VANCOUVER, British Columbia--(BUSINESS WIRE)--Zafin, the leader in relationship banking software solutions for the global financial services industry, is delighted to congratulate CIBC (TSX: CM)(NYSE: CM) for its 2016 Celent Model Bank Award for excellence in Cash Management and Trade Finance.
The Model Bank award recognizes the best practices of technology usage in different areas critical to success in banking. Nominations are submitted by financial institutions and undergo a rigorous evaluation process by Celent analysts. Celent judges submissions on three core criteria: initiatives must be live and delivering demonstrable business benefits, the degree of innovation relative to the industry, and the quality of the technology or implementation excellence. CIBC was recognized as one of 18 Model Bank winners from over 100 nominations.
CIBC was named a Model Bank for its strategic initiative that streamlined pricing within Global Transaction Banking using Zafin’s software platform, miRevenue. CIBC sought to consolidate several disparate billing systems and databases in order to launch products quickly, ensure greater consistency in earning revenue across differing fee arrangements, and streamline pricing. CIBC selected Zafin’s miRevenue platform as the system of record for all product fees and interest computation across its Business Banking efforts.
“Zafin congratulates CIBC for executing on its vision to implement a fully integrated and centralized pricing, billing, and reporting solution for its business banking client base,” said John Kohari, CEO for the Americas at Zafin. “CIBC is leading the way and we are proud to have played a role in the bank’s success.”
Using Zafin’s miRevenue, CIBC is now benefiting from a centralized data catalogue for products and services, including standard and exception pricing, automated consolidated billing, the elimination of manual billing processes, and supervision and control over the entire process. Notable benefits achieved include:
- Ability to launch products 50% faster
- Seamless integration of Zafin’s software into CIBC’s CRM system
- Capacity for product managers to respond to market demand by implementing dynamic pricing strategies
- Ability to gain exception-pricing approvals at a faster rate
- Consolidated legacy systems
“The Model Bank Awards recognize banks for their innovative use of technology and proven business benefits. CIBC's streamlined pricing implementation is a strong example of how a client-focused strategy can make banking easy, flexible, and personalized for its clients while supporting business growth,” said Patricia Hines, Senior Analyst, Corporate Banking at Celent. “The demonstrated ease in which CIBC is launching new products and the consolidation of legacy systems make this initiative a model for cash management and trade finance innovation."
“This innovation will help us bring new products to market faster, in order to help us continue delivering on the needs of our clients,” said Phil Griffiths, SVP, Business Banking, CIBC. “The award is recognition of CIBC’s continued commitment to innovation and improving our client experience.”
For more information, a PDF case study of CIBC's award-winning project will be available in the near future. To pre-order your copy, please contact Noushin Khushrushahi.
Zafin is an award-winning provider of relationship banking technology solutions to financial services providers worldwide. Our technology platform, miRevenue, was built from the ground up for banking, enabling customer-centric product innovations that drive revenue, transparency and operational efficiency across the customer lifecycle.
Zafin helps financial services companies:
- Design tailored banking products and services to suit customers’ needs;
- Price products according to the breadth, depth and profitability of the customer relationship;
- Offer products in the form of an accurate, profitable proposal; and
- Bill for all products and services rendered with a single, consolidated invoice that communicates the value of the customer relationship.
miRevenue’s flexible architecture is uniquely designed to address the requirements of financial services providers of all sizes and across lines of business. Our global client base includes many of the world’s largest and most respected tier-1 banks, but we also empower regional banks, community banks and other niche financial services providers with product innovations that cater to their specific needs. miRevenue routinely generates 100% ROI in under 12 months.
As a private company with public company governance, Zafin operates out of multiple global locations, including North America, Europe, Middle East, Africa and Asia-Pacific.
CIBC is a leading Canadian-based global financial institution with 11 million personal banking and business clients. Through our three major business units - Retail and Business Banking, Wealth Management and Wholesale Banking - CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada with offices in the United States and around the world. You can find other news releases and information about CIBC at http://www.cibc.com/ca/media-centre/.