Mission statement of Scotiabank free essay sample

Having clear mission is one of the key elements of successful strategy1. The purpose of this report is to evaluate Scotiabank’s current mission statement to ensure all the key components of a good mission statement are mentioned. The analysis of relationship between Scotiabank’s mission and my daily activities will also be addressed in this report. Conclusion will be made at the end of this report. Evaluation of Current Mission Statement Scotiabank’s Current Mission Statement: â€Å"Scotiabank is a leading financial services provider in over 55 countries and Canada’s most international bank. Through our team of more than 83,000 employees, Scotiabank and its affiliates offer a broad range of products and services, including personal and commercial banking, wealth management, corporate and investment banking to over 21 million customers. Our core purpose is to be the best at helping customers become financially better off. Scotiabank’s continued growth and success is founded on several key factors. We will write a custom essay sample on Mission statement of Scotiabank or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page (Appendix 2) Scotiabank’s Core Values are: Integrity; Respect; Commitment; Insight; Spirit (Appendix 3) Evaluation of Current Mission Statement There are three key components of a good mission statement: Purpose, Core Value, and Vision2. Scotiabank’s current mission statement firstly clearly identifies the reason of the existence of company, product and service focus, current position and target market, and also its geographical market area which is in over 55 countries. It is also positioned the vision of Scotiabank as â€Å"to be the best at helping customers become financially better off† and â€Å"Canada’s most international bank†. And those key factors not only identify the key stakeholders such as customers and team of employees, but also reinforce the competitive advantages and strengths of Scotiabank. The core values then provide a great communication through the entire company and help build the employee commitment and loyalty and reinforce the vision statement. Overall, this is a good mission statement that covers all key components. Mission Statement and My Daily Activities As Financial Advisor at Scotiabank, my daily activities are designed and organized to help Scotiabank achieve its mission statement by providing excellent financial planning and advice to help customers be financially better off. I constantly improve my relative knowledge, provide in-depth analysis of customers’ current financial situation, and make suggestions based on their financial goals. A part of my responsibility is to analyze branch’s strategic campaign’s feasibility, the strategic steps of operations, and to determine whether these micro goals meet the goal of the bank as a whole. I constantly evaluate the effectiveness of these new strategies and provide my feedback and suggestions directly to the Management team in our branch to ensure those are aligned with Scotiabank’s mission statement. Conclusion Scotiabank’s mission statement is effective since it contains three key components: purpose, core value, and vision. In my role as Financial Advisor, by providing comprehensive financial planning and contribute to branch’s strategy development, my daily activities are closely aligned with Scotiabank’s mission statement. Appendix -1 Scotiabank overview Scotiabank is a leading multinational financial services provider and Canadas most international bank. It provides a broad range of products and services to some 21 million customers in more than 55 countries around the world through a team of more than 83,000 employees. In my role as Financial Advisor in Calgary Branch, I am responsible for providing excellent financial planning and advice to 450 assigned Scotiabank’s clients by analyzing their current financial situation and making suggestions based on their financial goals. Appendix -2 Scotiabank’s continued growth and success is founded on several key factors: A committed team that lives our shared values and works together to provide customers with expert advice and service A solid foundation of key strengths and priorities, including a strong capital base, and excellent risk and expense management skills A straightforward business model anchored in diversification by business, geography, risk, and people, as well as a clear focus on a five-point strategy.