On a lifelong journey with two million owner-customers
OP Financial Group is Finland's largest financial services group, owned by its customers. We have already two million owner-customers who own the OP cooperative banks and thereby the entire OP Financial Group. Our mission is to promote the sustainable prosperity, security and wellbeing of our owner-customers and operating region.
OP's business consists of three business segments: Retail Banking, Corporate Banking and Insurance. We provide our customers with the most extensive and diversified range of banking, investment and insurance services and the best loyalty benefits in the country. We are a local player with services available through a diverse range of digital channels and the most extensive network of branches nationwide.
OP's business is based on the cooperative principle: cooperation and sharing the fruits of success with customers.
Review by the President and Group Chief Executive Officer, Timo Ritakallio
It is our duty to ensure that the success of OP Financial Group will continue long into the future. The year 2019 saw our income grow faster than expenses.
In a constantly changing business environment, it has become increasingly important for organisations to be able to quickly respond to these changes. The strategy of a business must keep abreast of new developments and, where necessary, adapt to customer behaviour and the broader environment.
OP Financial Group refined its strategy in 2019. Our vision is to be the leading and most appealing financial services group in Finland. We want to be the first choice for our customers and partners, and be present where our customers are. Our goal is to be a knowledgeable, reliable and responsible forerunner in the financial sector. We strive to be an attractive employer, as well as a player with a strong market share and financial position.
Towards increasingly responsible financial services
Pursuing our mission is embedded into everything we do. Every day, we make both small and big dreams come true for ordinary Finns, help businesses with their operations, and ensure that our customers won't be left alone if an accident happens. In addition to our mission, our operations are guided by our values: People First, Responsibility, and Succeeding Together.
OP Financial Group confirmed its new strategy and its vision for future direction in June 2019.
Strategic priorities reviewed annually will help achieve our shared vision. OP Financial Group's strategic priorities for 2020 are:
Best customer experience
More benefit for owner-customers
Excellent employee experience
Faster growth in revenues than expenses
We have adopted a new type of strategy process in which we are continuously reshaping, reformulating and implementing the strategy. We are systematically assessing our business environment and operating model to be able to make and implement new strategic choices whenever needed.
Responsibility comes down to tangible actions
Corporate responsibility is an integral part of OP's strategy and every OP employee's daily work, decisions and activities. Our Group-level corporate responsibility (CR) programme is guiding our CR efforts, and it was updated at the end of 2019 to be even more ambitious.
The updated CR programme is framed around four key themes and commitments, which guide our actions and goals:
We improve financial literacy in Finland
We foster a sustainable economy
We support local vitality and communities
We use our information capital responsibly.
OP aims to be a forerunner in corporate responsibility in the financial sector.
Interview of Timo Ritakallio, Chairman of OP Financial Group
Source: OP website