For over 10 years, Zafin has extensive experience working with banks and other financial service providers of all shapes and sizes, both global and regional. During this time, we have learned that community banks and credit unions play an important role in many local communities.
Community banks and credit unions aim to support their local communities by providing finance to local businesses and households. By offering a range of savings and other products, they enable local residents, businesses and authorities to deposit funds, which can be used to provide finance for local investment.
With your focus on your local community, it’s no secret that strong relationships with your clients and members are the cornerstone of your business. Notwithstanding the focus on local communities, competition remains strong, with larger players deploying more localized strategies. Technological advances, which are proportionately more costly for small banks to develop, are driving client expectations, which extend beyond the convenience of a local branch network. It is therefore even more important for community banks and credit unions to leverage and demonstrate the unique value of their relationship based pricing and bundling propositions.
To remain successful, these local institutions will most likely have to find new ways to deepen and extend these client and member relationships across their local communities. Being able to offer more flexible and tailored client and member propositions, which also reward loyalty, will help, especially if these are communicated transparently.
miRevenue for Retail Banking: Community Banking and Credit Unions
Zafin can help. Our miRevenue solution provides community banks and credit unions with the means to deploy cost effective end-to-end Product and Pricing Lifecycle Management capabilities.
By orienting around client and member relationships, miRevenue enables local financial institutions to manage products and pricing holistically, including dynamic, on-demand relationship based pricing, product bundling, onboarding and simulation capabilities. Designed and built specifically for the financial services industry with modern, enterprise-grade architecture, miRevenue comprises a suite of tools which enables community banks and credit unions to continue to deliver value today, tomorrow and well into the future.