CIBC’s pricing and billing engine, powered by Zafin’s miRevenue platform, recently won the 2016 Celent Model Bank Award for Cash Management and Trade Finance.
The bank’s myClient platform, powered by Zafin’s miRevenue, is the system of record for the bank’s product pricing, fee computation, and billing reports. It includes a centralized product and service catalog which enables streamlined and consolidated automated pricing, billing, and reporting for its 300,000+ business customers. It replaces heavily manual and inflexible processes that added to product launch complexity and costs.
Penny Crosman, Editor at Large at American Banker, sat down with Phil Griffiths, SVP of Global Transaction Banking at CIBC, to discuss its award-winning business banking transformation. What prompted CIBC’s transformation? The need to improve commercial clients’ customer experience.
Repost from American Banker:
Like many banks, CIBC used to charge commercial clients a flat fee for everything they did at the bank. How that fee was determined and what individual products and services cost was a mystery.
Recently the $362 billion-asset Canadian bank has been rolling out software that automates pricing and enforces a degree of discipline around what corporate customers are charged for products and services. The system lets the bank introduce new products quickly, provide understandable bills to customers — which leads to fewer calls to the call center — and gives relationship managers more customer information with which to sell. These benefits came at a cost: a huge, time-consuming data integration project that had to be undertaken first.
CIBC is not alone in wanting to automate and control corporate pricing and billing. A large U.S. bank is also thinking about using Zafin’s software to adjust the way it charges commercial clients.
Read the full article, “How Tech Helped CIBC Make Corporate Fees Transparent” by Penny Crosman on americanbanker.com
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