To deliver, it is essential that innovation is driven by collaboration with clients, their third-party providers such as TMS and ERP vendors, and, increasingly, with the fintech community. In fact, if a fintech solution can resolve a pain point for our clients, we have the ability to onboard them as a supplier, and even invest in them with us as a development partner, integrating their solution within our own technical environment. This enables clients to comfortably procure highly innovative services through us, not through an unknown provider.
Ultimately, if our client experience is better, then we know that we remain relevant to them and that we are supporting their growth.
You use an ‘innovation funnel’. What is it and how does it help your development work?
We manage innovation across all of our geographies and products. Our innovation funnel gives every team member in transaction services an overview of each project that is under way. This means we get to think through every step of development from all angles.
This essentially ensures that if we are collaborating with a set of clients, we can think through the development of the solution and deliver working prototypes that demonstrate to them how the solution would work within our ecosystem. They can then provide us with a response on its suitability.
By securing active client feedback, we can fail fast, learn from the experience and rework it. The funnel allows us to expose the solution to multiple viewpoints, right across the bank. By the time we are ready to commercialise it, not only will it meet the needs of the majority of clients but also, through their input, everyone from our sales teams to our service teams is equipped to help the clients get the most from it.
Tell us about your current points of focus on innovation and what your pipeline looks like.
From an innovation standpoint, the focus is always on the client experience. We want to make sure that our solutions are the easiest to use in the industry. There can be a gap between the complexity of our products and the ease of their use, especially as many clients expect something similar to the everyday experience they have in their consumer lives. We have to fill that gap.
As part of our response to this need, we were the first bank to roll out a Siri- or Alexa-style assistant in the transaction services space. The launch of CashPro® Assistant on our online portal is all about rapid self-service, helping clients to carry out their everyday activities when they login to CashPro® online.