Mass Data Billing for the Financial Services Sector
Our global society is becoming increasingly digital. Consumers and businesses alike are opting for digital services be it downloading music, consuming energy via a smart-meter, checking bank statements, paying for journeys or just simply ‘doing business’. This is having a huge effect on our transaction models as the volumes of micro-payments are rising month on month.
Financial services firms now need to think strategically about how to engage, sell to and serve their customers across all channels and potentially devices. Businesses must adapt to serve today’s anytime-anywhere consumer in a seamless and personal way - regardless of this being via the web, via a mobile device, or in a branch. Many Financial Services firms however are still operating with siloed, legacy systems which presents many challenges:
- Revenue Leakage: patchwork systems lead to mistakes, potentially higher bills and unhappy customers
- Slow time to market: It takes months to make changes, cannot use pricing & bundling as a competitive weapon
- No single view of customer value: Siloed billing systems, no integrated receivables, slow collections, longer Past Due cycles, higher Charge Offs
- Poor analytics: lack of integration and poor data quality leads to lost opportunities, unhappy customers
CGI’s Mass Data Billing provides a highly compelling and simple answer.
MDB is a combined financial customer care and billing solution-as-a-service for high volume transaction services in the Finance Sector. It is a pre-built platform, which ensures the high-cost of building traditional financial customer-care and billing systems is swapped with a highly cost-effective, pay-as-you-go and grow transactional based service. This lowers the risk, especially when considering launching new products or services to market such as: pay-as-you-go-insurance, relationship-based banking services, real-time contextual based fees/commissions and apportionment for all lines of business, to name a few.
MDB enables Financial Services firms to improve net profits through
- New business models
- New pricing strategies
- Streamlined processes
- Improved performance
- Cost savings
- Increased efficiency
Retail Banks can retain a la carte pricing or smart-fee structures to retain high value customers, and fight competition with fast time to market, and easily handle large volumes of data with a global shared service model which also handles technology innovations such as mobile payments via NFC and EMV.
Factoring and Trade finance sectors can leverage effective working capital financing, collections service receivable management to deliver immediate cash-flow, improved sales volumes and reduced operational costs
Mobile paymentscan be handled real-time via credit-cards, smart-phones, tablets, or on-line, delivery highly-available remote monetization and complex partner settlements.
Capital markets and exchanges can automate fee processing, remove current manual processes, and move to more daily processing so brokers can maximise margin and profitability from fees.
Contact us today to explore how we can help you to achieve higher customer satisfaction and increase your revenues.