CSFBNext, the new institutional e-business initiative launched by Credit Suisse First Boston (CSFB), is part of the bank’s strategy to help its clients manage change, says Philip Vasan, head of CSFBNext.
This involves taking a “whole-firm” approach to e-commerce, he says, with CSFB offering its customers a range of electronic services ‘ e-trading, research and analytical tools, and other value added services ‘ across its fixed income, equities and investment banking businesses.
CSFBNext, which was established at the end of April, has already taken shape. The group will have about 35 people initially, in a hub and spoke arrangement around the firm. This core group will be surrounded by a number of “business partners” who, in addition to their own work within the bank, will act as point persons devoting a good deal of their time to working with CSFBNext.
Vasan has established four primary groups to take the effort forward: eClients, Get enabled, New Markets and Navigation.
The eClient group will work with clients to better understand their requirements today, as well as to gauge what they will want in the future, explains Vasan. The idea is to better tailor electronic services for clients, and give them “anytime-anywhere” access to these services, he adds.
The Get enabled group represents CSFB’s stepped-up investment in enabling the rollout of new processes and products. “Our first client will be CSFB, but we’re looking to offer these innovations ‘ such as automation, streamlined processes and better desktop tools ‘ to our clients as well,” says Vasan.
The third area, New Markets, will actively seek opportunities to forge industry partnerships and invest in e-finance initiatives outside the bank. “We will also incubate a few of our best in-house e-ideas to generate both investment returns and strategic returns for our business,” says Vasan.
A fourth group, Navigation, will be charged with forecasting where the cutting edge of e-finance is likely to be in the next couple of years. This group will help create new products and strategies in anticipation of that.