An enterprise-wide trend towards centralizing product and pricing management in financial services driven by strategic objectives
One year after the launch of miCatalog, an innovative product management repository and foundation of Product and Pricing Lifecycle Management (PPLM), Zafin reports an emerging trend toward centralized product innovation amongst financial institutions worldwide.
As the first step and foundation of Product and Pricing Lifecycle Management, miCatalog represents a transformative, customer-centric paradigm shift away from traditional, siloed bank operations.
As a central product repository – a single point of truth for policies, features, standard pricing and exception pricing – miCatalog supports a more holistic, needs-based sales paradigm.
At present, a total of three institutions – a Tier-1 European bank, a Tier-1 North American bank and a Tier-1 African bank – are implementing miCatalog as part of their strategic action plans, with several other prominent institutions planning for a miCatalog-driven product framework.
Based on client engagements across retail and corporate banking and wealth management, Zafin notes five unique and distinct sets of customer requirements related to miCatalog:
1. Householding and associated eligibility rules, in which applicable retail banking customers are grouped together in the same household and enjoy a range of pooled benefits;
2. A central product repository and a single point of truth for corporate banking to enable omnichannel and customer onboarding requirements;
3. Meet transparency requirements while plugging revenue leakage across lines of businesses with full pricing governance;
4. Non-traditional pricing in corporate banking with rate management; and
5. Mitigate the pain of a core replacement in retail banking with a managed evolution.
As outlined in recent editions of Zafin’s Relationship Banker: Journal of Product and Pricing Lifecycle Management, other noteworthy examples of miCatalog’s tremendous flexibility include:
“These trends truly showcase the power of miCatalog as the foundation of an enterprise-wide product innovation strategy,” said Al Karim Somji, CEO and Founder of Zafin. “The financial services industry has equated centralization efforts with Master Data Management systems and methodologies – until now. miCatalog is the business solution to MDM requirements for financial institutions.”
For more information about miCatalog and the entire miRevenue suite, please visit our Products page or read our white paper, "Product Catalog and The Next Frontier for Innovation".
In his recent presentation to Sibos delegates, John Kohari, CEO – Americas at Zafin, discussed how the Product and Pricing Lifecycle Management (PPLM) approach to augmenting existing systems delivers sustainable revenue generation for financial institutions. He explores current challenges around three key corporate banking scenarios and their impact on the bottom line: