charts out a crucial phase in the history of the State Bank of India, easily one of India’s most important financial institutions, and manages to put forth a narrative of its transformation that boggles the mind in its scale and achievement. There are so many management lessons in the book, and one wonders if it is being taught in universities somewhere. It should be.
Still, it charts out a crucial phase in the history of the State Bank of India, easily one of India’s most important financial institutions, and manages to put forth a narrative of its transformation that boggles the mind in its scale and achievement. There are so many management lessons in the book, and one wonders if it is being taught in universities somewhere. It should be.
April 12, 2020
"The dramatic revival of the State Bank of India" as quoted by Ratan Tata. It's not a history book of the State Bank of India. Instead it's a management book on the transformation that took place in SBI between 2006 and 2009.
If you want to read about the history of SBI, then the bank has published it in multiple volumes. Instead this book is purely about that dramatic transformation.
The event starts when Sri. O.P.Bhatt takes office as the new chairman of the mammoth organization. Ahead of him is the task which is almost impossible to pull off = changing the mindset of the people working in the organization so as to push the bank to it's place of becoming the global leader.
After going through transformation changes occurred in other companies worldwide, and learning from them, Mr.Bhatt came to the opinion that this is not how it's going to happen. The western world is different. Here in SBI he can't fire people in case they didn't reach to his expectations. Also, he can't reward those who over achieve his expectations. The only way out - as Mr. Bhatt chalks it, is to awaken the inner self of every employee. Getting them more involving. It's more of a long term thing when compared to the short term stimulus which otherwise he would have done by giving them petty rewards every time they achieve goals.
For this to happen, Mr. Bhatt happens to peek inside the epic Bhagavad Gita. Where it says the way to fulfillment is to work without any expectations. And then he and his team of top management executives start with the daunting task of turning around the fate of the organization in the years to come. The question is whether Mr. Bhatt gets it done or not. What is going to be the future of the organization once he retires, etc.
Throughout the narrative Mr. Chakrabarti has done a good job. Intitally the book went boring till about 30%. But that happens to be the lowest point in the book, and afterwards it's all about achievements and reaching milestones and touching goals. In some other likewise books like the Crash of '79 by Paul Erdman, the story mostly swivels around characters, having their own place in the timeline of the story. Whereas here the Bank itself is a living organism working its way up to the top through the story. Mr. Chakrabarti could have made this book even more entertaining; but that would mean adding rings and bells around the story and would miss out on the part of being a management book meant to be studied at business schools. Mr. Chakrabarti, a regular writer of finance articles, was well aware of what he was writing and the book has come out rather very well.
If you are a banker, I would say it's a rather fast paced book. Otherwise it's boring and very slow moving and not at all indulging because of the not-story-like writing.
I hope that this book be a spring board if this is your first and in case you are planning to read more in genres like transformation exercises of multi national corporations.
If you want to read about the history of SBI, then the bank has published it in multiple volumes. Instead this book is purely about that dramatic transformation.
The event starts when Sri. O.P.Bhatt takes office as the new chairman of the mammoth organization. Ahead of him is the task which is almost impossible to pull off = changing the mindset of the people working in the organization so as to push the bank to it's place of becoming the global leader.
After going through transformation changes occurred in other companies worldwide, and learning from them, Mr.Bhatt came to the opinion that this is not how it's going to happen. The western world is different. Here in SBI he can't fire people in case they didn't reach to his expectations. Also, he can't reward those who over achieve his expectations. The only way out - as Mr. Bhatt chalks it, is to awaken the inner self of every employee. Getting them more involving. It's more of a long term thing when compared to the short term stimulus which otherwise he would have done by giving them petty rewards every time they achieve goals.
For this to happen, Mr. Bhatt happens to peek inside the epic Bhagavad Gita. Where it says the way to fulfillment is to work without any expectations. And then he and his team of top management executives start with the daunting task of turning around the fate of the organization in the years to come. The question is whether Mr. Bhatt gets it done or not. What is going to be the future of the organization once he retires, etc.
Throughout the narrative Mr. Chakrabarti has done a good job. Intitally the book went boring till about 30%. But that happens to be the lowest point in the book, and afterwards it's all about achievements and reaching milestones and touching goals. In some other likewise books like the Crash of '79 by Paul Erdman, the story mostly swivels around characters, having their own place in the timeline of the story. Whereas here the Bank itself is a living organism working its way up to the top through the story. Mr. Chakrabarti could have made this book even more entertaining; but that would mean adding rings and bells around the story and would miss out on the part of being a management book meant to be studied at business schools. Mr. Chakrabarti, a regular writer of finance articles, was well aware of what he was writing and the book has come out rather very well.
If you are a banker, I would say it's a rather fast paced book. Otherwise it's boring and very slow moving and not at all indulging because of the not-story-like writing.
I hope that this book be a spring board if this is your first and in case you are planning to read more in genres like transformation exercises of multi national corporations.
April 2, 2021
Not really a business book fan.. Most of them tend to be someone blowing their own trumpet and forging facts and pointing fingers and going all "people are most important and they are neglected". IMO, every leader in their right mind is aware of this now.
This book is different. Not only does it take you through the journey of SBI from a cultural transformation perspective (Parivartan and Citizen SBI campaign), it also focuses on technological changes as well as business model changes (on treasury, wholesale banking and rural banking). All said and done, very fact that a leader (OP Bhatt) was able to think and deliver change at such a scale is simply amazing to read.
Would have loved if it had shown more on how the people challenges to transformation were tackled.
The personal takeaway for me, change takes time and you have to give it time.
This book is different. Not only does it take you through the journey of SBI from a cultural transformation perspective (Parivartan and Citizen SBI campaign), it also focuses on technological changes as well as business model changes (on treasury, wholesale banking and rural banking). All said and done, very fact that a leader (OP Bhatt) was able to think and deliver change at such a scale is simply amazing to read.
Would have loved if it had shown more on how the people challenges to transformation were tackled.
The personal takeaway for me, change takes time and you have to give it time.
January 28, 2022
Rajesh Chakrabarti has a talent of immersing the reader completely in his book. A very well written and researched piece on how SBI rose from its decline in 2006, he takes us on this journey as though he were the all seeing 'Watcher', observing from a distance, and appreciating the effort put, though not without criticism of the way several things were handled, and a healthy dose of skepticism for the way forward.
The only problem of reading it at this time is that it spans only 3 years, 2006-2009, therefore it does not give us a complete and up to date picture of things in the present. As a customer of SBI myself, it is difficult to equate the SBI of 2006-2009, and the SBI of the present times, with such a big difference in attitude in the 10 years in between.
Nevertheless, a good book that covers all aspects of the SBI transformation.
The only problem of reading it at this time is that it spans only 3 years, 2006-2009, therefore it does not give us a complete and up to date picture of things in the present. As a customer of SBI myself, it is difficult to equate the SBI of 2006-2009, and the SBI of the present times, with such a big difference in attitude in the 10 years in between.
Nevertheless, a good book that covers all aspects of the SBI transformation.
Read
January 25, 2016Transformation is not instantaneous. It takes decades, in some cases. That is why we need to start the process today. We are already 20 years too late. It is indeed a daunting but not an impossible task. To win the battle, we need to transform the bank. But let us begin with transforming ourselves. Yes, Culture can be changed. No matter how tall your skyscrapers, how big your market share or how global your organization, when the paradigm shifts, everyone goes back to zero. Your past success guarantees nothing in your future. Remember changing people's mind sets is way harder than changing their business cards. Be the change you want to see in the world
June 8, 2017
Turnaround story of SBI
Turning around any company is big, when you have a 200 year old legacy in a highly regulated environment as state owned enterprise - it adds additional dimensions. This book is the story of how OP Bhatt, then chairman and his team systematically went about showing the need to change and then undertaking them in each of the identified pillars with the help of McKinsey in process and TCS in technology. This is a tribute to employees of SBI that they latched onto the vision. Long after his retirement, the 5 associate banks of SBI and another co-operative bank easily integrated into SBI from 01-Apr-2017.
Highly recommended turnaround story!
Turning around any company is big, when you have a 200 year old legacy in a highly regulated environment as state owned enterprise - it adds additional dimensions. This book is the story of how OP Bhatt, then chairman and his team systematically went about showing the need to change and then undertaking them in each of the identified pillars with the help of McKinsey in process and TCS in technology. This is a tribute to employees of SBI that they latched onto the vision. Long after his retirement, the 5 associate banks of SBI and another co-operative bank easily integrated into SBI from 01-Apr-2017.
Highly recommended turnaround story!
June 6, 2012
The book was quite informative about the 'transformation of SBI' in the period 2008-2011. While the performance does seem to back the thesis of the author(professor at Indian School of Business), he seemed too complimentary about SBI, with little critical thinking(that is why I dock it a star). Otherwise, the book is a good read on change management, business of banking(sample insights-SBI's global markets staff are poached from other banks!!) and so on. Its also good to know about a little profiled homegrown success story.
August 31, 2013
this is my first book doing a case study on transformation of an organization. several points were touched but most interesting to me were how to bring a change in the mindset of people smugly ensconced in stereotypical thinking. level of details were adequate - not too little to be irrelevant or too much to be a distraction.
this book has opened up a new genre of books which i may consider in my future reads.
this book has opened up a new genre of books which i may consider in my future reads.
October 16, 2013
Shocked to see HIS name as writer of the forward to this book!
Ignoring only the writer of the forward, the book is the perfect guide for the Change Implementation in Corporates, in fact Corporate giants (SBI group being almost a size of a small country)!.
Ignoring only the writer of the forward, the book is the perfect guide for the Change Implementation in Corporates, in fact Corporate giants (SBI group being almost a size of a small country)!.
October 18, 2015
The book illustrates journey of a behemoth -SBI. how the archaic organisation mend it's ways to compete the new private banks & young talent. How the former chairman motivated people to leave age old ways and adopt the 21st century fundamentals.! well the book is truly inspiring.!
February 10, 2018
An interesting look on the reinvention of State Bank of India under the leadership of Chairman OP Bhatt.
Displaying 1 - 12 of 12 reviews