Six reasons why banks should consider purchasing a PPLM solution instead of building one internally
When exploring a customer-centric strategy, some banks consider building a technology platform internally instead of purchasing a Product and Pricing Lifecycle Management (PPLM) solution. In Zafin’s experience, these types of large-scale bespoke development projects are often expensive, risky, inflexible and, in some cases, end up failing altogether.
Fast facts: Zafin and miRevenue
- Operating in the PPLM space for over a decade
- 65,000+ person days invested in miRevenue, Zafin’s PPLM solution
- Processes over 250 million transactions per day at a single client site
Here are six reasons why purchasing a Product and Pricing Lifecycle Management platform is often the preferred alternative to in-house development.
1. The total cost of ownership is lower
Built on industry best practices and requirements from banks around the globe, miRevenue’s functionality adapts to a variety of needs, as opposed to bespoke development based on a single set of requirements. As banks’ requirements evolve, they are continually supported by miRevenue, which minimizes or eliminates future bespoke development costs to maintain and augment the application. miRevenue’s product costs are fixed and predictable.
2. The cost of development is lower
Building a robust, proven and scalable Product and Pricing Lifecycle Management platform represents a considerable investment, both in time and cost, which a product vendor can spread across multiple clients. A bespoke development, with a relatively narrow scope, is likely to be rigid in design and incapable of managing future change. Any such future changes must be borne by ongoing bespoke development funding.
3. The time to deploy is shorter
miRevenue can be configured and deployed in as little as three to six months, as compared to a period of nine to twelve months to test and deploy a homegrown solution.
4. Ongoing platform innovation
Zafin is constantly evolving miRevenue with new features and functionality, which are automatically available to the bank with no additional costs. With bespoke development, any new functionality must be designed, and the existing solution re-architected, in order to support new features, which can result in significant cost to the bank.
5. Flexibility and configurability
To meet the rigorous demands of the financial services industry, miRevenue’s fully configurable design adapts to a bank’s requirements. A rigid bespoke development, built to solve today’s needs, is more than likely unable to meet ever-changing requirements, including regulatory constraints, industry trends or mergers and acquisitions.
6. Proven implementation success
miRevenue’s implementation success speaks for itself – 100 percent of our projects have been delivered on time and on budget, with a 100 percent customer reference rate. We provide tangible proof of scalability and reliability. Conversely, bespoke development carries a degree of operational risk until the solution is proven to handle large transaction volumes or scale effectively.
For more information on how miRevenue can deliver complete Product and Pricing Lifecycle Management for your banking needs, please contact us at firstname.lastname@example.org.