While this has an impact on the profit margins of banks and financial Services companies, it is also a great opportunity to attract new and retain existing customers by offering flexible pricing models that are tailored for individuals or customer groups.
Ok. Now what does it take to be leaders in this game. You have to have agile IT systems based on which you can launch these pricing models to the market much faster than your competition. The pricing engine in SAP Banking Services is a classic example of a robust pricing engine which caters to your ever increasing demand for flexible pricing models which will differentiates you from other players.
There are three components in your IT landscape which are critical to meet the above demands:
- An agile Sales System (Account Origination) which is able to push new pricing models to the market.
- A core banking system which can support the concept of Sales Products and Manufactured Products.
- A state of the art Pricing Engine alongside or within your core banking system.
