In the late 20th century, the two major banks that were operational in Canada were The Canadian Bank of Commerce (established in 1867) and the Imperial Bank of Canada (established in 1875). Both these banks witnessed how the World Wars changed the economy of Canada. To tackle the situations and stabilize the financial conditions, both the banks merged and formed the CIBC after almost a century of their commencement, on June 1, 1961. The new bank formed after the largest merger was called the Canadian Imperial Bank of Commerce. Since then, the bank is operating to provide high-end financial services in Canada.
The company has three major official units- personal banking, business banking, and commercial banking. Due to the demarcations, it has become possible for the company to serve every client, be it the individuals or the companies all around Canada.
Presently, CIBC has several branches distributed across the Canadian land and operates with more than 45,000 employees. Being the largest banking company, CIBC has gained a lot of popularity and earned a huge revenue which helped the company to diversify its services.
CIBC’s mission is to serve different types of clients through modern-day banking operations and approaches. This modern bank aims to work efficiently by streamlining its operations. At the same time, CIBC envisions becoming the first choice for the people when they are looking for financial services.
CIBC’s core value has played an important role in attaining its mission and vision and helping it grow remarkably. CIBC ensures to live up to the trust of the people, be accountable for their work, and also provides unending support to the customer. Thus, it has succeeded in maintaining its position as one of the leading names in the banking sector.
To optimize the services in the best possible way and to enhance customer satisfaction, CIBC implements various strategies to achieve its vision/purpose.
CIBC mission statement is “To deliver a simplified, modern everyday banking experience of all of our clients.”
The mission statement is crisp and clear about the objective of the bank that is to ensure that its customers experience a seamless banking experience without any glitch. From the mission statements, the following messages can be deciphered.
Bringing simplicity in banking operations
Banking operations can be quite frustrating if delayed or involve complex procedures. The main aim of CIBC is to simplify the banking operations and provide prompt services to every client who visits CIBC for banking needs. Through easy and fast banking, CIBC bank wants to attain 100% customer satisfaction as well.
While providing the best financial solutions to the client, it also focuses on ensuring complete banking security. It works in alignment with the National Institute of Standards and Technology Cybersecurity Framework to ensure complete security of the digital data.
CIBC also ensures proper training of their employees that will eventually ensure that they develop the right tone and behavior that eventually assist them in pitching the clients or resolving their customer queries.
Modern Banking Exceeding Expectations
Based on its mission statement, CIBC bank aims at exceeding customer expectations and build a long-term relationship through its Service Commitment and its modern banking operations. The bank has set high standards for its staff (code of conduct) so that they serve in the best manner. Most importantly, everyone at CIBC is accountable for Service Commitment. The bank also takes customers’ complaints seriously. Both The Board of Directors and management of CIBC aims to achieve excellence and also focus on constant improvement in its operations and processes. CIBC also takes customers’ complaints seriously and resolves them at the earliest.
CIBC Vision Statement
CIBC’s vision statement states “To be the first choice for financial services in the region by putting our clients at the center of everything we do.” To achieve its vision, across all the branches in Canada, the CIBC bank adopts different strategies based on the messages that the vision contains. These are:
Become the first choice for banking services
The bank wants to be a preferred choice of people for complete banking services in their area. CIBC has understood that following the traditional banking services will make the company obsolete in the global financial industry. For this, they have adopted strategies that will help them integrate modernized banking services into the business. This will help them reach a greater section of the audience and fulfill the demands of their customers with ease. CIBC also offers user-friendliness by simplifying its banking services and making things easy and smooth.
Keeping client first
From the vision statement of CIBC, it is clear that it values its clients and keeps them at the center of its operations and decisions. It wants to ensure that they have a good work relationship with them. For this, they provide professional and quick services and useful financial advice. Apart from building a trusting and healthy relationship with the clients and listen to their requests and offering them all the assistance that they need. As the bank has three main operational branches- personal, commercial, and business- the company heads have set goals to focus on these three branches unequivocally.
CIBC Core Values
CIBC’s mission and visions clearly indicate, company’s tenacious efforts to work for providing better financial services, along with ensuring sustainability. CIBC’s core value has played an important role in helping the bank attain stupendous success. It focuses on establishing a trustworthy relationship with its customers, thus helping in building a strong bond. Here are the core values the bank believes in.
Trust
CIBC heads believe that by gaining the trust of its customers, stakeholders, and employees, they will be able to empower themselves to reach new heights. They also follow the values of integrity and transparency in their operations and stay true to the CIBC mission and vision.
Teamwork
The company heads believe that by establishing a strong team with a high level of collaboration and interaction between each employee, they will be able to fulfill the company’s purpose and overcome every single roadblock. To ensure that its diverse employees are happy, CIBC provides freedom and flexibility. It encourages teamwork, creativity, and innovation. It also offers learning and growth opportunities and recognizes its talented team with various performance-driven awards.
Accountability
CIBC also believes in accountability and takes complete responsibility for its services.
Inclusion and diversity
CIBC not only aces as the key banking service provider, but it also aims at providing the best work environment for diverse employees. It promotes the idea of inclusivity, where people can work together in a healthy and prospering environment. The bank believes in a global team where people from diverse backgrounds can work together as a team. It also includes women and has 56% women as part of the CIBC global workforce.
It stands strongly against racism and embraces diversity to build a great future.
Conclusion
“We do what we say”- this is the major tag line of CIBC, which has motivated the company heads and the employees to change the banking methods and provide first-class services. Being the largest Canadian bank, CIBC focuses on modern-day banking services while ensuring high customer satisfaction.
