Zürcher Kantonal Bank (ZKB), the third largest bank in Switzerland, went live with a centralized Pricing and Billing platform which is designed to be used across all lines of business at the bank. The platform internally called as PBM is powered by Zafin Lab’s miRevenue product suite.
ZKB summarizes its achievement from the project as follows. “We were looking for a configurable and rules based pricing and billing engine which could be integrated with our system-landscape with ease. We required a modular and extendible architecture for our future plans. From a business perspective we had to reduce the time to market for new pricing strategies, enable product bundling and provide differential pricing based on customer loyalty. The miRevenue implementation, currently live at ZKB, helps us to meet all these needs and provides us with a sustainable solution for the future.”
The solution implemented has created significant business impacts across different functions at the bank
- Product managers at the bank has been empowered with the ability to define new price models, packages and bundles through a configuration framework. Included is the support to perform simulations for newly created price models to understand impact of the changes from a revenue perspective. A workflow driven product change management supports full life cycle management of products, including version and revision controls.
- Sales Advisors and Relationship Managers at the bank uses the existing CRM application to select the relevant products or packages to the customers, and has the ability to individualize a specific product or package in the context of a customer discussion. Also simulations can be done at the RM level to understand the impact of a price change, before it is committed to the customer.
- IT Processing team at the bank has a powerful calculation and billing engine which interacts with several upstream and downstream systems as a part of the processing flow.
- Revenue Monitoring and Analysis team at the bank, can monitor several key performance indicators including revenues, costs, leakages etc with drill down capabilities across multiple dimensions.
Anugopal Venugopalan, Managing Director, Zafin Labs said, “It was a privilege and a great experience to work with Zürcher Kantonalbank. Their strategic vision and future plans are enabled through our solution. The business capability of rolling out new product strategies including innovative price models, packages and bundles, while interacting with multiple product processing and accounting systems provides the bank a competitive edge in the market. Also the bank is able to provide a differentiated customer experience. Zafin Labs is committed to work very closely with the bank and help achieve their strategic goals.”
About Zürcher Kantonalbank
Zürcher Kantonalbank (ZKB) is Zurich’s leading full-service bank with national stature and excellent international connections. ZKB is Switzerland’s largest cantonal bank and the third largest Swiss bank. Moreover, ZKB counts among the country’s largest asset managers with customer portfolios and accounts. The bank has been a broker in the Zurich stock exchange since 1912—on the ring until 1996 and since then in the SWX Swiss Exchange. As an independent public-law institution in the canton of Zurich, ZKB enjoys the privilege of a state guarantee. Its bonds and medium-term notes are of prime investment quality and have been assigned the top AAA rating by the renowned rating agency Standard & Poor’s.
About Zafin Labs
Zafin Labs provides solutions that enable “Customer Centricity” with a focus on revenue generation and recognition, catering exclusively to global financial service providers. Zafin Labs’ miRevenue product suite enables loyalty management, dynamic relationship pricing and revenue capture capabilities with complete transparency and compliance. Zafin Labs miRevenue suite has been recognized by industry leaders for its innovative capabilities, including FT –The Banker technology award. Zafin Labs has offices in Canada, Germany, Dubai, and India. For more information please visit us at www.zafinlabs.com