CIBC recognized by global financial services research firm Celent for its industry-leading streamlined pricing implementation
Zafin, the leader in relationship banking software solutions for the global financial services industry, is delighted to congratulate CIBC (TSX: CM)(NYSE: CM) for its 2016 Celent Model Bank Award for excellence in Cash Management and Trade Finance.
The Model Bank award recognizes the best practices of technology usage in different areas critical to success in banking. Nominations are submitted by financial institutions and undergo a rigorous evaluation process by Celent analysts. Celent judges submissions on three core criteria: initiatives must be live and delivering demonstrable business benefits, the degree of innovation relative to the industry, and the quality of the technology or implementation excellence. CIBC was recognized as one of 18 Model Bank winners from over 100 nominations.
CIBC was named a Model Bank for its strategic initiative that streamlined pricing within Global Transaction Banking using Zafin’s software platform, miRevenue. CIBC sought to consolidate several disparate billing systems and databases in order to launch products quickly, ensure greater consistency in earning revenue across differing fee arrangements, and streamline pricing. CIBC selected Zafin’s miRevenue platform as the system of record for all product fees and interest computation across its Business Banking efforts.
“Zafin congratulates CIBC for executing on its vision to implement a fully integrated and centralized pricing, billing, and reporting solution for its business banking client base,” said John Kohari, CEO for the Americas at Zafin. “CIBC is leading the way and we are proud to have played a role in the bank’s success.”
Using Zafin’s miRevenue, CIBC is now benefiting from a centralized data catalogue for products and services, including standard and exception pricing, automated consolidated billing, the elimination of manual billing processes, and supervision and control over the entire process. Notable benefits achieved include:
“The Model Bank Awards recognize banks for their innovative use of technology and proven business benefits. CIBC's streamlined pricing implementation is a strong example of how a client-focused strategy can make banking easy, flexible, and personalized for its clients while supporting business growth,” said Patricia Hines, Senior Analyst, Corporate Banking at Celent. “The demonstrated ease in which CIBC is launching new products and the consolidation of legacy systems make this initiative a model for cash management and trade finance innovation."
“This innovation will help us bring new products to market faster, in order to help us continue delivering on the needs of our clients,” said Phil Griffiths, SVP, Business Banking, CIBC. “The award is recognition of CIBC’s continued commitment to innovation and improving our client experience.”