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The Secrets Of Umpqua Bank's Success - Ray Davis

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Since Davis first joined as CEO back in 1994, Umpqua Bank has grown from six locations with $140 million in assets to more than 330 locations with $24 billion in assets. Listen to Ray Davis explain how he pioneered Umpqua's revolutionary customer-centric banking strategy - completely reinventing what a bank looks like, how it operates, and how it engages the communities it serves.

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Building a Culture of Innovation - Eric Ryan, Co-Founder of Method

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Eric Ryan knows what it takes to stand out in a price-sensitive category dominated by a handful of big players who say and sell the same things. That's why his message for financial marketers is so relevant. Ryan explains why you need to put culture before process, and shares the secrets of differentiation in a commoditized and ultra-competitive industry.

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What are "core values?"

Financial institutions often get confused about what the difference is between mission statements, vision statements and core values (see The Financial Brand's comparison here).

Quite simply, core values are an organization's philosophical ideals. One easy easy way to define a core value is to simply finish this sentence: "We believe in ___________ ." If it doesn't work within this sentence structure, it probably isn't a core value and belongs somewhere else in the framework of a brand strategy (e.g., you wouldn't say "We believe in 'friendly,'" because "friendly" is a personality attribute and not a core value.)

What do banks believe?

The Financial Brand studied the core values of 50 banks with assets ranging from the millions up to hundreds of billions. The conclusion? No matter how big, how small or where they are in the world, banks all pretty much share the same beliefs. Shocking? Not really. But there are a couple of surprises.

Here are the values most commonly listed by the 50 banks studied (you can find a similar analysis for credit unions here).

1. Integrity - 34 banks

2. Teamwork - 15 banks

3. Excellence - 11 banks

4. Commitment - 10 banks

5. Honesty - 10 banks

6. Respect - 10 banks

7. Service - 10 banks

8. Professionalism - 8 banks

9. Customers - 7 banks

10. Trust - 6 banks

11. Community - 6 banks

12. Loyalty - 6 banks

13. Innovation - 5 banks

The most common core values cited by banks are depicted in the Wordle diagram at the top of this article. The more common the word, the larger it is (the colors don't mean anything).

The average was 4.66 values per bank. No matter what the consultants say, there is no "right number" of values to have - not too many, not too few. Your organization is what it stands for and believes what it believes, however many things that may be.

Ironically, one bank listed "staying true to our core values" as one of its core values.

Integrity was offered by over two-thirds of banks. Many make an effort to define the term, although most agree on the general principle, "It's about doing the right thing."

Most of the 50 banks' core values were dull, uninspiring bullet lists that eventually all blurred together. But there were some interesting values that popped up once or twice: Agility, Creativity, Knowledge, Passion. But where are themes like Transparency? Accountability?

There are a few exceptions. Take Mulukanoor Cooperative Rural Bank in India for example. Its core values aren't just shallow corporate cliches:

A belief in being true "sons of the soil"

A pride in a calling called farming

Help thy farmer brother, you are helping yourself

Self discipline and honesty

Complete transparency and accountability

Cornerstone Bank also receives an honorable mention for its unique Christian values.

Some of the more interesting core values comes from the failed financial behemoth WaMu:

These are uncommon core values, and they were something WaMu tried hard to live out. Indeed one could argue that WaMu was perhaps too "Driven," since it was their subprime assertiveness that drove them into the ground.

Conclusion

If your core values include any from the list above, they probably aren't doing much to differentiate you... if they are doing anything at all.

Key Question: If your core values are the same as everyone else, then what strategic role do they play?

Just like mission statements, financial institutions' core values are loaded with bromides - safe expressions that executive committees and boards can rally around without argument or struggle. Who could possibly object to "Teamwork?" Who isn't in favor of "Excellence?" For many institutions, these kind of core values are pretty much hollow, meaningless corporate B.S., something The Financial Brand calls C.R.a.P.

Bottom Line: Core values are meaningless unless you...

1. Use them to evaluate prospective employees,

2. Measure employee performance accordingly, and (most importantly)

3. Stick to them.

Homework

What would happen if there was a "Financial Constitution" for consumers - a Banking Bill of Rights - that laid out what people should expect from any bank: Integrity, Excellence, Honesty, Respect, Professionalism? If that standard applied equally to everyone at all banks, what would your core values be then?

Further Reading: How do you think banks' core values compare to credit unions? Find out here.

All content © 2017 by The Financial Brand and may not be reproduced by any means without permission.

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Core Values: Do All Banks Really Believe the Same Thing?

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Financial institutions often get confused about what the difference is between mission statements, vision statements and core values (see The Financial Brand's comparison here). Quite simply, core values are an organization's philosophical ideals. One easy easy way to define a core value is to simply finish this sentence: "We believe in ___________ ."

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Some financial institutions have mission statements. Some have vision statements. Some have both. Some companies have a defined list of core values, while others don't. One thing is for sure: There is a lot of confusion about what each of these tools should do.

The difference between a Mission Statement, a Vision Statement and Core Values in the simplest terms:

Mission Statements - Say what you're doing today

Vision Statements - Say what you want to accomplish tomorrow

Core Values - Define what you believe in

Reality Check: Most mission statements are full of trite, feel-good expressions. They only get approved because they say nothing unique nor courageous.

Here's an example of a mission statement for an imaginary financial institution:

"Our mission is to be the premier provider
of superior financial solutions by
earning people's trust in the most friendly,
professional manner possible."

It is no one's in particular. And yet it is everyone's.

The day-to-day purpose, goals and beliefs of most financial institutions are almost identical, so it's no surprise that they have similar-sounding missions, visions or values. They all want to "do what's right," and "hold themselves to the highest standards," so they can...Yeah, yeah. It's the same stuff you hear from hundreds of financial institutions.

Reality Check: In this economic climate, you'll have to forgive the folks on Main Street. You may say you're trying to do the right thing for your community, your employees and your shareholders, but right now, people are a little jaded and skeptical about such statements. When most people read a mission statement (including employees), they roll their eyes and think, "Phhbbbt...'a premier financial institution.' Just more corporate mumbo-jumbo."

Lookalike missions, visions and core values aren't the real problem though. It's when the board, CEO or senior leadership of a financial institution confuse any of these things for a brand strategy or brand position that real problems arise. In most cases, they aren't anywhere close.

The missing piece: a brand position

All too often, senior management and the board are left trying to build a 3-legged brand strategy out of statements that essentially say the same thing as their competitors. The result? An undifferentiated brand.

Reality Check: The #1 thing that prevents an organization from crafting a brand position is that the CEO or board thinks the mission or vision is "the brand." Odds are, these brands will live stunted lives.

What they need is the fourth leg of the table: a Brand Position. A Brand Position (or brand essence, or brand strategy, or USP, or whatever you want to call it) is where you can really differentiate yourself in relevant ways.

Things like mission, vision and values clarify what an organization is about, while a Brand Position says how you will deliver on those things. A Brand Position says how you will achieve your mission, accomplish your vision, and live out your values. It says how you will be different than your competitors. Will you become "the premier provider" by making banking easier? Will you be the most knowledgeable advisors?

Let's use Disney as example. Their mission might be something safe, like:

"Our mission is to provide a wide range
of quality entertainment options
to families and children of all ages."

Other entertainment companies could very well have an identical mission statement. And Disney's core values are probably shared with at least some of their competitors. After all, Disney isn't the only innovative family entertainment provider out there.

So what makes Disney special? It's their Brand Position:

MAKE MAGIC MOMENTS

And they live this out. If you've ever seen a Disney film, gone to a Disney theme park or cruised on a Disney vessel, you should have had a fairytale experience. That's how they provide "quality entertainment to families" differently than everyone else.

They can train people to live out their brand position. They can (and do) teach people how to make magic moments - how to use their imagination and creativity to do something people will remember. It's engaging. Fun. Inspiring.

They are "The Happiest Place on Earth" because "The Magic Kingdom" is the kind of place "Where Dreams Come True." (See the how a brand position can bring clarity, relevance and differentiation to tangible things like slogans?)

It's a lot harder to help your staff understand what "premier" or "preferred" mean. Those kinds of terms are hard to train because they are vague, and have many varied interpretations to different people.

Give them something inspirational - that's also credible - and watch them respond.

All content © 2017 by The Financial Brand and may not be reproduced by any means without permission.

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Mission, Vision, Values... And The Missing Piece

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Some financial institutions have mission statements. Some have vision statements. Some have both. Some companies have a defined list of core values, while others don't. One thing is for sure: There is a lot of confusion about what each of these tools should do.