Financial institutions are facing an increasingly complex product ecosystem at a time of intense regulatory scrutiny and cost pressures. The consequences of 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:
Product data is fragmented and product management systems are siloed
Current platforms are typically built around a single product category. Within each product category, often there are separate systems which are designed to manage a limited aspect of a product, e.g. making payments, storing technical details etc. There is little focus on either:
This has a substantial impact on productivity and control.
Kore has developed a digital product lifecycle management 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.
We have developed a detailed product language that is unambiguous, avoids jargon and maps product features to client needs. It covers hundreds of features and is regularly updated. Products are defined as a set of features and is highly adaptable to your organisation’s own definition of a product and a product variation.
A single golden source of product information, stored in a consistent format, easily retrievable and with pre-defined levels of user 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. Includes 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 through our automatic audit trail functions.
Workbenches and Tools
Empowers product managers with straightforward tools to create, manage and monitor products. Highly configurable, Kore includes tools to collaborate with all departments and colleagues, including 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.
Kore is having a game-changing impact on transparency and efficiency in financial services. It has the potential to be for Product what CRM is for Client: an indispensable digital tool that simplifies and tracks internal product governance work, increases efficiency and reduces costs, while delivering best outcomes for clients.
Visit the Kore website to book a discovery call or demo