Abstract
PurposeInvestors balked when JP Morgan Chase bank planned to spend heavily on technology. They understood that to succeed in digital, JPM needs to base its strategy on what unique benefits customers will get now and in the future from its digital banking services.Design/methodology/approachJPM must rethink how banking can be re-invented to improve customers’ lives, using the new capabilities of digital.FindingsBecause of its lack of a customer focus, JPM’s market capitalization is not only growing more slowly than the tech giants, it is growing even more slowly even than the average S%P 500 company.Practical/implicationsThe lesson is that companies with a customer primacy mission statement and a supporting, well designed investment strategy, out perform their peers.Originality/valueThe article links customer primacy mission statements, future oriented tech investment strategies and successful corporate growth.
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