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Case Study_Corporate_Tier-1_Canadian-Billing-and-Pricing-Governance

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www.zafin.com | Tier-1 Canadian Bank Corporate Case Study Tier-1 Canadian Bank Corporate Case Study This tier-1 Canadian is one of the largest banks in Canada. Unfortunately, the bank faced significant revenue leakage as a result of manual billing processes. Not only was revenue leakage costing the bank money, but it was also affecting customer experience. In an effort to better serve corporate customers and reduce structural costs, the bank looked to implement an automated system that could help deal with internal processing challenges, from both a technical and strategic standpoint. BUSINESS CHALLENGES BUSINESS OBJECTIVES SOLUTION After examining different solutions, the bank chose Zafin's platform to automate the billing process for the bank's corporate banking invoicing application. Zafin is providing semi-automated billing capabilities for eight different products and services in order to improve client and product management, streamline invoices and reporting, and consolidate the posting and revenue allocation process. This tier-1 bank's corporate business division struggled with significant revenue leakage due to manual billing functions. These manual processes also resulted in poor customer service and increased costs for the bank. • Implement a scalable and robust solution to accommodate business needs • Eliminate revenue leakage Better serve corporate customers and reduce operating costs by implementing an automated billing system, specifically: RESULTS • Comprehensive KPI reporting to identify and eliminate sources of revenue leakage • Improved customer experience through flexible, consolidated, and simplified invoicing and billing • Product price lists for two currencies (CAD and USD) • Systemic workflows to help eliminate revenue leakage To learn more about how Zafin can help you automate billing processes and eliminate revenue leakage, visit www.zafin.com Zafin's platform will also be used to enable proper controls to mitigate any identified operational risks around current processes and align the bank's cash management and payment services billing functions with its overall banking strategy. In doing so, the platform will provide a scalable and robust solution capable of accommodating the bank's business needs while eliminating as much revenue leakage as possible. Since billing was being done manually, invoices and reports were often behind schedule or incomplete, resulting in late or missed charges. These inefficiencies caused poor client experience from unknown or disputed charges, leading to increased costs and lost revenue. In addition to billing, the bank faced problems around pricing governance. As a result of manual processes, the bank dealt with grandfathered rates and outdated pricing. The lack of an automated system made making changes to pricing and rolling them out a significant challenge.

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