August 3, 2017
About 20 years ago, when Jeff Bezos took Amazon public, he told his shareholders that delivering the best customer experience was his primary objective – even if it came at the short-term expense of shareholder value. And 20 years later, the company has more than lived up to this promise, attributing its multi-billion-dollar success to one thing: prioritizing customer satisfaction. While the devaluation of shareholder returns in favor of customer satisfaction is characteristic – if not cliché – in the tech industry, this rhetoric would be met with considerable resistance in the banking industry.
To be clear, I’m not suggesting banks turn on their shareholders. I’m suggesting that they embrace the idea that a customer-centric approach, although a longer game, ultimately stimulates the bottom line and satisfies shareholders.
More than that, I’m suggesting banks take a closer look at what is actually driving Amazon’s customer experience. Hint: it’s not just about clean design.
"A company shouldn't get addicted to being shiny because shiny doesn't last." - Jeff Bezos
What Amazon has doggedly focused ...