3 Questions for Diane Quinn
Managing Director, Treasury Services
Global Large Corporate Sales Executive
Global News & Views: Last month we discussed the unique ways clients benefit from J.P. Morgan's industry leadership and advisory services. How does being a leader and advising clients tie to the firm's commitment to innovation and service excellence?
DQ: The true tie comes from driving and delivering results for our clients across all of these areas. When a company chooses J.P. Morgan, it is backed by the full advisory, advocacy and innovation power of our Treasury Services, Global Corporate Bank and Investment Bank – all working together to deliver on the client's crucial business objectives, whether improved cash flow forecasting and working capital management, more effective cash management and pooling structures, converting from paper to electronic, or leading them through the red tape of regulation.
Our commitment runs deep. Clients have been turning to J.P. Morgan for 200 years to evaluate their operations and help them grow. They find great confidence in our firm's track record of leading and advising companies like theirs through difficult challenges, as well as to new opportunities and efficiency gains. But to be a successful partner to our clients, we've had to be smart and always two steps ahead, which I think we accomplish through leading-edge solution development and our absolute commitment to delivering service excellence. However, this is not always easy.
The challenges global banks face today are more intense than ever. Complex regulation, risky market volatility, and different operating rules across every border, which when difficult for banks, can make business confusing and time consuming for their corporate clients, leaving them mired in inefficiency. And this is where J.P. Morgan separates from the pack. It's our unique ability to tie it all together in how we advise, innovate for and serve clients – leading them to a transformation of their global treasury operations.
GN&V: J.P. Morgan is known worldwide as a reliable provider of core banking services, yet you are always pushing the envelope of innovation. Will you talk about this balance and share a few innovative ways you are helping clients grow their businesses that our readers may not have considered?
DQ: Yes, J.P. Morgan made a commitment long ago to establish a market-leading core layer of banking services and execute flawlessly on how we deliver them worldwide, strengthening the trust our clients have in us. The innovation comes in to play in how we began investing in and building on this core layer, pushing ourselves and the banking industry toward new solutions and processes that are giving clients never-before-seen efficiencies. Really, it's about never resting on our laurels. So I think the true balance is how J.P. Morgan blends these two philosophies across our entire business.
It's incredible to see clients gain new efficiencies and grow their businesses using tools we just began building last year. But we had help. Innovation, to get it right and differentiate us from our competitors, must be a true collaboration with our clients, so the end result delivers the goods. In this way, J.P. Morgan pushes the envelope by involving clients in the earliest stages of solution development and continuing to ask for their feedback and guidance to keep our offerings sharp and deliver measurable results.
Innovating new ways to beat old problems is an exciting thing. For example, we've come up with a new way to help clients tame the historically fragmented market of Asia – the next frontier for companies worldwide – using existing services to centralize, standardize and streamline our clients' global treasury operations and facilitate their cross-currency payments. Also, to help clients achieve greater efficiency as they navigate the complex global regulations, we're putting the finishing touches on new liquidity and foreign exchange capabilities to help free trapped cash, reduce costs and earn competitive yield. And we will be introducing technology that allows clients to easily settle customer rebates, refunds and claims via email – reducing payment time and costs – and increasing customer reach and loyalty through unique deals and offers.
As our clients' trusted advisor and advocate, we are always working with them to create new solutions that solve their problems and allow them to grow with confidence.
GN&V: Global business is hard, yet J.P. Morgan is known for making it easy for clients to expand to and operate in new markets. What's your secret? And how do you know if you're doing a good job serving clients?
DQ: The secret is to take the complexity of global business away from clients, whether they're opening accounts in India or Brazil, implementing a European payments factory or expanding their vendor or client base across China or Mexico. Clients find us easy to work with because they know they'll get the highest level of service and consistency from J.P. Morgan whenever and wherever they need us – period.
Part of making things easy is getting it right the first time. And we've been doing just that. In 2012, we implemented 41,000 new solutions for clients with no errors or exceptions. And we keep things simple for clients in how we serve them, dedicating a single J.P. Morgan point of contact to each client relationship. That person is backed by 1,200 implementation experts in 56 global cities and 10,000 service and operational professionals around the world that speak each client's language – all ready to execute on the client's priority at hand.
Most important, we know we're doing a good job as clients tell us. We regularly ask what we're doing right and where we need to improve. And I'm proud to say we're getting things right. In a recent client survey, 9 out of 10 clients were satisfied with their J.P. Morgan relationship and would recommend us to a company similar to their own. And half of these would be willing to serve as a reference for us.1 If we can continue improving in these areas, I know we're providing the level of service our clients deserve.
1 J.P. Morgan Treasury Services Relationship "Pulse" Study of clients based in North America – 2013