2 product management trends banks should adopt from Canadian telcos

Since Zafin is a proudly Canadian company, we felt it was only fitting to highlight a few recent headline-grabbing announcements here in Canada, as well as the takeaways for bankers to consider.

The “skinny” on pick-and-pay TV

The Canadian telecommunications landscape, long considered a protected market filled by a small number of large providers and little competition, is now under siege to deliver more choice to customers – and perhaps even a cheaper monthly bill.

As of March 1, 2016, all Canadian television providers are required by the national regulator to offer a “skinny basic” package of channels for a maximum of $25 per month, while also giving customers the ability to order channels individually. By December 2016, TV providers must also offer both individual channels and small bundles of channels.

What does this mean for consumers? Instead of being forced to subscribe to rigid TV packages, with hundreds of channels that may or may not be of interest, customers will have the ability to tailor their packages with desired content – be it sports, international news, movies or the latest Italian telenovela.

Simplified billing TV subscriptions

The Canadian telecom regulator has been busy. In addition to “pick-and-pay” TV, it has also announced new rules intended to make TV bills simpler and more user-friendly, including:

  • Providing consumers with billing information they need in a format that is easy to understand, including the list of channels or bundles they subscribe to;
  • Clearly set out, in the bills, the duration of promotional offers, including the regular price after discounts expire;
  • Lay out what obligations the customer has in terms of a minimum commitment period before they sign up;
  • Ensure prices set out in written agreements are clear, and state whether they include taxes or other charges; and
  • Give 30 days’ notice to consumers in the event of a change in price of channels, bundles of channels or rental equipment.

What does this mean for consumers? Gone are the days of opaque agreements, pricing and billing. Consumers demand more clarity with simple, straightforward language, and regulators are forcing the providers’ hand.

Takeaways for product management in financial institutions

The basic financial needs of retail customers are relatively simple, but where banks can add tremendous value is tailoring and curating products, services and pricing to the diverse, dynamic needs of both customer segments and individual customers.


Source: Alessandro Hatami, The Rise of the NeoBank

As we’ve seen from the two examples in Canada, consumers are expecting more in the way of choice and transparency from other sectors, and it’s safe to say that these expectations will continue to shape how consumer interact with banking products, as well.

  • Just like the “pick-and-pay” TV channels, banks can empower retail banking customers to pick and choose product features via an online, self-service portal to create a customized product bundle with corresponding pricing.
  • Just like the new rules to simplify TV package billing, banks can deliver a clear set of product information, eligibility requirements and standard pricing; and for any promotional offers and pricing, banks can automatically track whether or not the customer meets the required conditions and enforce the correct price automatically.

Zafin’s product design, management and pricing capabilities can help make this framework a reality.

Learn more by contacting us today at zafin.com/contact

This blog post was written by Kyle Thom, Director, Marketing at Zafin. You can email him directly at kyle.thom@zafin.com