Why customer primacy must become the driver of performance at JP Morgan

Abstract

Purpose Investors 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/approach JPM must rethink how banking can be re-invented to improve customers’ lives, using the new capabilities of digital. Findings Because 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/implications The lesson is that companies with a customer primacy mission statement and a supporting, well designed investment strategy, out perform their peers. Originality/value The article links customer primacy mission statements, future oriented tech investment strategies and successful corporate growth.