Customer Relationships Are Dying and Profit Is the Killer

I was thrilled to see a recent NYTimes article from their recent Business Roundtable stating that CEO’s of major companies such as Apple and JPMorgan Chase Bank are seeing the need to deliver more than shareholder value. These CEO’s say that their businesses must also invest in employees, deliver more environmental sustainability, and deliver greater customer value. Amen.

Recently, I had the need to open a new business checking account. I went to the bank I’ve happily been with for the past 7 years expecting a smooth transaction.

What I experienced was an imposing inquiry of my business, customers, suppliers, and investments with the clear objective of selling me additional services.

I didn’t believe explanations that the bank was just trying to help make my business easier and more efficient. The promises of benefit felt completely hollow against the blatant zeal in presenting new products.

At the end of the nearly 90 minute session, I left with a business checking account and the thought that I would be looking for a new banking partner.

It is great that the uppermost level of corporate leaders are starting to rebel against profit as the sole measure of business success. When profit is the only goal, the customer loses.

As with any business trend, it will take time for this new philosophy to trickle through the ranks. But there is hope on the horizon.

In the meantime, I’ll be looking for a new bank.