Mission and Vision Statements in an Organization. The Case of the ING Bank

Seminar paper from the year 2020 in the subject Business economics - Operations Research, grade: 2,0, University of applied sciences Frankfurt a. M., course: MBA, language: English, abstract: This essay is concerned with an evaluation of the mission and vision statements of the ING Bank. What does the 'best bank' do and are mission and/or vision statements related to the strategy and success? 'The World's Best Banks: ING And Citibank Lead The Way', is the title of an article published in the Forbes magazine in March 2019. The author cites ING`s Head of global retail banking, Ignacio Juliá Vilar, with the following: 'The mission of ING is for our customers to stay a step ahead in life and business,' Since she read this article the author knew that she wanted to find out more about ING´s mission and how it is related to the success of the bank. Therefore, this assignment will start with the general introduction and the definition of mission and visions statement. To make this topic more explicit we will investigate the mission and the vision statements of ING Bank more closely. The interpretation in 3.2 Evaluation of ING´s mission and vision statements of the mission and vision statement are done freely without any insight information, only public available sources were used here. It follows that interpretation can differ from ING´s actual interpretation. Next to that a summary of the current banking environment will be given to complete the challenges and opportunities for the bank. To bring mission and vision statement together with strategy the Balances Scorecard developed by Robert S. Kaplan and David P. Norton will be introduced. It will be used as a tool to translate mission and vision into goals and actions. Next to that the Balances Scorecard extends the financial perspective with the customer, the internal business processes and the learning and growth perspective to measure and manage the tangible and intangible assets of the bank.