October 2004
In SIBOS Conference, 11-15 October 2004, Heidi Miller put forth four existential questions for the banking and transaction processing industry.
Existential Question #1: “Why do we make things so complicated for our clients?”
Existential Question # 2: “How can we help our customers become more efficient and productive, when our own back offices are so expensive, fragmented, outdated and ‘non-interoperable?”
Existential Question #3: “If we truly aspire to be leaders in the payments and securities industries, why is it that so many innovations in this business are pioneered by non-banks?”
Example given: In less than one year, PayPal built a person-to-person payments solution that met the needs of the market better than any built by banks in the past five years.
Question #4: “If we can send a secure message to any company over the internet, why should we pay SWIFT to do it for us?”
(Source: http://www.swift.com/index.cfm?item_id=43378)
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October 2006
Heidi Miller
Last year, forward-looking strategy took more of a backseat because we needed to deal with merger-related activity and fixing the factory floor.
My business is the payments and securities piping. I have to plan for price compression.
I better have the best efficiency and operating costs out there.
On the growth dimension, I have to see if I can boost business growth by providing existing customers with additional products. At the same time, I'll look at my penetration in a client segment. There are some industries, like asset management, where I work with every single major player. But in other industries I need to extend my reach.
I have to tackle the issue of expanding internationally. Our international revenues are approximately 30 percent of our total revenues, a smaller share than that of itigroup or HSBC. I need to think short-term measures like putting more sales people into some regions, and longer-term ones like developing targeted product features.
Another longer-term challenge is payment innovation, since I worry that non-bank competitors will be more nimble in creating answers to evolving customer needs. (See Heidi's address at SIBOS conference in October 2004).
Heidi mentioned stored value cards as an innovation of JP Morgan Chase. we helped to develop them, we sold them to FEMA during Hurricane Katrina, and now we're packaging them as solutions for insurance companies. They're cost-effective, and they're easier for the customers. That's the kind of thing we want to be doing more and more.
(Source: http://money.cnn.com/2006/09/29/magazines/fortune/mpw.miller.fortune/index.htm)
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September 28, 2007
Which women banker can be found atop U.S. Banker magazine’s latest list of the 25 most powerful women in banking?
If you said Heidi G. Miller,54, now the head of J.P. Morgan Chase’s treasury and securities services group, you are correct.
Treasury and Securities Services has played a key role developing business for J.P. Morgan’s commercial and investment banking, building on its longstanding relationships with corporate clients. In the second quarter, it generated record revenues of $1.7 billion, up 10 percent over the prior year and a return on equity of 47 percent. And on a standalone basis, U.S. Banker says, the division would have been last year’s most profitable U.S. bank.
(Source: http://dealbook.blogs.nytimes.com/2007/09/28/heidi-who-surveying-the-top-women-bankers/)
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