«Proximity and quality are our best weapons against the competition»

David Fusi, you have just taken over at the top of CIC (Switzerland). What image have you formed in your first month as CEO?

A broad panorama. When you become CEO you suddenly discover the whole landscape: the teams, the processes, the regulation, the technology, the client expectations. Everything is connected, more than I had imagined. It’s vertiginous and thrilling all at once. The world of banking has become extraordinarily demanding since 2008. There is no respite from the avalanche of regulations, so you need an organisation in prime working order. But what has really struck me is the potential at CIC (Switzerland): we have finely honed expertise, committed teams and a genuinely entrepreneurial culture. So my job now is to unleash that energy.

 

What have you learned over your career path that really matters for being a CEO today?

I started off at a large bank before moving to the more entrepreneurial environment of CIC (Switzerland) in 2008. I’ve been on both sides, so I know a bank can no longer work in hermetic silos. A decision taken in one department supports or gets in the way of all the others. This systemic perspective profoundly shapes my management style. My emphasis is on listening, dialogue and collective intelligence.

 

My added value will be in accelerating processes and the services delivered to clients.

 

You are taking over from Livia Moretti, who is now running Banque de Luxembourg. Will we see a rupture, or continuity?

Continuity, without a shadow of a doubt. I worked with her to build the current strategy, a strategy that is showing results and has strengthened the bank’s credibility and visibility. I am certainly not going to knock everything down just for the pleasure of making my own mark. My added value will be in accelerating processes and the services delivered to clients. I intend to push ahead faster with transversality and quality, so we become more fluid and more coherent.

 

You talk a lot about removing barriers between teams, transversality. What does your approach actually mean?

It’s perfectly simple: people talking to each other. Too many organisations leave every department to get on with doing their own thing, without looking at what their neighbours are getting up to. Ultimately what you end up with is sluggishness and misunderstandings, and it’s the clients who bear the cost. We are going to increase inter-departmental meetings around specific issues, so together we can identify what we need and where we are falling short. The aim is not philosophy, it’s operational matters. We want to fix issues that arise as fast as possible and deliver a better service. I believe in direct conversations. Many problems drag on in email chains when they could be sorted out in ten minutes around the table.

 

And what will the difference be for clients?

A bank that is more fluid, quicker to take decisions and more coherent in what it says. When teams are really collaborating, information circulates, decisions get taken and quality improves. Our guiding star is that the client has to be absolutely at the heart of each decision. It’s a daily discipline that means every member of staff has to ask themselves what impact their work is ultimately going to have on the person putting their trust in us.

 

You keep talking about quality. Why has it become the central issue for you?

Because it’s the only place where we can really make ourselves stand out. Banking products are all very similar. What makes one firm different from another is the way it executes decisions and tasks, like speed of response, accuracy of reporting, spotting issues before they arise, the quality of the relationship. You can’t just impose quality with a marketing slogan. It’s lived out in a culture. We have identified the points where we need to make progress and we will address them directly. Give me a tangible improvement rather than a big speech any day of the week.

 

How else can CIC (Switzerland) stand out in a highly competitive market?

In our DNA, CIC (Switzerland) is an entrepreneurial bank, close to companies, entrepreneurs and wealthy clients. Close to the Swiss economy. In a time of giants, this proximity is something rare. We also offer an agility the great monoliths cannot guarantee. With us, for example, you have direct access to managers. Our best route to growth is through word of mouth. A satisfied client automatically becomes an ambassador. That’s why quality is a strategic issue.

 

We also offer an agility the great monoliths cannot guarantee. With us, for example, you have direct access to managers.

 

The debate around UBS and its capital requirements is triggering a rethink of the Swiss banking model. What’s your view on this?

The stability of the system is non-negotiable. But regulation has to adjust to a bank’s scale and risk profile. At the moment, requirements sometimes weigh heavily on medium-sized banks. We need to find a smart balance. Governance, internal quality, risk control and company culture count just as much as quantitative ratios on their own.

 

If you were to look ahead five years, what would you regard as success?

I’d like it if people could say CIC (Switzerland) has become a benchmark for quality, proximity and agility. A bank that’s performing well, but also a bank where teams work together with trust and transparency. If we manage to strengthen our entrepreneurial culture while continuously improving the client experience, we will have achieved something lasting.