Miao Jianmin, Chairman of China Merchants Bank, talks about the real moat.
On March 30, at the 2025 annual results conference of China Merchants Bank, Chairman Miao Jianmin shared his understanding of the company’s core competitiveness: CMB’s real moat is not external advantages such as retail business and financial technology, but the deep integration of the “customer-centric” concept into the corporate culture and its practical transformation into the daily behaviors of employees.
Later, he used "employees rarely get off work on time after 5 p.m." and "completed several pages of investor communication materials in two days" as examples to vividly demonstrate the effectiveness of this culture in China Merchants Bank, and also highlight the strong execution and cohesion within the company.
There is no doubt that "customer-centricity" is the foundation of the banking industry, and it is also a key magic weapon for CMB to stand out in the competition among peers. This concept not only provides customers with a more considerate and efficient service experience, but also further builds the company's customer trust and market reputation, becoming a key feature that distinguishes China Merchants Bank from its peers.
However, in the current environment where the industry is anti-involution and advocates high-quality and sustainable development, this highly recognized corporate culture also needs to fully consider the work feelings of grassroots employees. At present, the work pressure of grassroots employees should not be underestimated. Long working hours and high-intensity tasks make them physically and mentally exhausted. Overwork may not only affect work efficiency and service quality, but also be detrimental to the long-term growth and development of employees. After all, employees are the foundation of enterprise development. Only by ensuring that employees are kept in good condition can high-quality services continue to be delivered.
Therefore, while adhering to the "customer-centric" philosophy, China Merchants Bank must pay reasonable attention to the workload of grassroots employees and balance their dedication and life needs. The burden on grassroots employees can be moderately reduced by optimizing work processes and improving security mechanisms. Only by taking into account both customer service and employee experience can CMB’s “cultural moat” become more resilient and sustainable…
