DXC Technology, the world’s leading independent, end-to-end IT services company, and Zafin, a leading provider of product and pricing control solutions for financial institutions, have entered into a collaboration that will enable DXC’s core banking clients to make a strategic response to the changing demands of the marketplace.
A key aspect is the launch of a standardized data connector between DXC’s two core banking solutions, Hogan and Celeriti Digital Banking-as-a-Service, and Zafin’s cloud-based platform. This means that users can transform their product and pricing approach quickly, with low implementation costs and reduced operational risk. By externalizing product and pricing control from the core banking solutions, clients create an enhanced architecture that accelerates speed to market for new solutions, provides highly responsive relationship pricing, and bolsters controls and governance.
Since the global financial crisis, banking regulators’ oversight of banks has intensified, with a heightened focus on ensuring fair outcomes for clients. While banks have been responding to this increased scrutiny and the required investments in technology and process, the rise of asymmetric competitors, such as digital banks and other new entrants to financial services, has disrupted the hegemony of traditional banks with targeted solutions, aggressive pricing and a compelling client experience.
“In today’s regulatory landscape, managing products and pricing effectively is a strategic imperative,” said Al Karim Somji, Founder and Group CEO at Zafin. “Banks need certainty as to the range of products and services to which their clients have access. At the same time, they must ensure that client pricing is fair, while substantiating to both clients and regulators that fees and interest are consistent with contractual obligations.”
“By working closely with DXC, we have responded to our clients’ demands for increased technical agility and interoperability between our solutions.”
“We’re always looking for ways to help our clients meet the ever-increasing expectations for personalized banking services,” said Phil Walton, Vice President and General Manager, DXC Celeriti. “Zafin enhances the relevance, precision and agility of their pricing strategies.”
“The Zafin platform is a complement to DXC’s core banking solutions, helping equip our clients for success in the modern era of financial services.”
Contributed | what does this mean?