VANCOUVER, British Columbia, Oct. 24, 2023 (GLOBE NEWSWIRE) — Zafin, the leading provider of SaaS product and pricing platform solutions for banks, announces today the launch of Zafin Integrate & Orchestrate (IO), as well as Zafin Data Fabric.
Zafin IO is a foundational technology platform that streamlines integration across a bank’s tech ecosystem and Zafin’s cloud-native products, while Zafin Data Fabric is a data store that provides banks with a complete, actionable and compliant view of multi-core and bank ecosystem data.
Now is the time for banks to put more thought into transforming core technologies. A lot of their legacy systems are outdated and unable to keep pace with the changing nature of the banking landscape and meet customer demands. The knowledge of these systems is also typically held by a few individuals. When these individuals leave the banking environment, there is a potential risk that knowledge transfer may not take place. However, many banks hesitate to make changes – only lagging further behind early adopters.
Core modernization projects are not easy to undertake. According to McKinsey research, 70% of digital banking transformations exceed their original budgets, and 7% end up costing more than double initial projections. Additional challenges like time to market, lack of employee buy-in, security risks and disruption to normal operations are some deterrents.
Banks that are already in the process of modernizing their core systems and transitioning to a multi-core or neo-core environment face a persistent challenge in effectively coordinating the coexistence of a multi-core ecosystem.
Zafin IO was created to curb those challenges by providing a comprehensive set of tools that streamline the integration of connections and data flow between a bank’s conventional, bespoke, and neo core systems, as well as the broader banking technology ecosystem. This leads to a decrease in the risks associated with core modernization and an anticipated enhancement of up to 50% in time-to-market, all the while enabling ongoing business transformation.
Zafin IO deploys accelerators, leveraging well-known design patterns and low-code approaches, with Microsoft Azure Open AI-powered Zafin Copilot, as well as other open-source large language models (LLMs). This eases bank-side application and integration development effort and enables banks to rapidly simplify core product systems and launch new personalized propositions at scale and speed.
Alongside Zafin IO, Zafin Data Fabric serves as an indispensable component for banks seeking to harness their first-party data effectively. Aligned with the Banking Industry Architecture Network (BIAN) industry standard, Zafin Data Fabric seamlessly integrates diverse data into a unified, analytics-ready, 360-degree customer view, enabling users to easily digest and utilize business intelligence (BI) functions to enhance their product and pricing capabilities. Zafin Data Fabric efficiently processes data from multi-core systems. It then analyzes and optimizes this data, making it readily available for banks to tailor solutions to customer needs and make impactful business decisions.
“Customer expectations are evolving more rapidly now than ever before. With so many banks still operating on legacy core systems, it’s hard for them to keep pace,” said Charbel Safadi, President, Transformation and Modernization at Zafin. “These new offerings will enable banks to undergo business transformation initiatives and leapfrog the competition all while beginning their core modernization journey.”
Zafin IO is available in private preview now. Zafin Data Fabric will be available in private preview in Q1 2024.
Founded in 2002, Zafin offers a SaaS product and pricing platform that simplifies core modernization for top banks worldwide. Our platform enables business users to work collaboratively to design and manage pricing, products, and packages, while technologists streamline core banking systems.
With Zafin, banks accelerate time to market for new products and offers while lowering the cost of change and achieving tangible business and risk outcomes. The Zafin platform increases business agility while enabling personalized pricing and dynamic responses to evolving customer and market needs.
Zafin is headquartered in Vancouver, Canada, with offices and customers around the globe including ING, CIBC, HSBC, Wells Fargo, PNC, and ANZ. For more information go to www.zafin.com.
“Zafin” is a trademark of Zafin. Other product or service names mentioned herein may be the trademarks of their respective owners.
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