The ability to deliver the right products to the right customers is critical for banks to grow their customer base and increase their share of customers' wallets. At the same time, the recent downturn has brought a renewed focus on operational efficiency and cost reduction.
ProductAuthority® is a unique software solution that enables banks to successfully build, bundle and market products by implementing a more agile, efficient and cost-effective approach to product lifecycle management. ProductAuthority enables enterprise product agility by externalizing all product data and rules from multiple, hard-coded legacy systems into a central product repository where products can be quickly and easily defined, maintained, and consumed by sales and operational systems.
More than just a business rule, workflow or calculation engine, ProductAuthority is a "true" product configurator that enables banks to manage all aspects of products including data, content, rules and relationships. By making it possible to identify key product features for re-use or modification across multiple products, ProductAuthority supports customer-centric initiatives including product bundling and relationship pricing.
Streamline Product Management for Banking
With ProductAuthority, banks can develop new products or modify existing products faster and at a lower cost. Capitalizing on a Service-Oriented Architecture (SOA), ProductAuthority enables banks to create innovative products quickly, develop multiple products concurrently and increase speed to market - all while minimizing IT dependency and costs.
ProductAuthority® Lifecycle Manager gives banks visibility and control over the entire product development process. It enables them to track and manage all tasks and participants involved in product development and management. This reduces product development costs and eliminates bottlenecks to improve time to market. Automated workflows facilitate effective collaboration.
Operationalize product changes for immediate use by branch, call center and back-office systems
ProductAuthority is designed to integrate new product development capabilities while taking advantage of the systems already in place. Built with leading technologies such as J2EE, SOAP and XML, ProductAuthority makes it easy to integrate product definitions with delivery channel sales systems and back-office legacy applications using Web services. Product quality is assured because all systems use the same product definitions and rules.
Key Features and Benefits:
- Successfully bundle sets of products that address customer needs holistically
- Respond to legislative changes such as overdraft policies in weeks not months
- Increase speed to market with automated, consistent product development processes
- Reduce the risk of core system renovation by safeguarding all product information
- Eliminate bottlenecks and balance workloads to minimize product development delays
- Dramatically reduce IT maintenance and product development costs
- Lessen IT dependency and gain business-level visibility and control over product development
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Figure 1: ProductAuthority supports cost reduction and customer-centric initiatives by enabling banks to quickly and efficiently develop, bundle and deliver the right products to the right customer.
