Bmo External Analysis

I. INTRODUCTION

Canada’s first bank, the Bank of Montreal has survived the harsh economy for 200 years. The reason behind this is that they know what direction they would take since day one of their operations. They made sure that they are on top of their game when it comes to technology, customer support, banking, etc. Even with their top competitors such as the Royal Bank of Canada, TD bank, and the Bank of Nova Scotia, BMO hasn’t failed due to their diverse financial services providers. With over 47,000 employees and 12 million customers, BMO has retained the professionalism and proper business ethics ever since they have been established. The way they do business is based on their Vision, Code of Ethics and Strategic Objectives which will be mentioned and analyzed below.

II. VISION AND MISSION

BMO’s Vision Statement: To be the bank that defines great customer experience.

Do’s of the Vision Statement

Don’ts of the Vision Statement

Memorable = it is short, one liner and direct to the point

Vague = not sure what they would define as “great customer experience”, and not use as to which standards

Wiggle room = enough for anyone to interpret it on their own

Generic = Yes, they made it specific that it is a bank but all the other businesses focuses on providing great customer experience

Journey is feasible = not too specific and enforces the wiggle room definition

bland and uninspiring terms = the words are cliche and common across different industries that the terms are not so special anymore

Directional = focuses on providing customer service/experience

broad language = the word “defines” is a broad language because it’s not specific as to what they expect the company will bring

BMO’s Mission Statement: None

BMO doesn’t have a mission statement but they do have Corporate Values. This is dangerous in a business because people who are not familiar with Bank of Montreal may not fully understand what the company does and why they do...