Banks looking to boost cash management revenues, shave costs, and enhance the experience of their corporate clients face a number of obstacles. Zafin can help.
Cash management can be a complex business, riddled with manual processes and legacy systems, bloated and clunky product lines, pricing that’s hard to derive and execute, offers that are unsophisticated, generic or just plain unprofitable, and billing that lacks detail, requires manual input to consolidate and is rife with leakage.
Here are some common pain points and priorities for the three key players in cash management – pain points that miRevenue can help ease.
Product Managers: “I need help building product propositions tailored to the needs of different types of customer, supporting pricing for individual and bundled products, and simplifying this mess of charge codes. Oh, and I want to organize my product shelf by product and pricing hierarchies. Go!”
Relationship Managers: “I need help acquiring and retaining customers, and building tailored offers that reflect the depth of my customer relationships. I want a hand evaluating product fit for my customers and monitoring their performance, including pricing reviews.”
Customers: “I want an efficient onboarding process and the ability to compare how my bank stacks up to its competitors. I want to be confident my bank is helping me to use the most appropriate products at all times. I want a personal relationship with my manager, and to be rewarded for the business I bring to the bank. I want billing that’s accurate, detailed, and consolidated. And I want transparency into how prices are set and charges levied.”
With miRevenue for Cash Management, Zafin’s API-enabled solution that’s both “out-of-the-box” and configurable, banks can tackle these challenges head-on.
Through a centralized product repository, banks can:
- Configure, bundle, and implement relevant products for specific segments.
- Create, simulate and manage standard pricing, exception pricing and regular pricing reviews for both fee- and rate-based products.
- Execute customer-centric product and pricing strategies.
- Create truly tailored offers within a governance framework.
- Automatically track if customers are meeting pre-set conditions and price the services accordingly.
- Deliver a personalized bill that’s both detailed and consolidated.
And once the solution is live, all of this can be powered by miRevenue for Cash Management without any future help from IT for the day-to-day.
View or download your complimentary copy of the following resources related to miRevenue for Cash Management: