Product and pricing lifecycle management needs to be a separate layer of capability outside the core.
Banks now need to develop a new ecosystem, which means modernizing their core. It has become essential for product and pricing management to move into enterprise services, as mounting competitive pressures require banks to foster product innovation and to respond rapidly to customer needs, whilst offering fair and transparent pricing.
The new approach offers centralized capabilities for product management and development, and gives banks the agility to rapidly adapt propositions for customer personalization purposes. This also allows them to create value propositions that incorporate third party services giving greater flexibility on their product offerings and bundling.
Find out from this in-depth report from Celent on the specialized area of product and pricing in retail banking. How the industry is moving forward and see the select vendors, including Amdocs, that have the skills and expertise to implement these new capabilities.
The report will explain why switching to enterprise pricing has become critical to maintaining optimal pricing strategies, which not only underlie the financial performance of any firm, but it also underpins the battleground for customer retention.