The shift to digital is happening at a tremendous pace in the financial sector. Open banking is quickly becoming a norm, with several third-party developers using open APIs to build banking-related applications and services. These changes require banks to review their existing solutions and be prepared to meet the digital sales and servicing needs of tomorrow.
In addition, any change that is made to underlying systems needs to fit within cost and time constraints and ensure there is no disruption to existing customer journeys and processes.
The Challenges Plaguing Retail Banks
Given the number of products that keep getting introduced in retail banking, managing this evolving product portfolio is not easy. Add to it the need to offer seamless and uninterrupted access to new products and services to customers.
In a constantly changing business environment, product managers often find it challenging to keep track of the different products, capitalize on the several features and capabilities, and maximize return on investment. They also struggle to aggregate data across their business, create accurate customer profiles, and make changes on customers’ behalf.
In the long run, these challenges begin to impact every aspect of day-to-day retail banking. They restrict the cross-sell and up-sell opportunities, make it difficult for banks to create tailored offers, hamper customer experience, compromise customer retention.
How RIA Product Catalog can Help
RIA’s Product Catalog has been curated specifically for retail banking product managers to better manage the product portfolio.
It is a core feature of any Retail Banking Pricing and Billing solution. It stores product details, helps determine customer pricing, and supports offers and promotions essential to achieve growth targets.
Created as a solution tool in conjunction with ORMB, it aims to make it easy for product managers to manage the growing list of retail banking products while enhancing cross-sell opportunities, personalizing offers, reducing time-to-market, and getting more value out of their product offering.
The Many Features of RIA’s Product Catalog
As more and more customers connect through digital channels such as Internet Banking portals, third-party providers, and comparison websites, the RIA Product Catalog helps support pricing activity using APIs. It comprises multiple features offered via a digital interface and a powerful processing engine that helps improve the quality of products with pre-configured test packages.
Powered by Oracle’s ORMB solution, the RIA Product Catalog offers an extensive set of features such as:
- Product Repository: The go-to place for all product pricing information, empowering Product Managers to collect information based on their requirements with minimal switching between screens.
- Offer Manager: A unified repository of all customer pricing information, allowing Product Managers to provide a quick response to customers on their pricing needs and quickly generate tailored offers and promotions.
- Digital Integration: A combination of open APIs, open banking, Internet banking, and dynamic pricing to allow for easy transfer of product and pricing details to and from external systems and improve third-party provider access to product repository for quicker sales turnaround. Through seamless integration with the bank’s portals and customer service channels, Digital Integration helps improve employee experience and decision-making.
- Value Add-Ons: To enhance the SaaS-based solution’s functionality and provide customers with a complete solution for pricing and billing.
- Digital Experience Platform: RIA Product Catalog uses automated virtual agents to handle common customer queries and self-service portals to guarantee a simplified and enhanced user experience. It also provides several document templates in multiple formats as well as modern analytics to configure reports through easy-to-use dashboards that are actionable, predictive, and persona-based.
Benefits of RIA’s Product Catalog
The RIA Product Catalog enables product managers to manage the product repository and lifecycle. It allows operations personnel to ensure that the product repository is set up correctly while making changes as and when required. Using this product catalogue, end users can seamlessly use the products being offered by the bank.
The benefits include:
- Improved profitability: Using the RIA Product Catalog, retail banks can enable effective data analysis and exception handling and reduce revenue leakage while improving revenue. Through better identification of customer needs, they can improve customer cross-sales, enhance customer retention, and reduce pricing and billing solution costs through improved efficiency – thus improving profitability in the long run.
- Faster time-to-value: The RIA Product Catalog enables retail banks to get started quickly. Using the quick configuration approach, banks can enable fast deployment of core functionality and make the most of the SaaS-enabled offering. As soon as the system is implemented, Product Managers can enable instant data analysis and leverage simulation tools to reduce the time for launch of the products, offers, and promotions.
- Enhanced flexibility: For retail banks that look to adapt themselves to meet the business environment changes, the RIA Product Catalog offers a number of add-ons and extensions – over and above the core functionality. Using add-ons such as deal pricing, loyalty and rewards and accelerators such as self-service portal, customized reporting, and payment gateway integration, banks can enhance the system’s functionality and enhance the flexibility of operations.
The banking sector is getting increasingly volatile, and the concept of open banking becomes commonplace. A SaaS-based solution like RIA Product Catalog can help retail banks to better understand their customer needs, improve customer experience, and keep pace with market dynamics.
For more information about our Product Catalogue, connect with us.
