Banking Solution Sample

The Banking Solution Sample is a set of assets that contribute to an overall solution to the challenge that banks have creating and selling their products.

For more information about how to install the Banking Solution Sample or any other sample, see Installing the samples from the Samples and Assets site for InfoSphere MDM.

Business Problem Banks often do not have sufficient capabilities to meet its marketing challenges. For example, very few retail banks have a single product catalogue. Their product tables are localized and individually managed in many applications with no single process to keep data synchronized. This creates a high cost to make any changes and slows the speed to market. Since the individual product systems also manage the contracts, banks are further challenged on managing agreements that cross multiple products. For example, how would a typical bank manage an offer where discounts are provided for a bundle that includes a checking and savings account as well as a credit card? What system will control notifying the customer when they cancel the savings account that they must choose a new offer? And what system will perform the pricing calculations where the Credit Card interest rate depends on the balance in the savings account? This is why their product bundling functionality is primarily deposit driven, since all types of demand deposits are typically controlled by one software package. The Line Of Business systems that control products, agreements, and pricing where designed in an era where marketing campaigns revolved around offering a free appliance such as a toaster. These systems no longer meet the quickly changing environment of banking today.

In addressing the product bundling issue, banks are moving to significantly increase the number of offers they manage the speed that these offers can change while reducing the number of products they manage. Offers need to be made available across the channels preferred by individual consumers. Customers also need the ability to seamlessly move between channels in selling, account opening, and maintenance processes.

The Banking Solution Sample can be used by operations to create and maintain core products, starting with the most basic. Marketing functions can then combine these core products together into product bundles or offers to improve sales to specific markets with revised pricing and rules.

The solution also supports collaborative authoring through defined workflows, allowing information about products and offers to be captured and reviewed by different users and roles. Additionally, other MDM components can facilitate presentment of offers to prospects, integration into rules framework to enforce conditions on the offer.