The Commonwealth Bank was first found after the establishment of the Commonwealth Bank Act 1911. It is a multinational bank that does business across New Zealand, United States, Asia, and United Kingdom. However, it first started operating in 1912 for savings and day-to-day banking business. Today, it has more than 800,000 shareholders and 40,000+ staff members working as a part of the Commonwealth Bank group.
Commonwealth Bank is a well-known name and is a leading provider of integrated financial services in Australia, such as:
Business & Institutional Banking
Retail banking
Wealth Management/Funds Management
Insurance & Investments
International Financials
In tune with the Commonwealth Bank mission, the bank provides the best support for financial comfort through its various financial policies and facilities, thereby ensuring the bank’s growth. The bank focuses on improving the financial lives of its customers and clients but also contributes to the community. Every service that Commonwealth Bank offers reflects the Commonwealth Bank mission and visionalong with its core values.
The vision statement is about the future planning of a company. Commonwealth Bank vision statement focuses on giving its customers a seamless banking experience and be one of the leading banks in Australia by following high standards of professionalism.
Particularly, Commonwealth Bank focuses on customer satisfaction and unmatched financial services. Moreover, their core values of care, courage, commitment, collaboration, and integrity are reflected in their decisions and dealings. The bank’s mission, vision, and core values together play a key role in the success of the bank by helping it run its operations smoothly.
Commonwealth Bank mission statement is “The objective of our business strategy is to deliver balanced and sustainable outcomes for our customers, community, people, and shareholders. Our focus areas are financial education, contributing to the community, and good business practices.”
To attain its objective of enhancing the financial lives of its customers and businesses, the bank follows its core values. They also help in creating a work culture that helps in work efficiency and customer satisfaction by giving attention to every interaction with its customers. The mission statement outlines the following key aspects.
Best customer services- The banking and financial field has become extremely competitive, and to stay ahead of the competition, it is important to provide the customers with the best services and support. Commonwealth Bank has maintained this legacy with its incessant customer support and commitment to providing them with secured banking solutions. From guaranteeing online security to adhering to the highest level of conduct makes it is easier for Australian citizens to trust the bank. The bank aims at providing the best customer experience through its customer-focused teams who understand people from different backgrounds.
Deliver unparalleled services– The primary objective of the bank is to provide unparalleled services to its people. To aid in this process, the bank has introduced a host of banking and financial services that address the key requirements of its customers. With the help of its multi-channel distribution, it becomes easier for them to meet the customers’ requirements.
Ethical Workplace Culture: Commonwealth Bank has committed to providing an ethical workplace to its employees. Also, the bank aims at welcoming all kinds of people no matter their background, point of view, capabilities, talents, and life experiences. It supports diverse thoughts and views. They have complete liberty and leverage to raise their voice against any fraud or faulty behavior of the administration toward the others. Besides, it also believes in providing a safe and fair work environment. It gives its people a sense of belonging by hearing them.
Excellent value to shareholders: Most importantly, it is always in the frontline when creating opportunities for stakeholders and directors of the bank. So, the bank believes in creating value for the companies, customers, and shareholders.
Supporting community initiatives: The bank works actively in community activities to bring a positive change in society. Some such initiatives of Commonwealth Bank are supporting people affected by financial abuse, supporting education, disaster, and crisis support, providing skills training, and also supporting local cricket.
Commonwealth Bank Vision
Commonwealth Bank vision statement earlier was “to be Australia’s finest financial services organization through excelling in customer service.”
Later they changed it to the following as given on their website
“Our vision is to excel at securing and enhancing the financial wellbeing of people, businesses and communities and a key requirement to achieve this is that we maintain the highest professional standards and act with integrity during the course of our business activities.”
Commonwealth Bank vision statement reflects the strategic plan of the bank and what it wants for in the future. The vision clearly states that the bank strives to achieve the financial well-being of one and all. In addition, the Commonwealth Bank also aims to fulfill its social responsibility by being an active contributor to the local communities. The following can be associated with the bank’s vision statement.
High-professional standards: The bank’s vision is to excel and make a mark through its unmatched policies and standards. For this, the bank good business practices, such as transparency, empowering people, balanced and sustainable practices. It makes policies that benefit people and economies and ensures that there is no negative impact on the environment. The bank has outlined a detailed Code of Banking Practice (fair dealings) and Code of Conduct (that includes problem-solving and decision-making). They even have a Customer Advocate to address grievances.
Integrity & Accountability – The bank also focuses on maintaining integrity by always making the right decision and conversing openly and truthfully. Commonwealth Bank mission is to excel and when a bank gains the trust of its customers, it is sure to excel. Also, the bank never backs out from being held accountable for the results.
Commonwealth Bank Core Values
The Commonwealth Bank core values include “care, courage and commitment”. Apart from these, the bank also focuses on collaboration, trust, truthfulness, and excellence. Take a look at the few key core values the bank believes in and follows.
Care- The Commonwealth Bank believes in showing compassion and care when dealing with customers and its people. It believes in serving with humility and keeping things transparent to enhance credibility.
Commitment- The bank takes pride in stating that it is committed to providing the best banking service and works together as a team to accomplish tasks the way they should be executed.
Courage- Another core value that keeps this bank going strong is that they believe in taking a stand when need be. They advocate the same to their staff and customers because their motto is to lead by example. The bank also has a Safe & Savvy program to help older customers from financial fraud.
Commonwealth Bank Headquarters
Darling Park Tower 1, 201 Sussex Street, Sydney, New South Wales, Australia
