Centralized pricing control

Increase the sophistication of pricing strategies by externalizing pricing calculations from core systems. A consistent pricing system of record substantiates rates and fees, supports internal and regulatory reviews and automates monitoring, tracking and governance.

Benefits

  • Enable business users to create and change pricing propositions themselves quickly and easily.

  • Execute client-centric pricing strategies to acquire, deepen and retain client relationships.

  • Accelerate time to market by as much as 70% and reduce the cost of creating, changing and launching pricing propositions.

  • Enhance transparency around what a fee is, why it was charged, as well as why clients received a particular rate.

  • Create a solid pricing execution foundation, paving the way for the introduction of Artificial Intelligence and machine learning in the future.

  • Get up and running quickly and reduce TCO with a rapid, out-of-the-box SaaS deployment on the cloud using Microsoft Azure.

Pricing programs can provide a sustained revenue lift of 5% to 15%, all of which goes directly to the bottom line.

BCG, How to Reap a Pricing Windfall in Retail Banking

Conditional price determination

Configure relationship-based pricing based on a flexible array of attributes, client behaviours and required conditions.

Features

  • Rates Management

    • Import or configure standard base rates.
    • Configure rate offsets, exceptions and validations.
    • Create different rate plans for specific microsegments based on configurable attributes.
    • Create a rules-based governance framework to track preferred rates against required conditions.
    • Enable detailed audit trails with a change log.
    • Changes and approvals by a set of authorized users are automatically logged.
  • Fees Management

    • Configure standard fees and calculations.
    • Create different price plans for specific microsegments based on configurable attributes.
    • Create a rules-based governance framework to track fee waivers, discounts, rebates and reversals against required conditions.
    • Enable fee transparency for both front-line staff and clients, with defined rationale and purpose.

Learn more about how banks can leverage Rates & Fees to enable a more sophisticated pricing strategy.

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