In their own words: Zafin retail banking webinar highlights

November 21, 2013 Kyle Thom

Webinar on demand for BanksOn Wednesday, November 13, Zafin hosted a webinar on enhancing retail bank revenue and profitability with product bundling and relationship pricing.

Two key themes emerged from the discussion, including the need for banks to transition from product-centric to customer-centric propositions and provide customers with a meaningful value exchange.

Zafin speeds up time to market for new banking productsAlso, time-to-market is a clear consideration, as our informal poll suggested that about half of the webinar participants require somewhere between six to twelve months to bring new products to market, with some requiring more than a year.


Glenn Grossman, Zafin“It is a common theme across small and large banks that many bank systems were really not designed to give them a flexible product design and pricing functionality across the customer relationship. This makes it hard for lines of business to price their products across the relationships, so there is a real struggle with systems and organizational structure.”

-Glenn Grossman, Solutions Consultant, Zafin


Alex Roddy, Bank of the West“Typically, our systems don’t allow us to look across the customer level. If the customer has two, three, five products with you, you don’t really have a place to get that view. It’s critical to think about a customer as a customer, as opposed to a sequence of products.”

-Alex Roddy, Senior Vice President, Bank of the West


Seth Rosensweig, Alix Partners“Banks are facing marginal erosion pressure and there is new competition, no or slow interest rate growth, new customer demands and regulatory pressure. Banks are really needing to rethink how they operate – not just differently, but in a cost-effective way.”

-Seth Rosensweig, Managing Director, AlixPartners


Seth Rosensweig, Alix Partners“The cost of switching banks is starkly low and now more than ever, customers and regulators have been sensitive to these value exchanges. Essentially, customers are paying more attention and they are expecting more value for service. So the more I can speak the language of the customer, the more I can offer products and bundling and specific prices on what they client particularly wants. This is really at the heart of this discussion.”

-Seth Rosensweig, Managing Director, AlixPartners


Glenn Grossman, Zafin“Just about anyone can make a hamburger, but can you make it profitably? To me, it’s important to pull both parts of the equation together around revenue enhancement and capturing customer wallet, but doing it in a profitable way. How do you do it without investing hundreds of millions of dollars to replace the legacy systems, but being strategic and practical to give the client what he or she needs without breaking the bank?”

-Glenn Grossman, Solutions Consultant, Zafin


Alex Roddy, Bank of the West“Pricing is a science. There are tools to help you make good pricing decisions, but pricing is a science. It is proprietary and we are very thoughtful and careful about how we price things – how we understand price/volume trade-offs and what is value creative versus value destructive.”

-Alex Roddy, Senior Vice President, Bank of the West


Tom Groenfeldt, FinTech columnist, ForbesWe’d also like to extend a special thanks to Tom Groenfeldt, contributor to Banking Technology and Forbes, for moderating our webinar. Check out Tom’s recent Banking Technology piece, Keeping the customer profitable.

 

Webinar on demand for BanksView the webinar on-demand

 

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