Retail & SME Corporate & Commercial Regulatory & Compliance Community Banks Credit Unions Building Societies

New levels of consistency, transparency and control for better governance of your bank’s product and pricing practices

Compliance officers at leading banks worldwide trust Zafin’s cloud-native enterprise-wide product and pricing management platform to execute product, pricing, packaging and billing strategies with full traceability for service, audit, governance and compliance purposes.

 

 

 

 

What does your bank need most?

Take a look at what our solutions can do for you.

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Relationship Pricing

Better banking benefits for customers. Better growth and profitability for banks.

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Product Information Management

Strengthen your position with customers, competitors and regulators.

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Core modernization

Reduce risk and accelerate payback for your core modernization.

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Quote-to-Cash

Automate execution of corporate and commercial pricing arrangements.

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Customer Case Studies

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

Flexibility

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.

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Transparency

Centralize Rates for Efficiency and Transparency

Tier-1 bank uses Zafin’s platform to price deposits at the microsegment level to better serve customers and respond to competitive pressures.

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Challenge

This Tier-1 bank faced market pressure from smaller regional and community banks competing on price. Meanwhile, its core systems limited the bank’s deposit product pricing capabilities.

Objective

The bank’s vision included delivering tailored pricing on deposit products down to a segment of one. In addition, the bank had key business objectives, including enabling a proactive approach to deposit pricing, centralizing pricing for deposit products in a single system for distribution to other bank systems and increasing rate transparency for customers and employees.

Solution

Zafin’s Rates & Fees solution enabled the bank to create a centralized and automated framework for determining and executing segment-specific deposit rates. The bank now leverages a single source for all deposit product pricing information and feeds that data to other bank systems.

Result

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Unify

Unify Product Information Management for Simplicity and Agility

Tier-1 bank centralizes hundreds of retail products to reduce costs, increase speed and better serve customers.

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Challenge

A Tier-1 bank’s siloed operations, commoditized products, and product-centric mindset were negatively impacting the customer journey ‒ from experience, to acquisition to development.

Objective

The bank’s objective was to be a strong, innovative and customer-oriented bank.

Solution

The bank used Zafin’s technology to support a new product management framework and enable key capabilities including dynamic pricing, relationship pricing, smart offers and bank-wide rewards.

Result

With Zafin’s platform, the bank has centralized over 385 retail banking products, dramatically reduced costs associated with product launches and rate changes, accelerated speed to market, and increased share of wallet among target customers.

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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

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White paper

February 2019

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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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