Is relationship pricing and billing on your radar for 2013?
Let’s face it. There’s no shortage of challenges currently facing global transaction banking. Against a backdrop of increasing competition, tightening regulation and limited resources, it’s becoming more and more difficult for cash management banks to source and retain new revenue. Relationship managers are looking to hit their sales targets, while product managers want to make sure those targets are profitable.
As you review your plan of attack for 2013, consider looking inward first. Are your current product and service offerings relevant and profitable? Are your internal systems and processes synchronized and streamlined? Perhaps most importantly, are you making the most of the relationships with your existing customers? How can you bring these opportunities together and harness their potential? To answer the questions, we want to shift the paradigm from “What is possible?” to “What would be ideal?”
In the global cash management space, each of your customers is truly unique – from internal structure and geographical representation to business objectives and supporting technologies. Within the current banking environment, the challenge of facilitating long-term revenue assurance requires a comprehensive strategic vision, including optimizing your pricing and billing capabilities to cater to each individual customer effectively.
With a strategic pricing and billing platform, you can empower your organization with a consolidated, ‘360 degree’ global view of your customer. Offer flexible pricing and billing options to your customers based upon the entire relationship, not just a single product line or business unit. By enforcing contractual agreements on fees that currently are not billed correctly – or perhaps not billed at all – you can address revenue leakage issues and maximize profitability, all without signing any new customers.
Offerings as unique as your customers’ needs
• Increase revenue through relationship pricing and bundling tailored to client groups or individual customers
• With a flexible pricing structure, pricing can be set by business segment, transaction level or even by industry-focused rates and tariffs
• Product Managers can create and approve pricing changes themselves – no IT involvement required
Simplify and streamline your operations
• Offer your clients a single, integrated invoice for all products and services
• Reduce manual interaction and operational risk by rationalizing and consolidating legacy pricing and billing functions under one comprehensive platform
• Leverage self-service, web-based capabilities, including automated rate management
Analyze and refine your pricing and billing strategy
• Conduct more transparent, consistent and regular pricing reviews
• Understand profitability by product, relationship manager and market demand using scenario-building capabilities
• Enhanced reporting tools and analytics
Banks embarking on a strategic pricing and billing initiative can expect to realize:
• Reduced annual recurring costs associated with “break and repair” budgets to release new products or redo pricing on legacy code
• Reduced costs and errors associated with manual billing and invoicing, allowing staff resources to be redeployed to value-added initiatives
• Higher revenues via fewer refund requests
• Less dependency on IT for product releases and fee changes
• Reduced billing overheads for relationship and sales staff, allowing them to focus on growth opportunities
• Centralization and rationalization of the operational billing landscape
• Increased flexibility with respect to change policies and procedures
• Reduced costs for further deployment across other geographies
miRevenue: Product and Pricing Lifecycle Management for Banking
Zafin Labs’ miRevenue is a comprehensive suite of dynamic pricing and billing solutions developed exclusively for banks and financial services providers. Already in use by several cash management banks worldwide, miRevenue’s modern architecture is compatible with all core banking environments. By addressing customer centricity and revenue leakage together, miRevenue helps position your products and services effectively and places your organization on the path to long-term revenue assurance immediately.
To date, Zafin Labs has delivered each implementation of miRevenue on time and on budget 100% of the time. At Zafin Labs, we pride ourselves on our 100% endorsement rate from our existing bank clients, who consistently realize a return on their initial investment within 12 months.
Zafin Labs' client SEB on the miRevenue Solution: