CGI and Zafin Labs have introduced the Dynamic Pricing for FSI solution – a business approach supported by a flexible software platform and associated integration services that will enable banks to introduce unique relationship-based product and pricing capabilities that can be applied to reward customers in real-time while quantifying the incremental revenue realized.
"Dynamic Pricing for FSI is an innovative customer management-based solution that directly links the knowledge that banks have about their customers - from customer value to behavioral-based segment information - with virtually any transaction type. The result is the development of differentiated, customer-specific product bundles, service pricing strategies, or service charge waiver guidelines," says Sam Burns, leader of CGI's customer management practice.
Products can be developed instantly at the point of sale in response to specific customer conversations and deliver customer rewards such as rate reductions, service charge waivers or loyalty points.
"Our mission is to ensure that our clients achieve increased "wallet share" and relationship profitability meanwhile improving their customer value base," says Al Karim Somji, CEO of Zafin Labs. "By partnering with CGI, the provider of the business consulting and system integration services around the solution, we believe financial institutions can truly harness the power of miRevenue."
miRevenue is Zafin's component-based customer life-cycle application designed to integrate into the complex infrastructure environments of today's financial institutions.
"It is a highly scalable solution proven within Tier I banks that offers critical components including dynamic product pricing and benefits, simulation and a product/relationship management workbench", says John Switzer, VP Financial Services, CGI. "We view the solution as a key component of our banking strategy, and believe it can be leveraged by organizations to create new revenue streams that can be used to fund many of the core banking modernization initiatives our clients are considering."