Kore Labs Ltd

The Challenge

Financial institutions are facing an increasingly complex product ecosystem at a time of intense regulatory scrutiny and cost pressures. The consequences for failing to address these issues are significant to both the organisation and their senior managers. There are three key elements increasing this risk:

 

Large and increasing number of diverse products
Financial institutions manage a large number and a wide variety of products. The number and diversity of products managed is increasing as new products are added. Furthermore, products have long lifecycles, and organisations are constrained in their ability to retire legacy products.

 

Increased regulatory scrutiny of the product lifecycle
The industry faces increasing regulatory requirements to:

 

  • Document product development and monitoring processes.
  • Ensure that these processes are consumer-centric, e.g. identify and document a target market.
  • Evidence that senior managers have oversight of all product being distributed. By the end of 2019 this will be subject to a personal liability clause if the senior manager fails in this duty. The UK already has the Senior Manager and Certification Regime in place.

 

Product data is fragmented and product management systems are siloed
Current platforms are typically built around a single product category. Within each product category, there may separate systems which are primarily aimed at managing a limited aspect of a product, e.g. making payments, storing technical details etc. There is little focus on either:

 

  • Providing a consistent approach to oversight.
  • Providing a client centric view of product.

 

This has a substantial impact on productivity and control.

The Solution

We have developed a digital product lifecycle platform that provides organisations with a clear 360-degree view of their products and a way for employees to interact with them.

The platform organises fragmented data and lifecycle processes to give effective oversight. It is built around our unique taxonomy and is quick to implement with a light touch integration, modular and with no capacity constraints.

 

Product Taxonomy
We have developed a detailed product language which is unambiguous, avoids jargon, and maps product features to client needs. Covering hundreds of features and regularly updated. Products are defined as a set of features and therefore highly adaptable to your organisation’s own definition of a product and a product variation.

 

Product Hub
A single golden source of product information, stored in a consistent format, easily retrievable and with pre-defined level of users’ access. It includes data and documents, both public and private, collected throughout the entire lifecycle of the product.

 

Product Lifecycle Management
Captures the history of all events and decisions related to a product, all the way from idea generation to retirement. Include digital sign-offs, regulatory driven controls and a set of dashboards and analytics. All recorded, stored securely and retrievable at the touch of a button trough our automatic audit trail functions.

 

Workbenches and Tools
Empowers product managers with straightforward tools to create, manage, and monitor products. Highly configurable, includes tools to collaborate with all departments and colleagues, including with frontline teams. It evidences the matching of products with client needs.

 

Dashboards and Reporting
Configurable dashboards and reports to provide insight, analytics and a 360-degree view of the entire product set, across product families, department and businesses.

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