Comments on: Mission, Vision, Values…and The Missing Piece

By: Owen Romeo

Owen Romeo — Mon, 12 Mar 2012 06:18:58 +0000

I think,having a Mission statement and a vision statement in a financial institution or a firm is peculiar in this economic environment.Any financial firm without a mission will never know what she is trying to accomplish,….
Likewise without a Vision statement,any financial institution will not be focused on what she wants to achieve and where she intends to go,to be in the future…..( )
To me it is a preliquisite to have both mission and vision statements.

By: 6 Tips for Building a Strong Culture and Improving Internal Communications | The Financial Brand: Marketing Insights for Banks & Credit Unions

Tue, 31 May 2011 14:28:25 +0000

[...] about every business has a mission statement and a set of values. The words are there — maybe posted on a wall or published in an annual report — but for [...]

By: Frost Bank’s Little Black Book | The Financial Brand: Marketing Insights for Banks & Credit Unions

Mon, 18 Oct 2010 08:03:07 +0000

[...] Does your bank or credit union have a manifesto? A customer bill of rights? A customer experience promise? Something more profound and pithy than the uncourageous corporate clichés littered in most financial institution’s mission and vision statements? [...]

By: The Financial Brand » Brandspeak: A Glossary of Branding Terms

The Financial Brand » Brandspeak: A Glossary of Branding Terms — Tue, 23 Mar 2010 08:03:27 +0000

[...] a practical outline of business objectives that avoids corporate clichés and boardroom buzzwords. Mission statements define what the organization does today, while vision statements describe what the organization [...]

By: Pam Alvord

Pam Alvord — Mon, 08 Feb 2010 15:08:07 +0000

It’s the marketing buzzwords that make something sound so great, but yet end up being so ineffective. They will kill you every time. For a list of terms to avoid, in your brand positioning (and ideally your mission, vision and core values also) check out http://bit.ly/B32r

kilgannonsays.com

By: The Financial Brand » Blog Archive » Do all banks really believe the same thing?

Mon, 26 Jan 2009 16:57:32 +0000

[...] First, what are “core values?” Financial institutions often get confused about what the difference is between mission statements, vision statements and core values (see The Financial Brand’s comparison here). [...]

By: Jeffry Pilcher

Jeffry Pilcher — Thu, 02 Oct 2008 13:14:48 +0000

Good question Jeff. No, I don’t think a mission or vision statement is important. They are most often the outcome of an exercise at a board retreat or annual planning session. The board and senior management are supposed to meet at least once a year, but what are they supposed to talk about? Eventually, someone suggests working on mission and vision statements. So a consultant is called in, grand terms are thrown about, and platitudes rule the day. Then, after all that “hard work” and “consensus-building,” the board feels so vested in it (or the senior management team is so fearful of changing it) that these hollow expressions get framed and mounted on walls and sit there for 10-20 years.

A mission statement is the first thing I’d chuck. They all pretty much read like the one I wrote in the article.

Vision statements could be worthwhile, but that all hinges on having worthwhile goals. “Becoming the preferred provider…” doesn’t cut it. I’d throw 98% of all vision statements out and start over.

No one ever said you HAVE to have a mission or vision statement. Back in the 50s, these were the kinds of tools that USED to do the work of brand positions. But these days, our collective understanding of how brands are built make these tools a bit archaic.

Core values are entirely different. They can really help define an organization’s DNA. But most financial institutions need to start over. They have core values like “trust,” “integrity” and “service” because those are feel-good terms. Few organizations really know who they are, and are in touch with their values. And even fewer do the hard work to figure it out. Just slap “professional” on the list and call it a day.

By: Jeff Stephens

Jeff Stephens — Thu, 02 Oct 2008 03:56:45 +0000

Jeffry, I too come across a lot of weak, cliche mission, vision and core values statements. And I agree that it’s the brand position that’s missing. Sometimes (maybe when I’m feeling particularly skeptical), I can’t help but want to toss out the mission and vision completely…leaving only a very well crafted and differentiated brand position.

What are your thoughts–do you feel strongly that mission and vision statements are important to have? I think the fact that I’ve never seen a really strong mission or vision statement in a bank or credit union has left me feeling that they’re not really that important.