Evolution Through Innovation

Hampton Financial Services was introduce to the unsecure credit granting industry as a utility credit card provider subsidiary of a private label credit card brand.  The initial vision being to build rewarding relationships with consumers  The initial mission being to achieve a bright financial future for its consumers  The initial vision and mission will be accomplished by: 1) Doing the right thing 2) Being innovative 3) Simplicity 4) Collaboration 5) Openness 6) Volunteerism 7) Enthusiasm 8) Respect By making these elements and characteristics the core values that drive the business. Hampton Financial Services believe they will be positioned as the most trusted unsecure credit card brand in the industry.

The functional and structural organizational logistics consist of marketing/retail, consumer service, payments, and collections, and a host of specialty groups design to keep the core values of the vision and mission imbedded at the grassroots of their targeted efforts. The product, functional, and geographical structure, will support differentiation and product niche. The stated goal for Hampton Financial services is restated in the mission statement. The structural opportunities are as follows: 1)Provide superiors credit and conventional lending products and services 2)Create an internal environment that fosters innovation and empowerment 3)Provide superior customer focused customer service 4)Create a development and growth strategy that supports employee development and consumer engagement. (Interview notes App3BlackD)

The culture of Hampton Financial Services is one grounded in equitable employee, and consumer treatment. The members and affiliates of Hampton on all levels believe that adding value, being internally and externally responsible, beliefs and values grounded in ethics and morals, employee and consumer fulfillment, opportunity, optimization, will create the best employee and customer experience possible. The organization will accomplish this by being rooted in the appreciated value of internal and external human capital. Those calculate measurements being: 1)Employee and consumer recognition 2)Employee and consumer rewards 3)Corporate Social Responsibility 4)Employee commitment and dedication 5)Equitable stakeholder stability

As mentioned earlier in the presentation, Hampton Financial Services evolve from a private label unsecure credit granting credit card bank. This type of utility credit card in today's industry is none as a co-brand utility credit cards. Hampton Financial Services success is attributed to: 1)Being a risk taker 2)Being an innovator 3)Being a leader 4)Embracing the six leadership values (Asses, culture, values, plan, implementation, and follow through) Hampton Financial Services identified an opportunity in the external environment by assessing, credit industry practice, local and global economies, political regulations, resource availability, societal trends, and consumer demands (leadership and the Art of Change).

The organizational structure of Hampton Financial Services is one that supports the value of collaborative engagements. Through the evolution of the brand, and new innovations, there has been a continued focus on utilizing internal human capital to build the organizations portfolio of products, services, and identity. Leadership effectively incorporates the following elements: 1) Assessing the internal and external environment and identify the most equitable business innovations 2) Ensure that innovations are relevant, supported, timely based on the core cultural values 3) Take into account how new innovations fit into the organizations future, and articulate a universal message derived form internal collaborative feedback 4) Format a plan that encompasses relevant tactics, operational implications, and short and long terms strategy map 5) Appropriate implementation and follow-through Although the organization is culturally fragmented in many ways. The organization as a hole believes and supports the vision & mission

Hampton Financial Services was able to benefit from the initial parent companies experience and gain industry insight. This empowered Hampton with a clear understanding of industry demands and constraints. Which also gave Hampton access to reporting information, successes and failures, resources that complimented them building a clear vision and mission that supported their stated goal and future strategy. The stated goals are incorporated into the vision and mission statement;  Build rewarding relationships  Spend smarter and manage better  Do the right thing, innovation, simplicity, collaboration, openness, volunteerism, enthusiasm, and respect Being afforded the opportunity to come into the credit granting industry with history, and industry experience, compliments Hamptons competitive authoritative presence, and financial strength.

Now that Hampton has successfully spun off into and independent credit lending organization and institutionalized new products and services into the overall portfolio successfully. The organization has to continue to asses the internal and external environment and identify opportunities for new innovations. Some of the innovations that were successfully launched and institutionalization were,first introducing new credit and lending services, second becoming an independent institution, and thirdly reorganizing the internal structure to complement new service related resources. Each of these efforts were met with some resistance. However, as the members began to see the positive affects on the business. A large part of the members began to have confidence in the leadership team. There are, however, some opportunities to in terms of performance expectations that haven’t normally been a focus that are being met with resistance in some areas of the business.

Hampton Financial Services change implementation strategy:  Asses (identify the grow opportunity)  Collaboration (utilize the human capital)  Design and develop a plan (Goal, Requirements, Priorities, Implications)  Deployment and implementation strategy (Media Channels, Etc)  Training or skill development workshops (Seminars, Intranet, Guides)  Measurements (Outcomes in relation to goal, realign, reward, recognize)  Follow up and follow through (redirect if necessary) Although Hampton has experience successes in institutionalizing change, there have been some missed opportunities as it relates to not addressing the change resistors. By not addressing, nor taking steps to build a change environment, they find themselves combating efforts of sabotage more than skill deficiencies. The exact cost the organization encounters when this happens comes in the form of production, efficiency, staff attrition, and cultural static.

The outcome of this evaluation has painted a very clear picture of a systemic infrastructure that values innovation. We may not always understand, or know the motivation behind the decisions of leadership. However, ethically grounded values and practices that target continuing operations, while valuing those that perform the task; results in one vision, one mission, and one team. I think overall Hampton took relevant and appropriate risk. They believed in there people to support the vision and mission. They exercised timely judgment concerning innovation implementation, and as a result experienced some significant accomplishment in the area of continuing operations. By building the core values of the organization around the people that make up the internal and external environment that support their operations. Has created a since of unwavering loyalty that the consumers and members have for the organization. The only area of continued concern is the unknown shift of introducing new performance measurement that were once viewed as insignificant in certain departments. With innovation comes change, with growth comes analytics, and competitive business drives change.

Leadership and the Art of Change, Lee Roy beach Interview assignment App4BlackD