Regulatory & Compliance

Leading financial institutions across 40+ countries rely on Zafin’s cloud-native enterprise-wide platform to bring new levels of consistency, transparency and control to their product and pricing practices. The path to implementation for a Zafin solution is fully operationalized and highly predictable, with most phase one use-cases up and running in less than six months.

Customer Case Studies

Don’t take our word for it. Hear what customers have to say about how Zafin has transformed their business.

tier 1 corporate commercial banking gold

Increase Pricing Flexibility and Reduce Conduct Risk

Tier-1 bank centralizes pricing across geographies, currencies and market rates for simplicity, efficiency and impact.

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Challenge

This Tier-1 bank’s domestic markets priced deposit products independently, with limited regional or global input or oversight. With no means to align local market practices with global strategies, the bank faced conduct risk exposure, below par balance sheet use and P&L volatility.

Objective

Objectives included maintaining a strategic focus on growing “sticky” core deposits, differentiating pricing for deposits by segment, managing and monitoring conduct risk and substantiating pricing outcomes to clients and regulators with full transparency.

Solution

Leveraging Zafin’s Rates & Fees to streamline rate management, the bank is now equipped with a system of record for wholesale deposit base rates globally.

Result

The bank automated pricing for 98 percent of its Transaction Banking balance sheet globally, and mitigated conduct risk with a centralized automated system for pricing across hundreds of currencies and market rate inputs.

tier 1 retail banking gold

Externalize Products and Pricing to Scale and Grow

Tier-1 bank reduces revenue leakage and strengthens product governance in advance of geographic expansion.

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Challenge

In response to a range of commercial and operational constraints and drivers including a geographic expansion strategy, this Tier-1 bank decided to undertake a full digital transformation project.

Objective

Create a comprehensive discipline around product and pricing in preparation for expanding into new geographic markets. Stand-up a new digital bank using next-generation core technology.

Solution

The bank plans to externalize all retail lending and deposit products and pricing from its legacy Hogan core to Zafin’s platform. At the same, the bank will deploy a modern core integrated with Zafin’s product and pricing capabilities to support its new digital bank. To demonstrate the impact and viability of Zafin’s solution, the bank started with a limited-scope installation, using Zafin to execute a specific fee that the bank had been disclosing but not charging.

Result

Zafin’s solution helped reduce revenue leakage, address fee waivers and strengthen the bank’s product governance model. The bank’s first use case is on track to generate $10-15 million in incremental revenue annually.

tier 1 retail banking gold

Enable Market-Leading Customer Experiences

Tier-1 bank delivers personalization, proactive advice and end-to-end automation.

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Challenge

A Tier-1 bank could not compete with digital banks, fintechs and other non-banks, who were wooing away customers with new products, offers and experiences. The bank’s legacy core limited its range of products and experiences.

Objective

The bank embarked on a multi-year strategic transformation focused on creating market-leading customer experience and digital services as a means to compete and win in the market.

Solution

Leveraging Zafin’s platform, specifically Product Master, Rates & Fees and Offers & Rewards, as part of a cloud technology stack, the bank delivers digitally-enabled customer personalization, proactive advice and end-to-end automation.

Result

Driving major operational efficiencies, Zafin’s platform helped the bank rationalize 300 legacy products to less than 10, and 127 legacy lending structures to less than 10.

What's Possible

Respond to customer needs and competitive challenges at speed with products, prices and offers designed to serve existing customers, attract new ones and build your business. Consider the possibilities.

Reduce Conduct Risk

Zafin can provide product information that can be used to help reduce product mis-selling and bolster processes designed to ensure fair and transparent outcomes for customers and regulators.

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Challenge

Amidst a range of high-profile bank fines for product mis-selling, misconduct remains a significant risk for banks.

Solution

Zafin can provide product information that can be used to help reduce product mis-selling and bolster processes designed to ensure fair and transparent outcomes for customers and regulators.

How It Works

With Zafin Product Master, banks centralize product information in a structured repository for subsequent distribution and consumption with consistency across all bank channels. This architecture ensures uniform application of suitability and eligibility criteria, plus consistent representation of product features, benefits and pricing for all customers across all channels.

Streamline Lookback Inquiries for Regulators

Provision accurate lookback data for easy access, significantly reducing the amount of effort, time and cost associated with regulatory inquiries.v

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Challenge

Responding to regulatory inquiries is often a highly manual, time-consuming and costly process. Assembling lookback data for regulators can take months, and can cost hundreds of thousands or even millions of dollars. In some cases, banks have been fined for not being able to provide the data at all.

Solution

Provision accurate lookback data for easy access, significantly reducing the amount of effort, time and cost associated with regulatory inquiries.

How It Works

With Zafin Product Master, banks centralize information in a structured repository designed for accessibility. This repository retains longitudinal product information separate from a bank’s core systems, ensuring easy access to comprehensive product information for regulatory purposes. This information can include product specific requirements such as eligibility and suitability criteria, product development and delivery processes, and relationship pricing transparency (who did and did not qualify for a pricing adjustment, and why).

Streamline Regulatory Compliance and Reduce Risk Around Product Management

Build a comprehensive discipline around product information management, inclusive of: product governance processes, which customers have access to which products, product eligibility and suitability, risks and controls, as well as required manufacturing and distribution systems.

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Challenge

Banks have incurred billions of dollars in fines for misleading and even deceiving customers due to suboptimal sales and risk management practices. As a result, regulatory scrutiny is increasing. Banks need to demonstrate that they have effective and consistent processes in place to prevent development and delivery of products that pose significant risk to the bank and its stakeholders.

Solution

Build a comprehensive discipline around product information management, inclusive of: product governance processes, which customers have access to which products, product eligibility and suitability, risks and controls, as well as required manufacturing and distribution systems.

How It Works

With Zafin’s Product Master, consolidate product information and related regulatory information from across the bank in a central repository, creating a systemic foundation for product information management. Enhance visibility of this information with senior management and other key stakeholders, while executing a product approval workflow across multiple functions.

Related Resources

White paper

February 2019

opens in a new window Open Banking: Advancing Banks’ Digital Journeys and Business Models

Open Banking initiatives are undoubtedly gathering momentum, particularly in markets where it is being underpinned by regulatory stimuli. Whilst the Open Banking objectives for different markets vary, all are seeking to encourage greater competition, transparency and product and service innovation by financial services institutions for the benefit of customers.

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