What industry is changing as rapidly as the banking industry? Technology, compliance and new competitors such as virtual banks are making management rethink purpose, strategy and mission. Banking Exchange picked a few winning slogans that go from mission, purpose, and of course the BHAGS (big, hairy audacious goals) below that worked: some present, some past that are audacious, sometimes realistic and almost always provided a new focus to employees.
One word of caution; business research has found that even with the most compelling rallying cries, the most crucial thing is repetition. Many employees hear these statements once in orientation, and then rarely hear them again. If you are going to go through the exercise of a new mission statement and purpose, make sure you are committed to follow up. Here are some of our favorites from the past.
Citibank: become the most powerful, the most serviceable, the most far-reaching world financial institution that has ever been.
- corporate social responsibility
- unequivocal excellence in all aspects of the company
- science-based innovation
- honesty and integrity
- profit, but profit from work that benefits humanity
- service to the customer above all else
- hard work and individual productivity
- never being satisfied
- excellence in reputation; being part of something special
- no cynicism
- nurturing and promulgation of “wholesome American values”
- creativity; dreams; and imagination
- fanatical attention to consistency and detail
- preservation and control of the Disney magic .
Hewlett-Packard: to make technical contributions for the advancement and welfare of humanity.
McKinsey & Company: to help leading corporations and government be more successful
Walt Disney: to make people happy.
Honda (1970): we will destroy Yamaha!
When it comes to banks and transitioning from a new world to the present and future climate, make sure you keep with what has made your business successful…. but combine it with a new vision for success.: To be the most technologically advanced bank in all of the Midwest. To be the unequivocal leader in Small Business loans in the Tri-State area.
Lastly, make sure everything you do is consistent with the purpose.
- PPP: SBA Issues Guidance on Changes in Ownership and Full Forgiveness Eased for Smaller Loans
- First Citizens, CIT Plan Merger to Create $100bn Bank
- OCC Levies Third Major Fine This Month
- ABA Urges DoJ to Update Market Data to Help M&A Governance
- JP Morgan Chase Outperforms, Good Sign for the Banking Industry