Challenge SummaryBanks are continually looking for ways to differentiate their product/services and enhance their ability to recognize the value of their customer relationships. Relationship based pricing and billing has emerged as a powerful enabler towards this end. CRM applications have provided some progress towards understanding more about customer relationships and business intelligence tools have helped us understand more about behavior and propensity. However, the picture is not complete without a dynamic pricing capability. Still many challenges exist as banks attempt to institute change in an environment long ruled by legacy infrastructure. Product managers, relationship managers, LOB executives, IT services executives are searching for cost effective opportunities to develop, deploy, measure and control innovative products and services that will drive meaningful revenue growth.
Our PerspectiveAt ADS, we think you can have your cake and eat it too.
Enabling product/service innovation and relationship based pricing is well within reach. Through creative thinking and the deployment of a flexible technology tool set, you can leverage your bright ideas and deliver customer centric offerings to specific market segments. We have seen several hurdles, none of which should stop you from creating a more customer centric operating model.
- Why let technology limitations stifle product and service innovation?
- Why tolerate revenue leakage? Shouldn’t you expect insight into why your targets are not being achieved?
- Shouldn’t your relationship managers have the tools, authority (within limits) and information to create a product offering that fits your important clients?
- Wouldn’t it be useful to allow product managers to create policy bundles with multiple conditions and rules (read: new products) that reflect the needs of specific market segments, regions and territories? Then enable them to test the product prior to launch with a powerful simulation tool?
Product and relationship managers can now focus on meeting the service requirements of the bank’s best customers who deliver 80% of the revenue stream.
Solution DetailADS, along with its high valued partner Zafin Labs, presents miRevenue. miRevenue is a robust, component-based application system designed to work in an enterprise domain, non-obtrusively integrating with multiple existing source and destination applications. Each functional unit is purpose built with specific features incorporated for adaptability, flexibility, and simplicity to solve real business problems.
The miRevenue product suite enables you to capture the power of dynamic relationship pricing and billing. ADS can help you achieve benefits quickly by leveraging the components that best fit your operating environment and maximize your current investments. We focus on three key steps.
- Develop Capability Map – ADS helps you develop a clean understanding of your current product development, bundling, pricing and billing capabilities. Through this process, we highlight leverage points that will help enable the end solution. Our goal is to build upon current investments in people, process and technology to create an enabling environment that allows you to offer more dynamic products and services to your customers.
- Execute Proof of Concept – Select an impossibility. Your current environment is filled with them. Is there a product bundle you would love to offer a specific segment but are constrained by your current infrastructure? Struggling with performing product simulation prior to launch? Trying to envision how a loyalty program with an outside party would work (i.e., card, travel points)? ADS will construct a Proof of Concept to demonstrate the power of miRevenue. The harder the challenge, the better. Give us 8-10 weeks and we will show you a glimpse of how innovation works and the financial benefits that you will be able to achieve.
|
