BOSTON--(BUSINESS WIRE)--One year after the launch of miCatalog, an innovative product management repository and foundation of Product and Pricing Lifecycle Management (PPLM), Zafin reports an emerging trend toward centralized product innovation amongst financial institutions worldwide.
As the first step and foundation of Product and Pricing Lifecycle Management, miCatalog represents a transformative, customer-centric paradigm shift away from traditional, siloed bank operations.
As a central product repository – a single point of truth for policies, features, standard pricing and exception pricing – miCatalog supports a more holistic, needs-based sales paradigm.
At present, a total of three institutions – a Tier-1 European bank, a Tier-1 North American bank and a Tier-1 African bank – are implementing miCatalog as part of their strategic action plans, with several other prominent institutions planning for a miCatalog-driven product framework.
Based on client engagements across retail and corporate banking and wealth management, Zafin notes five unique and distinct sets of customer requirements related to miCatalog:
1. Householding and associated eligibility rules, in which applicable retail banking customers are grouped together in the same household and enjoy a range of pooled benefits;
2. A central product repository and a single point of truth for corporate banking to enable omnichannel and customer onboarding requirements;
3. Meet transparency requirements while plugging revenue leakage across lines of businesses with full pricing governance;
4. Non-traditional pricing in corporate banking with rate management; and
5. Mitigate the pain of a core replacement in retail banking with a managed evolution.
As outlined in recent editions of Zafin’s Relationship Banker: Journal of Product and Pricing Lifecycle Management, other noteworthy examples of miCatalog’s tremendous flexibility include:
- A joint PPLM/Customer Relationship Management (CRM) proposition, such as with Microsoft Dynamics, to help deliver value-added product propositions and all but eliminate the risk of mis-selling;
- Managing product hierarchies as part of a clear and transparent contract process in commercial banking; and
- A suitability and eligibility framework in wealth management to meet regulatory requirements, provide advisory information to support the advisory process, and recommend suitable investments.
“These trends truly showcase the power of miCatalog as the foundation of an enterprise-wide product innovation strategy,” said Al Karim Somji, CEO and Founder of Zafin. “The financial services industry has equated centralization efforts with Master Data Management systems and methodologies – until now. miCatalog is the business solution to MDM requirements for financial institutions.”
For more information about miCatalog and the entire miRevenue suite, please visit our Products page or read our white paper, Product Catalog and The Next Frontier for Innovation.
In his recent presentation to Sibos delegates, John Kohari, CEO – Americas at Zafin, discussed how the Product and Pricing Lifecycle Management (PPLM) approach to augmenting existing systems delivers sustainable revenue generation for financial institutions. He explores current challenges around three key corporate banking scenarios and their impact on the bottom line:
- Ongoing pricing changes;
- Exception pricing; and
- Revenue leakage.
Zafin is an award-winning provider of relationship banking software solutions to the financial services industry. As the market leader in relationship banking for Retail, Corporate, Wealth Management, and Correspondent Banking, Zafin is transforming the way banks manage products, pricing, loyalty and billing across the entire client relationship.
Our flexible software suite, miRevenue, is a complete Product and Pricing Lifecycle Management (PPLM) platform – a “start-to-finish” view of the way banks bring products to market quickly and easily with a focus on revenue enhancement.
Our global client base includes many of the world’s largest and most respected tier-1 banks, all of whom are referenceable. With a growing presence worldwide, miRevenue routinely generates 100% ROI in under 12 months.
Zafin is privately owned and operates out of multiple global locations including North America, Europe, Middle East and Asia Pacific.
For more information, please visit www.zafin.com.