High-end industrial 3D printers have been available for years, but their high cost and need for specialized operations expertise relegated them to service bureaus, either run internally or via outsourced partners. Given that this technology was available at a premium, engineers remained judicious in their use of 3D printing, enlisting it at the end of the design process after validating and testing paper or clay-based physical prototypes.
When it comes to banking solutions, the product design and manufacturing process is similarly cumbersome and disparate. Products are designed in Word documents and spreadsheets, both of which are far removed from the BI/Analytics engines that are used to validate these products and the monolithic inflexible legacy systems that implement them.
Recently, Desktop 3D printers are empowering engineers to take rapid prototyping into their own hands, paving the way for new workflows that emphasize creativity and streamline the design process. As a result, companies of all sizes across all industries are now experiencing tangible results by adapting to Desktop 3D printing technology – and financial services is no different.
In this blog post, we outline how Zafin’s solution is transforming financial services in the same way that Desktop 3D printing changed the manufacturing industry.
Five ways Zafin’s solution is transforming the banking industry
#1 SIMPLIFIED PRODUCT MANAGEMENT PROCESSES:
Desktop 3D printing brought the vast and complex world of prototype creation and product manufacturing to the desktop, helping to facilitate early prototyping and iterative design as part of product engineers’ R&D efforts.
Similarly, with Zafin, the execution of banking products is simplified so that banking product or relationship managers can effectively implement design changes themselves, including product rationalization, simplification, and streamlining product offerings. These simplified processes benefit the bank, allowing product managers to grandfather obsolete products while creating new ones.
#2 FASTER TIME-TO-MARKET
Zafin’s solution brings together various capabilities like Product Modeling, Simulation, Offer/Proposal Creation in a single platform, thereby enabling product and relationship managers to identify potential problems and iterate any pricing and product model changes without having to wait for IT intervention.
#3 STREAMLINED DESIGN COLLABORATION
Faster product delivery is just one of the upsides of using Zafin’s product suite, miRevenue. It enables collaboration in product modeling across Lines of Business and brings together different stakeholders to collaborate in the design and rollout of products. This is similar to how engineers work with aesthetic product designers on 3D modeling tools to preview finished product designs instantly.
#4 IMPROVED AUTOMATION EXECUTION
Zafin’s flexible pricing and billing system enables easily customizable pricing rules that are seamlessly integrated with its product modeling capability. As a result, product managers are able to set up product pricing rules without any further external translation into its executable form. This is similar to how the manufacturing industry uses 3D printer’s CAD-based models to export product manufacturing to other plants on an industrial scale.
#5 SOPHISTICATED PERSONALIZATION
As desktop 3D printing becomes more affordable, it is increasingly likely that some of retail consumer goods will be 3D printed in retail chains rather than manufactured. For example, local shoe stores could easily 3D print shoes based on individual measurements right at the store itself. Similarly, personalized product and price offers are the next stage in deepening relationships between banks and their customers. By leveraging Zafin’s solutions, banks are able to offer customers unique and personalized products by taking into account various factors like relationship value, performance across lines of business, and the life-time-value of the customer relationship.
Transform your banking processes today
Zafin’s global client base uses our banking software solutions to capture market share and gain competitive advantage.With Zafin, you can build a 360-degree view of your customer relationships, launch new product innovations suited to their needs, build solid customer engagement, and create sustained competitive differentiation – and we are with you every step of the way to ensure a successful implementation of our award-winning technology platform.
This post was written by Charles Raj, Director, Clients Solutions Group at Zafin. You can email him directly at email@example.com.