TD Bank Vision

The history of TD Bank began in 1855, in Church Street, Toronto as a single branch bank serving grain millers and merchants. Throughout 150 years, TD Bank expanded exceptionally to a major financial company serving more than 11 million customers in 1,150 branches just in Canada. In 21st century, TD Bank succeeded to exceed more than national level to “America’s Most Convenient Bank”, and ranked as one of the top 10 banks in North America.

Armstrong’s team used branch-level data from the CSI system as the primary source of research. As a result the concept of “comfortable banking” is directly translated into customers satisfaction during their interaction with tellers in the bank, since almost every criteria in the CSI is measuring representative service behaviors. One thing that the team failed to see is that “comfortable banking” could include a much wider scope of services that customers value therefore consider important to their experience: the products itself and services provided outside the bank for instance. According to Armstrong, “comfortable banking” positioning stands for the branding of the overall experience TD Canada Trust delivers to its clients. The financial products, as the core business of any banks throughout the world, should be counted as part of the service, too.

Personally, I believe TD ‘s 7-day banking hours really make banking convenient. They are open on weekends and holidays when other banks are closed: that is uncontestably differentiating it from its competitors. Although the Thanking Machine as well as all those gifts hangouts seem to be just an alternative “thank you” approach, similar to those “points-earned” scheme with other banks, the on-site, in-person instant and direct moment is a touch, a twist and is going to be memorized by the

Bank of America is one of the largest banks in the nation. It is a multinational company and it is recognized by its high revenue value. Unfortunately, Bank of America has endured many complaints and harsh views regarding their lack of ethics. Ethical issues occur when there is a blatant disregard to implement integrity, trust, and responsibility. In some financial institutions, ethical matters are displayed in the way the consumers are treated. Within the past nine years, Bank of America has diminished all of their ethical promises by revealing customer information without their permission; discriminating against consumers based on their race; and manipulating overdraft fees in order to benefit the bank. In order to assess these problems, it is vital to recognize what Bank of America claims to stand for and determine where their most concerning issues are generated from.

I really don’t have any clue, but I look online and i have found an article about Wells Fargo. Apparently Wells Fargo have set the vision for an organization. Wells Fargo vision is that they want to “satisfy all their customers’ financial needs, ect. Wells Fargo is the largest bank in the U.S. by market capitalization. It beat Bank of America and JP Morgan in last few years. Barron’s ranked it as the best financial services company in the world. Wells Fargo is the only “AAA” credit-rated bank in the United States. This is the highest possible rating from Moody’s.

CIBC has focused its core business on retail and business banking, wealth management, and whole sale banking. They have shown a proven track record of providing there customers with financial services and advice through a group upwards of 1100 branches worldwide. Strategies CIBC has portrayed is to continually find new ways to enhance the experience of the client and to stimulate safe revenue growth. CIBC has put emphases on creating deep meaningful relationships with all clients, constantly trying new ways to improve service and sales prospects and to create relationships with new clients while retaining existing clients for a long period of time (CIBC).

“ Our mission is to be a Premier Bank in the Asia- Pacific region, committed to providing Quality Products and Excellent Customer Service.”

Wells Fargo scored high on Strategic Direction due to their clear strategy of focusing on selling new goods and services to their existing customer base, which is called cross selling. Somehow this strategy has worked for Wells Fargo unlike their competitors. The three banks do not seem to have large international recognition, majority of their business is based in the United States.

Thus, each bank needs to differentiate their product offers to customer, strengthen their portfolio, and improve services, etc depending on its strategies.

This model is relating to RBS where they said that RBS believes every decision and action is shaped by the purpose, vision and the value of RBS. RBS purpose is to serve their customers well and do the right things which includes, environmental, social, and ethical risks. Building a more sustainable RBS by putting customers first. RBS strategy based on customers trusting this bank.

A vision is basically the target goal for the company’s future. After reading the Mystic Monk Case, I came to the conclusion that the vision for the company is to earn enough profit to be able to purchase a Ranch called Irma Lake. In the case study, Father Daniel Mary states his vision, “We beg your prayers, your friendship and your support that this vision, our vision may come to be that Mount Carmel may be refounded in Wyoming’s Rockies for the glory of God”. In this statement, the Irma Lake Ranch is located in what he refers to as the Wyoming Rockies. The mission statement essentially is what is happening in the company at that time

A well written vision statement will give aspirations about how we feel and think about the future of the company. The message conveys a powerful statement that is frequently used in communicating the organizations vision and dream. It builds a frame of mind and helps to envision in the minds of others. The statement defines a conclusion of the company’s best achievements to inspire and challenge their people.

Vision Statement: We want to create value for our customers so as to enable them achieve their vision.

In 1996, Citibank was an emergent banking institution attempting to increase its market share in the competitive Los Angeles area. In order to do so, the bank’s strategy was to focus slightly less on their financial growth, and much more on providing “a high level of service to its customers”. Management viewed this paradigm shift as “critical to the long term success of the franchise”.

It is important to understand the difference between vision and mission statement in order to understand whether Nokia’s statements are aligned to the need of its customers. Vision is a projection of what a company intends and what they might achieve in future (Constantin & Balanescu, 2008). A company is considered as having a good vision if the vision is powerful, purposeful, emotional, concrete, self-determining and multi-faced (Bratianu, 2007).