Solutions
Key Challenges in Core Banking Replacement
In an increasingly competitive environment banks are taking a reality check on their technology environment to ensure that their IT strategy is aligned to their business objectives.Download
The Next Wave Of Internet Banking
To meet the challenge of creating an effective online banking service offering that meets the requirements of a sophisticated customer and is also secure.Download
Banking on Faith: Islamic Banking in the Middle East
Islamic banks are on the threshold of a historic opportunity. The emergence of clear standards and a common framework is the need of the hour.Download
Gold Rush: The Shift Towards Wealth Management in Banking
The emergence of the “private banking” & “wealth management” segments in banking, which took seed in the late 90s, has since attained huge proportions.Download
The FX Marketplace: Trends, Opportunities and Challenges
The foreign exchange marketplace is in a state of flux. The rules of the game are being re-written by the advent of new players and different ways of transacting FX thanks to technology advances.Download
Finanz Tools
Finacle finanz tools are an integrated family of advanced solutions that engage
the bank’s customers in personalized product illustrations. These are
simple-to-use financial calculators, simulators and modelers that illustrate how
financial products work, and demonstrate their benefits and features. The tools
quantify the outcomes of personalized scenarios, while providing engaging and
interactive visual presentations.
Finacle finanz tools enable easy-to-understand rendering of complex concepts,
by presenting overall product pictures to the customer, without compromising
on the details. This allows the customer to simulate various scenarios and
understand products in detail, before making informed choices.
The bank can mix and match the range of tools, embed these directly into any
or all of the sales channels, and use them as online marketing tools for:
- Simulation: Recreating a range of product situations by suitably changing the parameters to match customer requirements, to observe outcome.
- Comparison: Comparing two or more similar products to show the behavior of products for various parameters such as term and interest rate. These simulations are created online with results displayed in real time.
- Illustration: Personalized illustrations for specific customer contexts.
- Goal Seeking: Depicting the steps to achieve a financial goal.
- Guidance: Advising customers to help them address critical questions related to financial planning.
Key Modules
LendingComplex products are designed around
mortgage and lending, with parameters like fixed
& floating interest rates, installment amount,
term and method of calculation. Finacle finanz
tools excel in depicting scenarios using these
parameters. These tools can be engaged to
determine eligibility and lending limits, in addition
to illustrating repayment and complex products
with dual interest rates.
While lending is often fundamental to a bank’s
business, the struggle to sustain long-term
growth in this vital niche has never been more
difficult. Although the bank’s products and
packages may offer substantial innovations and
advantages, getting the customer to understand
and appreciate these remains a challenge.
Finacle finanz tools can be leveraged to
demonstrate personalized illustrations, engage
customers and convert more enquiries into
qualified leads.
Deposits
Mobilization of funds through savings and deposits is a primary focus for banks. The rewards of saving regularly through the bank’s products can be convincingly illustrated using Finacle finanz tools. Interest computations for these products can be optimized to attract customer attention. Some finanz tools frequently used for this purpose include the compound interest illustrator, savings budget planner and deposit interest illustrator. They help customers choose savings products best suited to their needs. It is not uncommon for banking customers to lock funds in low yielding products. Finacle finanz tools can be deployed to illustrate the benefit of moving funds to higher yielding products.
Credit Cards
Finacle finanz tools help banking customers understand various offerings in the credit card space and choose the ones best aligned to their needs. These tools help in planning credit card repayments, analyzing impact of transferring balance from other credit cards and studying implications of changing credit cards. Increasingly customers are seeking to understand the long term advantages of credit card products. Finacle finanz tools are an invaluable resource for the bank’s sales force to convincingly illustrate the benefits of the bank’s credit card offerings.
Wealth Creation
Clients approach banks for advice on wealth
creation using various instruments of
investment. Typically these are long term goals
and customers require help in analyzing future
scenarios, considering various interplaying
parameters. These long term investments
provide banks opportunities to sell products and
services that ensure revenues over longer time
spans.
Finacle finanz tools can assist the bank in
maximizing these opportunities. The goal seeker
can help chart the path to achieve financial goals
within a predefined term. The retirement planner
can help determine the balance of assets and
liabilities required to reach a stated retirement
objective. Finacle finanz tools can also project
income that can be generated from investment in
properties and other products.
Insurance
Multiple events trigger a client’s insurance purchase behavior. These events are opportunities for banks to help customers evaluate risk and define corresponding mitigation strategies. The impact of risk can be illustrated using Finacle finanz tools. This provides ample opportunity for the bank to cross-sell products and increase customer ‘stickiness’, as well.
Business Needs
As banks launch new offerings of increasing complexity, creating end-consumer understanding of these products is becoming a significant challenge. Banks need innovative tools like hire-purchase calculators to help illustrate these finance options. With banks selling third party products, this need is accentuated. In addition, is the mandate to demonstrate advantages like tax-efficiency of these offerings. The real-time product simulations that Finacle finanz tools can create can prove invaluable in such a scenario.
Additional Features
- User-friendly Interface
- Critical Mass, Critical Tools
- Online Tools, Desktop Tools
- Ease of Integration
Business Benefits
Robust Sales Engine
Finacle finanz tools enable banks to convincingly demonstrate the advantages and utility of their proposition. This significantly shortens the prospect-to-customer conversion cycle. These can also deliver ‘live leads’ instantly, informing the bank of the presence and contact details of the sales prospect, in real time. This presents the bank with a powerful tactical sales solution.
Sustained Cross-sell Framework
Finacle finanz tools simplifies the bank’s product offerings for customers and helps them understand mortgage, loan, investment, wealth creation, retirement planning, taxation, budgeting and insurance planning products, through personalized illustrations and scenarios. This presents a long-term strategic framework for the bank to effectively manage customer experience and aggressively explore opportunities for cross-sell and up-sell.
Innovative Product Launch Pad
Innovative product simulations, for banks
seeking to introduce new products, can easily
be built using finanz tools’ highly flexible
technology. Virtually all types of new financial
products can be illustrated by leveraging its
calculation engine. The tools’ localization
capability, including multilingual and
multi-currency support, empower banks to
drive the innovation agenda, across their
multi-country operations.
Banks can deploy Finacle finanz tools to
demonstrate offerings beyond the traditional
product. Novel offerings like telephone plans
and credit card loyalty points have been
successfully illustrated using these tools.
Flexibility of Use
Finacle finanz tools are designed and implemented with emphasis on their easy integration capabilities. These can be:
- deployed throughout the bank’s sales channels: branch, web and offline on roving laptops
- leveraged at each stage of the sales cycle, from initial personalized illustrations to quotations and applications
- integrated with CRM, Internet banking and other systems
- tailored to precisely match the bank’s back office and legacy calculations
- sophisticated calculation engines helping to build new calculators quickly
For more details on finanz tools visit:
www.finanztools.com
Solutions
Core Banking
Success Story
Technology Led Excellence
Finacle’s unique Extensibility tool kit comprising Scripting Engine, Workflow, and Remote Application Interface provided the flexibility to ABN AMRO Bank, enabling it to easily and rapidly add new business rules, launch new products, and modify processes.
Technology Enabled Transformation
Using the consumer e-banking solution and the alerts solution, NCB customers are able to conveniently access a much wider range of banking services including account management, bill payment, alerts, and a series of ad-hoc service requests.
