“If you bill too much, the client will tell you, but it tends not to work the other way around.”
– Bernd Richter, Capco
In early February, IBS Intelligence published a great high-level summary of the major players and solutions in pricing and billing, which is particularly useful for bankers who are relatively new to this space. We were also fortunate to have IBS publish a comprehensive case study on Bank of the West’s miRevenue installation.
At Zafin Labs, we’re very pleased to be a part of this conversation, but we’re equally as confident that an apples-to-apples comparison of our solution with our competitors’ products will reveal miRevenue’s position as a superior offering. To that end, IBS outlined a couple of key themes that warrant some additional discussion.
Beyond Pricing and Billing: Product Lifecycle Management
Relationship banking is more than just pricing and billing. Yes, they’re still important elements in the equation, but they’re only part of the equation. What we’re talking about is Product Lifecycle Management, which we can characterize as the holistic, “start-to-finish” view of the way banks go about bringing their services to market – from conceptualization and creation to packaging, sales and, ultimately, the product’s demise.
Banks that manage their product lifecycles effectively consider pricing and billing, but also overall product development and their internal structures, processes and workflows at play within the bank. With miRevenue, banks can empower the business to create, bundle and release new products without any IT involvement or change to core systems, significantly reducing time to market.
Limitless opportunities in the ‘Wild West’ of relationship banking
As the IBS materials note, product and pricing lifecycle management functionality is required by literally all mid-sized to large banks around the world. Moreover, banks without a robust solution in place typically lose out on a considerable amount of annual revenue – usually somewhere in the range of one to five percent – through unbilled and uncollected fees. That’s as much as $50 million per $1 billion in revenues – annually – that goes uncollected.
The good news for banks is that we have the solution – miRevenue – which just happens to be the best product in this space. To match that, we have a 100% success rate in delivering on time and under budget. This is great news, but what’s really exciting for us is the sheer breadth of the opportunity in front of us – we truly believe miRevenue can transform how banks deal with their customers on a global scale.
Webinar Reminder: Customer Centricity in a Correspondent Banking World
Join Zafin Labs, along with bank billing standards guru and TWIST BSB founding member Paul Burstein, for a one hour interactive presentation on March 12. This webinar will focus on the opportunities for increased profitability in Correspondent Banking and detail the current pain points as well as upcoming challenges from existing and future regulations.