Zafin Labs, a leader in banking software solutions, today announced that its long-time client, Zürcher Kantonalbank (ZKB), has been highlighted as a featured case study in the current edition of the proudly independent banking journal, IBS Intelligence.
The case study entitled ‘The Price is Right’, provides fascinating insights for Private Banks and Wealth Management professionals to help build a business case for improving the pricing and billing services they provide to their clients.
Zafin Labs’ miRevenue solution is the cornerstone of ZKB’s relationship-based pricing and billing architecture, helping the bank drive more revenue by delivering new product bundles, differential pricing and by reducing the time to market for new pricing strategies.
Johannes Staub, Head of Services at ZKB, noted that:
ZKB is now ‘more flexible’ and has the opportunity to change all pricing models that reside on miRevenue ‘very quickly’, enabling it to react to market changes as they happen. The actual changes, he adds, can normally be done by business personnel, with no need for IT to become involved.
Zafin’s miPricing and miBilling modules were implemented alongside ZKB’s three main IT building blocks; SAP One for accounts, Avaloq for securities and Oracle Siebel’s CRM system. Since going live in May 2009, ZKB has been able to roll out new product bundles every six months including one new offering for the youth sector in 2011.
“We are extremely honored to have the ZKB implementation featured in such a prestigious journal as IBS Intelligence,” said Al Karim Somji, CEO and Chairman of Zafin Labs. “Our close and continuous relationship with valued customers such as ZKB is very important to us and we thank ZKB for their open contribution to this important case study. Banks around the world can benefit from the lessons learned in the case study. Product bundling and pricing transparency are features that benefit both bank customers and the bank’s bottom line.”
The case study goes on to note that:
Since going live, ZKB has enjoyed pricing and billing freedom, and is continuing to make progress. Indeed, as part of its relationship-based pricing strategy, it is also now able to calculate profitability based on a per-transaction cost of services which gives it a new level of insight.
Zafin Labs and ZKB continue to work closely together on new pricing and billing initiatives in wealth management.