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Bank of America is one of the few companies whose mission and vision statement declares their leadership and authoritative control they have within the area they operate. As a key player in the financial sector, Bank of America has established an influence that makes it a ‘must be involved’ entity in matters pertaining to financial decisions even at a globally level.
What this means is that the company is very strict in advancing its mission and vision statements, something that has helped it rise as a notable competitor within this financial niche, while at the same time giving its customers reliable and dependable services globally. Such dominance shows that there is power in properly crafted and implemented mission and vision statement.
Generally, a vision statement is simply a roadmap towards a future set by the company management, while a mission statement describes the actions or the steps that such a company would implement to take itself to that future. In this case analysis, the vision statement of Bank of America points at the leadership the company has especially in the global financial sector while acknowledging that the customers should be the primary beneficiaries of the services it provides.
For the mission statement, Bank of America places the needs of the customers at the core of all the operations of the enterprise. It echoes the need for the institution to offer these clients worthwhile financial services. The success of these two corporate statements directly relies on the core values that influence the entire Bank of America. In fact, these are the ones that have made the company grow into a globally recognized financial institution with unquestionable quality standards that reflect exactly what the customers need.
Bank of America’s mission statement is “To offer lending and investment products that: Serve low- and moderate-income individuals and families, improve underserved low- and moderate-income communities, and create sustainable practices for the long haul.” This vision statement by Bank of America strategically identifies all the critical needs of its customers to ensure none remains unaddressed, and this is the primary purpose of this institution. The focus, therefore, is on how to give the customers the best financial services that satisfy all their needs. The statement comprises of these key factors:
- Building relationships. Just like in any other financial institution, Bank of America recognizes that financial matters are often sensitive. It understands that the foundation of long-term business interactions with clients can only be pegged on trust and quality. To meet this criterion, the institution uses a very friendly business approach that prioritizes giving the customers the best impression through targeted services and care. In this way, the facility stimulates the development of strong bonds with its customers, and this also adds to the trustworthiness and credibility attached to the organization in general.
- Improvement of life. Bank of America is clearly a financial institution that does more than offering financial services for its customers. While it contributes to personal and institutional development through its informed financial advice and support, Bank of America also does more. For instance, the institution agrees that everyone has the responsibility of addressing the needs of the society, and it identifies its role as that of advancing economic and social progressiveness globally. It does this through numerous support programs and other corporate responsibilities.
- Superior financial services. If there is something Bank of America is best known for, it is the quality of financial services it offers. The company has surely met all the needs of this component through its varied services and continues to do so by ensuring that it adapts these to the ever-changing business landscapes at the global level. The business strategy of Bank of America is so comprehensive that the company does not leave anyone without the right services that they need ranging from the major institutions to the individuals in the society. And, there is no discrimination at Bank of America when it comes to financial support, everyone is accorded maximum respect and assistance by the expertise.
Bank of America’s vision statement is “Vision is to continue to help their customers grow and demonstrate how they can turn opportunities into reality.” The statement shows the influence Bank of America has when it comes to helping its customers achieve their needs. Such influence comes with the leadership the company has in the financial market. The vision statement has these variables:
- Help their customers grow. Bank of America’s emphasis is on the welfare of its customers. The business model that the facility applies shows that the needs of the customers are the first priority. For example, the Bank has a practice whose client focus that follows eight business lines, all of which have specific ways of improving the customers to grow financially. Some of these include consumer bank and global banking and markets among others.
- Turning opportunity into reality. As a financial institution, Bank of America recognizes that every idea has risks attached to them. To ensure ideas are exploited rather than overlooked, the company offers a wide range of securities for investors. Other than this, Bank of America appreciation of the role of research in financial maturity. As a result, the facility has a wealth management sector whose focus is to help its clients across the globe go through their idea assessment and implementation process to make the most informed financial decisions.
Bank of America’s core values includes “deliver together, act responsibly, and Trust the team.” These are the elements that drive the establishment into becoming an influential entity in the global financial sector through leadership.
Bank of America has specially recorded constant growth due to the corporate culture that comes with its three core values. By emphasizing the spirit of togetherness, the company shows how important cooperation is, and the importance of every personnel. Rather than adopting a micro-managerial approach, the company gives its employees an opportunity to show self-initiated responsibility by trusting their expertise and understanding of the mission and vision, and this is one of the reasons the facility has gained such a strong corporate culture it has today.
- Bank of America – About Us.
- Bank of America – Home.
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