Bank of Montreal 2010 Annual Report Download - page 12

Download and view the complete annual report

Please find page 12 of the 2010 Bank of Montreal annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 176

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176

10 BMO Financial Group 193rd Annual Report 2010
value
We’re rethinking what
really means.
As the choices around us change, so do the yardsticks by which we evaluate them.
True value, however, has become increasingly difficult to gauge. Too many opportunities
come wrapped in layers of complexity that may hide a lack of proven benefits. Attractive
propositions are too often several steps removed from what’s honest and fair.
So where should the search for value now
be focused? Price is an important factor, but
it doesn’t go far enough: not every product
or service can be commoditized with the
rigour of big-box retailing. By the same
token, volume discounts and bundling of
services can’t capture the full spectrum
of value that today’s consumers expect.
In financial services, what matters as
much as cost is transparency. Customers
want clear explanations of exactly what
each service entails. They expect fees
to be reasonable and fair.
Innovation is another driver of value.
People welcome the convenience of new
technologies and the precious time that
more efficient services can save them.
They also put a premium on sustainable
choices now that the pendulum is swinging
away from unchecked consumption.
But the most significant source of value is a
rigorous set of expectations around service
and performance – that have been met.
In rethinking what value really means,
people now apply a sharper lens when eval-
uating whether a company really measures
up. They still want tangible returns, of course,
and a foundation for future growth. They
want relevant advice that reflects a thorough
understanding of their needs. They want
clearly defined goals, commitments and
obligations on both sides – with no surprises.
And they want to feel that their financial
institution is investing as much as they are
in the relationship.
Above all, customers want the confidence
of knowing that their decisions are backed
by a wealth of experience – and by
an institution that only makes promises
it can keep.
Value is not a fixed point. It changes through
the process of discovering, questioning
and refining its many dimensions. Today,
customers understand that they can only
realize true value by participating more
actively in the decision-making process –
and institutions must be ready to help
make that happen.