Viewpoints : A n i nside L ook At i nnoVAtiVe B usiness M odeLs
Customer-CentriC innovation
Can Operational Excellence and Client Focus Go Hand-in-Hand?
T
he desire for increased productivity is a key experience quickly gets locked into the death
driver of innovation, but it can sometimes spiral of price competition, especially in the
seem at odds with another important increasingly commoditized world of financial
business imperative: customer-centricity. WFS services. Innovations in the way you reach, build
spoke with Jason Rushforth, senior vice president relationships with, and deliver service to your
of CDC Software, about whether innovation, customers can pay off many times over, because
productivity, and customer-centricity can coexist. this locks in a clear competitive advantage.
WFS: Jason, a lot of the push for innovation This is not to say that internal efficiencies cannot
is focused on operational efficiencies and also be the focus of customer-centric innovation.
productivity. Is this a mistake? A call-center agent who is able to access and apply
customer information more quickly and effectively, for
JR: Not at all. There’s no question that financial
example, is not only more efficient and productive, but
Jason Rushforth services firms need to focus on operational
also capable of delivering faster and better service to
senior vice president excellence and innovative ways to do more with
the customer. Similarly, more rapid client on-boarding
CDC Software, less. But at a time when many financial services
benefits both the customer and the firm. Such
providers of firms are struggling to regain trust and rebuild
innovations are clearly a “win-win.”
Pivotal CRM for customer relationships, they need to make sure
Financial Services they don’t lose sight of their customers in the WFS: What kind of technology support do FS
process. After all, even the most productive and firms need to be able to undertake these kinds of
innovative firm will fail if it has no customers. innovations?
WFS: How can FS firms keep the customer in JR: When it comes to delivering an innovative
their line of sight as they look to innovate and customer experience and improving front-office
increase productivity? operations, client relationship management software
is the core system, so it’s no surprise we’re seeing
JR: It’s a matter of recognizing that the internal
many financial services firms taking a long, hard
(tools, processes, etc.) and the external (the customer
look at their existing CRM systems right now. It’s in
experience) are not two separate issues or fronts
this context of innovation that you see very clearly
for innovation – they’re in fact inextricably linked.
that the differences between CRM systems don’t
How you operate internally impacts how customers
come down to a simple checklist of features – it’s far
experience your firm externally. Therefore, a firm
more about the system’s underlying infrastructure
has to consider how a given innovation will affect
and overall flexibility. FS firms looking to innovate
the customer: if it cuts costs internally, will it do so
need CRM that is flexible and malleable enough
at the expense of customer service? Will a measure
to model whatever unique and innovative new
introduced to increase employee productivity end up
process or strategy the firm desires. And it has to
short-changing the customer?
be able to do so quickly and cost-effectively: an
WFS: Is it possible to innovate in a manner that innovation that takes years to implement may no
benefits both the firm and the customer? longer be innovative when it’s complete! We’re
JR: Unquestionably. If a financial services firm seeing increased value placed on attributes such as
takes a customer-centric approach to innovation, ease of customization and integration, ability to
it can reap countless benefits. A natural starting support complex or unique processes, incorporation
point, of course, is to truly listen to customers. of existing Microsoft technologies and tools, and the
What do they value? What opportunities for like. Firms are realizing that innovation is not just
improvement in your firm do they see? It sounds about a great idea, but the ability to implement it.
obvious, but many firms overlook the power of
their customer base as a source of innovative ideas. Jason Rushforth is senior vice president at CDC
Secondly, firms need to consider the customer Software, providers of Pivotal CRM for Financial
experience itself as a key area to which Services, an innovative suite of customer
innovation can – indeed, must – be relationship management solutions.
applied. A firm that does not differentiate To learn more, visit
itself through a distinctive customer www.pivotal.com/financialservices.
24 Fall 2009 www.windowsfs.com • Windows in Financial Services