DXC Technology and Zafin Partner to Help Banks Manage Conduct Risk and Increase Customer Lifetime Value
Joint proposition enables Hogan core banking clients to enhance the sophistication and speed to market of today’s product and pricing strategies
LONDON, June 27, 2019 (GLOBE NEWSWIRE) -- 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. Compounding these challenges, Open Banking continues to bring new business models and competition to the financial sector, while also creating significant compliance costs for the region’s banks.
“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.”
Established in 2002, Zafin is a leading provider of product and pricing control solutions, enabling banks to manage conduct risk and increase customer lifetime value. In the current environment, it is critical for banks to have certainty around the products and services to which their clients have access, to ensure that pricing is appropriate and fair, and to substantiate that fees and interest are consistent with contractual arrangements. Zafin’s cloud-based SaaS platform can be implemented quickly, with minimal to no changes required to existing product systems. Headquartered in Toronto with offices around the globe, Zafin is trusted by some of the world’s largest retail and corporate banks. For more information about Zafin, visit zafin.com.
About DXC Technology
As the world's leading independent, end-to-end IT services company, DXC Technology (NYSE: DXC) leads digital transformations for clients by modernizing and integrating their mainstream IT, and by deploying digital solutions at scale to produce better business outcomes. The company’s technology independence, global talent, and extensive partner network enable 6,000 private and public-sector clients in 70 countries to thrive on change. DXC is a recognized leader in corporate responsibility. For more information, visit dxc.technology.
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