IT services outfit DXC Technology and financial product and pricing control company Zafin have teamed up in a move 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 standardised 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 externalising 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.
Zafin founder Al Karim Somji said that banks had had a rough time since the global financial crisis with banking regulators’ watching them like hawks. While banks have been responding to this increased scrutiny and the required investments in technology and process, 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 compelling client experience. Making matters worse, Open Banking continues to bring new business models and competition to the financial sector, while also creating high compliance costs for the region’s banks.
“In today’s regulatory landscape, managing products and pricing effectively is a strategic imperative. 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,” he said.
“By working closely with DXC, we have responded to our clients’ demands for increased technical agility and interoperability between our solutions,” Somji added.
