In this look at Amdocs, Celent reviews the current issue for banks needing to modernize their core to enable more personalized customer propositions and improve experiences throughout the customer lifecycle. This is becoming ever more a key imperative, driven by growing competition from fintechs, heightened regulatory requirements in many markets, and changing customer expectations.
This concept of enterprise product and pricing shifts pricing and product management away from design and implementation within individual core banking systems towards enterprise services. These provide centralized capabilities around the product catalog, loyalty, relationship pricing, product bundling, product development and management, and billing.
The move towards an enterprise-level approach to product and pricing can be an intuitive step towards broader legacy modernization. Amdocs’ Product and Pricing Catalog for Banking is an enterprise pricing and product management platform that can operate across multiple disparate core systems to provide product bundling and customer relationship pricing. It is part of the broader Amdocs Product and Pricing Suite.
Amdocs Product and Pricing Catalog for Banking consists of four main components:
- Amdocs Order Management
- Amdocs Product and Pricing Catalog
- Amdocs Charging
- Amdocs Statement Experience
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