CGI and Zafin Labs partner to deliver new product pricing solution to help solve banks custom

Today’s sophisticated banking customers demand personalized service that recognizes their personal preferences and needs.  These consumers don’t hesitate to switch to another financial services provider if the service they receive doesn’t meet their expectations.

As a result, consumer attrition continues despite the use of sophisticated analytics- based techniques designed to identify customers most likely to defect.  Financial Institutions are under pressure to produce sustainable earnings growth, and are challenged daily to develop new customer focused strategies that will reduce attrition and increase wallet-share.

To address this problem, CGI and Zafin Labs have introduced the Dynamic Pricing for FSI solution – a business approach supported by a flexible software platform and associated integration services that will enable banks to introduce unique relationship-based product and pricing capabilities that can be applied to reward customers in real-time while quantifying the incremental revenue realized.

“Dynamic Pricing for FSI is an innovative customer management-based solution that directly links the knowledge that banks have about their customers – from customer value to behavioral-based segment information – with virtually any transaction type. The result is the development of differentiated, customer-specific product bundles, service pricing strategies, or service charge waiver guidelines”, says Sam Burns, leader of CGI’s customer management practice.

Products can be developed instantly at the point of sale in response to specific customer conversations and deliver customer rewards such as rate reductions, service charge waivers or loyalty points.

 “Our mission is to ensure that our clients achieve increased “wallet share” and relationship profitability meanwhile improving their customer value base” says, Al Karim Somji, CEO of Zafin Labs.  “By partnering with CGI, the provider of the business consulting and system integration services around the solution, we believe financial institutions can truly harness the power of miRevenue”.

miRevenue is Zafin’s component-based customer life-cycle application designed to integrate into the complex infrastructure environments of today’s financial institutions.

“It is a highly scalable solution proven within Tier I banks that offers critical components including dynamic product pricing and benefits, simulation and a product/relationship management workbench”, says John Switzer, VP Financial Services, CGI. “We view the solution as a key component of our banking strategy, and believe it can be leveraged by organizations to create new revenue streams that can be used to fund many of the core banking modernization initiatives our clients are considering.”

About CGI

The Customer Management Practice at CGI has been assisting top tier financial institutions implement customer-centric strategies for over 10 years. The group focuses on helping clients manage their customers by providing customer-centric business strategies and applying their deep expertise in the leading technologies to deliver these strategies. The Practice’s intellectual property strategy seeks out unique capabilities within the customer management arena and leverages the breakthrough functionality to drive new innovative business based solutions to its customers.

Founded in 1976, CGI Group Inc. (“CGI”) is the eighth largest independent information technology and business process services firms in the world. CGI and its affiliated companies employ approximately 25,000 professionals. CGI provides end-to-end IT and business process services to clients worldwide from offices in Canada, the United States of America (“US”), Europe, Asia Pacific as well as from centers of excellence in Canada, the US, Europe and India. CGI’s annualized revenue run rate is currently $3.5 billion (US$3.0 billion) and at March 31, 2006, CGI’s order backlog was $13.7 billion (US$11.7 billion). CGI’s shares are listed on the TSX (GIB.SV.A) and the NYSE (GIB) and are included in the S&P/TSX Composite Index as well as the S&P/TSX Capped Information Technology and MidCap Indices.