TORONTO, July 31, 2019 (GLOBE NEWSWIRE) — Zafin, a leading provider of product and pricing control solutions for financial institutions, will help Bank of the Philippine Islands (BPI) to give its retail and corporate clients more rewards for their loyalty and customized product pricing that fits specific client needs.
Zafin, through cutting-edge software, supports BPI’s digitalization by employing various tools that give BPI’s clients a more rewarding and more efficient banking experience.
“BPI is committed to understanding and addressing their clients’ financial needs, in order to build lasting relationships,” said Gabriel Leiva von Bovet, Executive Vice President, Sales at Zafin. “We are very proud to contribute to this goal through the timely and successful implementation of this project. BPI, like many of our other clients, is an established leader in customer-centric and digital solutions, and this partnership allows them to maintain and expand this leadership, while improving the bottom line.”
BPI tapped Zafin for the use of four software solutions. Zafin’s Offers & Rewards solution will help compute cross-product rewards or cash back for qualified BPI clients so they can enjoy more of the perks afforded to them. Product Master is a product repository that will help the bank easily access product information from other bank applications, resulting in appropriate product lifecycle management and multi-product offers for clients.
BPI is also availing of the Deal Manager solution for its corporate clients, who will soon enjoy customized product pricing that suits specific needs. The bank will also use Zafin’s Billing, a billing management system for better tracking and more detailed and accurate billing information.
Leiva von Bovet also said this project is part of BPI’s digitalization efforts to enhance every aspect of the bank’s operations to give clients a better digital banking experience.
“BPI recently revamped its digital channels to give customers more timely and relevant information and allow for better use of financial products and services,” said Leiva von Bovet. “The Zafin platform complements BPI’s client-centric financial services strategy by allowing them to offer a more personalized banking experience, while improving operational efficiencies. Our tools will also provide BPI’s customers with more competitive offers and pricing.”
The integration of the Zafin product suite in the bank’s corporate banking business will enable BPI to increase revenue and profitability while enhancing client transparency, reducing operational costs, and accelerating time-to-market. This will be possible with three core features of Zafin’s tools that focus on fee management, rate management, and cross-product conditional offerings.
Meanwhile, for retail banking, BPI will now be able to identify, engage, and retain key customers through these tools that create incentivized programs that target each customer’s needs. The bank can now focus on building deeper and more nurturing relationships with its clients.
The 168-year-old Bank of the Philippine Islands is the first bank in the Philippines and Southeast Asia. We are licensed as a universal bank by the Bangko Sentral ng Pilipinas to provide a diverse range of financial services: Deposit taking and cash management, payments, lending and leasing, asset management, bancassurance, investment banking, securities brokerage, and foreign exchange and capital markets. BPI has significant financial strength, with robust Tier 1 capital adequacy ratios and profitability, underpinned by a stringent compliance and risk management regimes. BPI is rated investment-grade by international credit ratings agencies. For more information about BPI, visit www.bpi.com.ph.
Established in 2002, Zafin is a leading provider of product and pricing control solutions, enabling banks to manage conduct risk and increase customer lifetime value. In the current environment, it is critical for banks to have certainty around the products and services to which their clients have access, to ensure that pricing is appropriate and fair, and to substantiate that fees and interest are consistent with contractual arrangements. Zafin’s cloud-based SaaS platform can be implemented quickly, with minimal to no changes required to existing product systems. Headquartered in Toronto with offices around the globe, Zafin is trusted by some of the world’s largest retail and corporate banks. For more information about Zafin, visit www.zafin.com.
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