Sibos 2015: A recap of the #ZafinSibosChat Tweet Jam

October 7, 2015 Bonnie Ton

On September 22, we held a live Q&A together with Aite Group to discuss how banks can leverage one of the most underutilized tools at their disposal – pricing. The Q&A was held ahead of Sibos, the world’s annual premier financial services event which will be held in Singapore from October 12-15, 2015.

We had great expert guests to cover all the bases – thanks to each and every one of them for taking part:

  • Nancy H. Atkinson (@nancyaite), Senior Analyst, AITE Group
  • David O’Connell (@davidpoconnell), Senior Analyst, AITE Group
  • Enrico Camerinelli (@ecameri), Senior Analyst, AITE Group
  • Christine Barry (@CBarry_AITE), Research Director, AITE Group
  • Linda Coven (@linda_coven), Senior Analyst, AITE Group

 

An Overview of #ZafinSibosChat

Our #ZafinSibosChat covered four fundamental themes outlined below. Check out some of the thoughtful discussion around pricing strategy, governance, and the future of banking.

What does an effective pricing strategy look like?

Effective pricing considers customer value and risk. Data mgnt and analytics are key #ZafinSibosChat #pricing

— Christine Barry (@CBarry_aite) September 22, 2015

 

@JamesMarland @Zafin James you hit the nail on the head. Segmentation criteria are key for pricing strategy #ZafinSibosChat

— enrico camerinelli (@ecameri) September 22, 2015

@Ghela_Boskovich Siloed business lines hinder 360 pricing – which line takes the discount for relationship pricing? #zafinsiboschat — Pozin (@TreasuryGrl) September 22, 2015

@TreasuryGrl Good question re who takes discount. Overall, it shouldn’t matter, but in reality, it does. #ZafinSibosChat

— Nancy Atkinson (@nancyaite) September 22, 2015

How does regulatory compliance fit into pricing?

Reg compliance is critical assumption for bank pricing. Higher customer risk and new requirements often equal higher pricing #ZafinSibosChat — Christine Barry (@CBarry_aite) September 22, 2015

A #fintech that can’t justify mortgage pricing is vulnerable to reg’y fines: between $5k and $1 mil. PER DAY. #ZafinSibosChat

— David O’Connell (@davidpoconnell) September 22, 2015

Relevant reg’y bodies for #fintechs and #pricingstrategy = HLT, TILA-RESPA, #TRID, HOEPA, Ability-To-Repay, and HPML testing #ZafinSibosChat — David O’Connell (@davidpoconnell) September 22, 2015

So using #pricingstrategy to avoid fines would have a massive #ROI #ZafinSibosChat

— David O’Connell (@davidpoconnell) September 22, 2015

.@JamesMarland Perhaps let customers choose their own features and bundles and then price. Where have I seen that before? #zafinsiboschat — Darren Negraeff (@DarrenNegraeff) September 22, 2015

Love that idea @DarrenNegraeff That would go far in the small biz space where banks are struggling and needs are so varied #ZafinSibosChat

— Christine Barry (@CBarry_aite) September 22, 2015

The @Zafin journal did an excellent edition on #pricingexcellence and #regulatory #compliance http://t.co/7nGrQPZ41A #ZafinSibosChat — Melissa Pelto (@MelissaPelto) September 22, 2015

How does an effective pricing strategy help mitigate conduct risk?

.@nancyaite Audit trails, fair outcome, fee transparency – #tech means execution while still maintaining #customercentricity #ZafinSibosChat

— Ghela Boskovich (@Ghela_Boskovich) September 22, 2015

@DarrenNegraeff #zafinsiboschat need to make it simple for custs. At retail level I think banks do a good job. Eg open an ISA w 3 clicks. — James Marland (@JamesMarland) September 22, 2015

.@JamesMarland @MelissaPelto @BarryXLynn #bigdata crucial, & coupled with #predictive analytics means #pricing closer to reflecting value

— Ghela Boskovich (@Ghela_Boskovich) September 22, 2015

How does pricing affect profitability?

Greater automation w/ effective analytics 2 understand customer usage/risk enables smarter pricing & higher profitability #ZafinSibosChat — Christine Barry (@CBarry_aite) September 22, 2015

Deriving the optimal combo of prices requires robust, scenario-driven #tech pricing #ZafinSibosChat

— Nancy Atkinson (@nancyaite) September 22, 2015

So long as sr mgt directs #pricing to be strategic, data and analysis can be a bank differentiator #ZafinSibosChat — Nancy Atkinson (@nancyaite) September 22, 2015

Banks’ success today is driven by knowing their client in ways they haven’t be4–industry specific, client specific needs.#ZafinSibosChat

— Nancy Atkinson (@nancyaite) September 22, 2015

With segmentation #pricing, they can target the clients and prospects they are best aligned to support #ZafinSibosChat — Nancy Atkinson (@nancyaite) September 22, 2015

Price measures value delivered. Value is in the eye of the beholder. Need to deliver what cust wants #ZafinSibosChat

— enrico camerinelli (@ecameri) September 22, 2015

For a complete overview of the discussion, including some engaging back and forth between our experts and participants, check out the conversation on Twitter using #ZafinSibosChat
 

Zafin will be at Sibos – See you there!

Zafin is proud to be speaking at Sibos 2015. Join us on Monday, October 12, 2015 for a presentation by Rich Meiklejohn, Zafin Board Member, on the importance of pricing in driving banking innovation. Rich’s discussion will expand on the questions and themes discussed during the live Q&A.
 
sibos2015_speech_preview
 
Presentation Title: Stay out of trouble: Pricing’s strategic role in mitigating conduct risk, influencing behaviour and driving revenue
When: October 12, 2015 at 5 p.m.
Where: Open Theatre 2 (OT2)
 
We will also have a booth for all three days of the event. Come meet us at Booth O41. We look forward to seeing you there!
 
Want to request a meeting with Zafin at Sibos? Please email Ghela Boskovich, Zafin’s Director of Global Strategic Business Development at Marketing at ghela.boskovich@zafin.com
 
Learn more about the Sibos 2015 Conference in Singapore.

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