| Well-known American economist and former faculty member of Harvard Business School (HBS) Theodore Levitt once wrote, “An industry begins with the customer and his or her needs, not with a patent, a raw material, or a selling skill.” He was referring to the railroads as an example of a business that lost its way. He said, “They let others take customers away from them because they assumed themselves to be in the railroad business rather than in the transportation business. …They were product-oriented instead of customer-oriented.” This powerful thought mentioned in an article from the HBS Alumni Bulletin holds true for the banking industry as well, specifically for consumer banks. |
