The banking environment is constantly moving in new directions, bringing with it exciting opportunities, but also bringing threats that we must bear in mind. We therefore considered it necessary in 2019 to review the Bank's strategy, to see where and how we can improve, and to lay the groundwork for our future.
During the first half of the year, we invested considerable work in reviewing our strategy with an eye to the Bank's operations. We engaged the services of international consulting firm Boston Consulting Group, established working groups within the Bank, held a large number of workshops, and sought opinions from outside experts. The result is a new strategy for Íslandsbanki, which we introduced in spring 2019 at a strategy meeting for the Bank's entire staff.
We defined a new role for the Bank as a force for good, under the slogan “Moving Iceland forward by empowering our customers to succeed”. Through this, we aim to foster responsible, profitable, and sustainable operations, as well as encouraging our customers to act as a force for good. We selected three new values — passion, professionalism, and collaboration — and decided to retain our current vision of being #1 for service. In my opinion, this is the most important thing we do: provide our customers with the best service possible at all times. On the other hand, we are aware that consumers' expectations have changed rapidly in recent years, as has their definition of good service. This makes honest and open dialogue with our customers more important than ever before.
We will continue to work towards simplifying our operations and making them more efficient, while also thinking big, thereby ensuring that we have a lasting competitive advantage. We have defined a set of projects over a five-hear horizon, which will support the objectives the Bank intends to achieve with its new strategy. A great deal of progress has already been made in implementing the strategy. What lies ahead is further development on the digital side, and we are excited about working closely with our customers and partner companies.