Mission & Vision of Commercial Bank of Ceylon PLC

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Mission & Vision
of
Commercial Bank of Ceylon PLC
Universityof Colombo
InstituteofHumanRecourseAdvancement
Individual Assignment

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ABSTRACT
The assignment would be a cushion to find-out the important of
the mission statement for their future development and business activities.
I have selected a reputed financial institution in Sri Lanka named
“Commercial Bank Of Ceylon PLC” to find out their mission statement how helps to develop
their business & work force.
Advances in technology are allowing for delivery of banking
products and services more conveniently and effectively than ever before thus creating new
bases of competition. Rapid access to critical information and the ability to act quickly and
effectively will distinguish the successful banks of the future.
The bank gains the competitive advantages through the new
technology and their high skilled staff members. Consistent management and decision
support systems provide the bank that competitive edge to forge ahead in the banking
marketplace.
Banks are aware of customer's need for new services and plan to
make them available. IT has increased the level of competition and forced them to integrate
the new technologies in order to satisfy their customers.

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INTRODUCTION
Commercial Bank of Ceylon PLC is one of the leading commercial
banks in Sri Lanka with more than 255 branches and 625 ATMs. Commercial Bank has the
largest single ATM network in Sri Lanka. The bank expanded the baking operations to
international market by establishing banking operations in Bangladesh & Maldives. It has
been rated as the Best Bank in Sri Lanka by "Global Finance" for the 14th
consecutive year
and also as the Bank of the Year by "The Banker" Magazine on seven occasions.
Having set a benchmark in banking in Sri Lanka Commercial Bank
have set standards, created an identity, and forged an unsurpassable trend. Recognized as a
trend setter, Commercial Bank have maintained their cultural identity while providing a range
of products and services. Powered by state-of-the-art technology and driven by a team of
highly motivated, dynamic individuals Commercial Bank have become the leader in private
banking in Sri Lanka.
What is the Mission Statement ?
A sentence describing a company's function, markets, and competitive advantages, a short
written statement of the business goals and philosophies.
A mission statement defines what an organization is, why it exists and its reason for being. At
a minimum, the mission statement should define who the primary customers are, identify the
products and services you produce, and describe the geographical location in which the
organization operate.
Simple meaning of the Vision is “What is our business?”
What is the Vision Statement ?
Defines the desired or intended future state of an organization or enterprise in terms of its
strategic direction. Vision is a long-term view, sometimes describing how the organization
would like the world in which it operates to be.
Simple meaning of the Vision is
“What do we want to become?”

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Vision is defined as the Main Target/Goal that any organization strive to
achieve in the long term
Vision statement characteristics
It should answer the question what do we want to become?
It provides the foundation for developing a comprehensive mission.
It should be established first and foremost the mission.
It should be short (one sentence if possible ).
Participation from many managers is important in developing the mission statement.
Mission statement is defined as a brief description of a company's
fundamental purpose. It answers the question, "Why do we exist?"
Mission statement characteristics
It answers the question, “ what is our business ?
Declares the firm’s reason for being "Why do we exist?“
It distinguishes one firm from another
It articulates the company's purpose both for those in the organization and for the public.
90% of all companies have used a mission statement in the previous five years.
Mission & Vision Differences
Focus Vision Mission
The main Question What do we want to ?? become What is our ?business
Scope More broader Less broader
Length Must be short one sentence ( if possible) More longer
Role It is the foundation of the mission The foundation of objectives ,
plans , strategy ,and . policies.

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Vision of Commercial Bank
To be the most technologically advanced, innovative and customer friendly financial services
organization in Sri Lanka, poised for further expansion in South Asia.
Mission of Commercial Bank
Providing reliable, innovative, customer friendly financial services, utilizing cutting edge
technology and focusing continuously on productivity improvement whilst developing our
staff and acquiring necessary expertise to expand locally and regionally.
Why we need a clear Mission Statement ?
Determines the Company’s Direction
Smart business owners use the statement to remind their teams why their company exists
because this is what makes the company successful. The mission statement serves as a “North
Star” that keeps everyone clears on the direction of the organization and it says, “It’s your
direction, not your intention, that determines your destination.” This leads to the second
reason.
Focuses the Company’s Future
Many people refer to this as the “vision” which is different than the mission. The vision is
about a preferred future. Where will you be in after long time frame ?. The mission tells us
what we’re doing today that will then take us where we want to go in the future.

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Provides a template for Decision-Making
A clear mission sets important boundaries, which enable business owners to delegate both
responsibility and authority. Mission is to the company what a compass is to an explorer, a
map to a tourist, a rudder to a ship, a template to a machinist. It provides a framework for
thinking throughout the organization. It provides the boundaries and guardrails you need in
order to stay on the path to your preferred future.
Forms the Basis for Alignment
When a new employee is hired, it’s critical that the new hire know what the company does
and where the company is going. The mission statement forms the basis for alignment not
only with the owner, but the entire team and organization. Your team will all be on the same
page when it comes to what you do and why you do it, which leads to better effectiveness and
efficiency.
Welcomes helpful Change
Many people are resistant to change because it causes us to feel insecure and sometimes out
of control. However, if the mission is clear, then team members are more likely to see the
value of the change and how it helps the organization accomplish the mission. This will
create a culture that welcomes change when warranted.
Shapes Strategy
Every business and business owner needs a strategy. But strategies must not be created in a
vacuum. Instead of looking at what’s new or what competitors are doing and trying to copy
them, wise business owners create the most effective strategies possible to accomplish the
mission their company is set out to accomplish.
Facilitates Evaluation and Improvement
It has been said that “What you measure will be your mission.” If you have a clear, written
statement of mission you will know exactly what to measure and how to measure it.

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Analysis of the Mission Statement
Components of Mission
1. Customers
Who are the enterprise's customers? Who come to get our products or services?
2. Products or services
What are the firm's major products or services? What are the products or services we produce
and give to customers?
3. Markets
Where does the firm compete? Geographically, where we are ruuning the business
operations?

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4. Technology
What is the firm's basic technology? and the current technology maintained by the
organization.
5. Concern for survival, growth, and profitability
What is the firm's commitment towards economic objectives? How does the company shown
their stability and developments?
6. Philosophy
What are the basic beliefs, core values, aspirations and philosophical priorities of the firm?
7. Self-concept
What are the firm's major strengths and competitive advantages? How the organization
capture the market by absorbing the competitive strategies?
8. Concern for public image
What is the firm's public image? What is the reputation of the organization ?
9. Concern for employees
What is the firm's attitude/orientation towards employees? Human Resources policies ?
How the Commercial Bank’s Mission Statement comply with the above
stated components ?
Considering the above components, we need to see wheather above stated components
comply with the mission statement of Commercial Bank. According to below chat, most of
the components are directly indicated the mission statement’s components and serveral other
componets give an idea from the meaning of the same.
At present, the banking industry depends on technology and the customers do not need to
come to banks for their financial activities. Hence, the mission statement mainly forcused on
development of finnacial activities through technology by providing reliable, innovative and
customer friendly financial services by developing skiils and knowledge of the workforce to
meet the future market trends and future market needs.

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Providing reliable, innovative, customer friendly
financial services, utilizing cutting edge technology and
focusing continuously on productivity improvement
whilst developing our staff and acquiring necessary
expertise to expand locally and regionally.
Customers
All types of customer – small,
medium & Cooperate level
Technology
By utilizing latest financial
technology.
Concern for employees
By developing our staff and acquiring
necessary expertise to give the high
standered service to customers.
Concern for public image
By providing reliable banking
services
Concern for survival, growth, and
profitability
By providing reliable,innovation &
customer friendly finnacial services,
utilizingcutting edge technology
towards productivity improvement.
Self-concept
Providing reliable, innovative,
customer friendly financial
services, utilizing cutting edge
technology and focusing
continuously on productivity
improvement
Philosophy
Providing reliable, innovative,
customer friendly financial
services & new financial
technology
Markets
Locally and regionally – In Sri
Lanka & international market
Products or services
Reliable,innovative, customer
friendly financial services

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How to develop a Mission Statement ?
Who Should Develop a Mission Statement ?
The board of directors, managers and their teams should craft the mission statement together.
When Should a Mission Statement Be Developed ?
Ideally, the organization should develop a mission statement when it first forms. The mission
statement should be reviewed during strategic planning sessions and updated every few years
or as needed.
Step 1: Gather Information, Form a Planning Team
Agree on the membership of a planning team. Usually, the planning team will include
representation from the Board of Directors, Senior Management and staff of the organization.
Sometimes, representatives from the organization’s beneficiaries are also members. Prior to
the meeting, collect a copy of the organization’s mission statement, if there is one, as well as
information about the organization’s clients, products and services, and history.
Step 2: Define customer types ,the Organization Serves
Since no organization is large enough to meet the diverse needs of everyone, the planning
team should specify who its priority beneficiaries are by answering the question, “Whom
does this organization serve?”
Step 3: Clarify/Discribe What the Organization Does/ operate
Now the team needs to describe the purpose of the organization: what it does or, if it is a new
organization, what it will do. Clearly identify the needs of the populations served and specify
what products and services the organization offers to address those needs.

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Step 4: Explain Why the Organization Does What it Does
Next answer the question, “Why do we do what we do?” The answer generally describes a
response to a broad social problem. It also provides a basis for decisions concerning what the
organization does moving forward.
Step 5: Describe How the Organization Delivers Products and Services
In this optional step, define the strategies, means and resources by which the organization
delivers services and meets the needs of its clients or beneficiaries. Look at organizations that
offer similar services and products for the same clients to determine how products and
services need to differ from those of competitors. Sepacially, we need to develop and adopt
new technology for the banking sector to win the market.
Step 6:Analyse the Mission Statement
After gathering the information we need to creat a mission statement which indicates the
“who,” “what,” “why” and “how” of the organization in a way that makes it stand out as
unique among competitors.
Get feedback from everyone who participated in its development to ensure the statement
reflects a common understanding. It will guide the organization’s work over the long term,
motivate its staff and attract funders.
According to the above process, creating a mission is a easy target and we need line with the
same to develop and achieve our organization targets.

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Relation between Mission Statement & Management purposes
According to the mission statement of Commercial Bank, the banks’ main mission is to
provide reliable, innovative, customer friendly financial services, utilizing cutting edge
technology and focusing continuously on productivity improvement whilst developing our
staff and acquiring necessary expertise to expand locally and regionally.
It’s mean the bank expects to develop the market share by absorbing the new technology to
finnacial sector which helps to provide reliable and good service to customers. Considering
the future trends, we need to provide the best customer service through the technology. At
present, technology is the main advantage of the banking sector and the banking sectore
depends on the same.
Through the new technology developments, Commercial Bank expects to enhance their
business operations through out Sri Lanka and also international markert by capturing the
market of Siuth Asia. According to the mission statement of the bank, they expect to enhance
their banking empire as the best bank in South asia.
As the step for the same, the bank enhanced their banking operations in Bangladesh,
Maldives and Miyanmar.Also, they introduted fully automated account operating platform
named “Flash Account”. Hence, the continusly, the bank develops the finnacial technology.
In addition to that improver the customer service and relationship, most of the time, they
conduct the traning programmes and awwaness programes.
Considering the above facts, Commercial bank already started their foundation activities
towards their mission statement and they need to develop more to comply with the present
market strategies.

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CONCLUSION
Technology has opened up new markets, new products, new services and efficient delivery
channels for the banking industry. Online electronics banking, mobile banking and internet
banking are just a few examples. Information Technology has also provided banking industry
with the wherewithal to deal with the challenges the new economy poses.
Information technology has been the cornerstone of recent financial sector reforms aimed at
increasing the speed and reliability of financial operations and of initiatives to strengthen the
banking sector.
Considering the mission statement of the Commercial Bank, it depends on relaible service
thorugh new technology. According to the present financial sector and market trends, i think
it is a good path to grab the advantages from the competitors.
REFERENCE
• Bank information - https://www.combank.net/ & Planning Department
• Strategic Management – Concept and Cases by Fred R David & Forest R David