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Banking on Digital Growth Podcast

Your Purpose Is More Important Than Your Vision

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Brief Summary of Episode #36

Most financial brands know they need a vision or mission. 

But vision isn’t the same thing as purpose. 

And if you don’t learn the difference, it’ll cost you. 

See, your company vision revolves around you — it’s what you do and how you do it. 

Often, vision and mission statements are self-serving, only addressing the needs of the financial brand. 

And when they do look outward, it’s often a clinical statement, whether it’s addressing the marketplace, the consumer or the community.

These days, that’s not enough. 

Just look at millennials. 

92% of millennials feel they can’t trust financial institutions for financial guidance. 


Because they see financial brands that are driven — consumed, even — by their own interests. 

Their digital expectations are being shaped by Amazon and Google. 

And financial brands are at fault. 

We can never hope to meet those expectations without trust. A trust that can only be built by serving our communities outside of our own self-interests. 

If financial brands don’t find a purpose that transcends commoditization and profits at all costs, they never will. 

Ironically, if financial brands want to see more revenue, they need to stop being so focused on it. 

When we bank with purpose, the profits will come.  

Key Insights and Takeaways

  • The difference between vision and purpose
  • What to do to bridge the digital experience gap
  • Why conscious capitalism is the path forward