How FlexiFee system helped a leading bank reduce costs by automating the manual billing of fees and commissions.
FlexiFee is a system that provides full automation of processes connected with fees and commissions calculation and settlement. It allows to quickly tailor rates and tariffs to the customer’s profile (depending on freely defined parameters) and forecast revenue from them.
Our solution allows clients to reduce costs and optimize the time needed for manual fees and commissions calculation, dynamically apply prices according to defined parameters and effectively help forecast revenue based on the data collected.
Our client is a leading corporate, investment and retail bank with an established position in Central and Eastern Europe countries. It offers a vast range of financial services, including leasing and asset management.
The main business need of the Bank was to fully automate the process of charging fees and commissions and to sell products more effectively by offering clients flexible price offers tailored to their profiles. An additional benefit was a possibility to dynamically determine the amount of fees and commissions, depending on the type, number and amount of transactions, distribution channels, billing networks and defined thresholds.
The role of Sygnity
For this project, the Client chose our solution – the FlexiFee system, which provides comprehensive and fully automated management of processes of calculating fees and commissions, as well as forecasting revenues from them. The greatest challenges was to carry out the project in a short time and synchronize FlexiFee with Bank’s existing systems.
The system was implemented efficiently within just a few months and was a part of a bigger project carried out at the Client’s site. It was possible thanks to standards developed over many years and a very good cooperation with the Bank’s team.
For the purposes of the implementation, we created a team of several people consisting of representatives of both sides. Developed solutions and functionalities were shared with the Bank on a regular basis, thanks to which the functional scope of implemented system increased until the full, assumed functionality was achieved. We wanted the business representatives to participate in the meetings, so that they could immediately present their requirements for the system.
- Easy definition of rules, according to which fees and commissions are calculated (including, i.e. quota and quantity thresholds);
- Quick release of promotions;
- Dynamic application of fees and commissions calculation algorithms both at standard and negotiated rates, depending on number of transactions and their amount, defined thresholds and available promotions;
- Easy management of activation, subscription and transaction fees;
- Forecasting revenue from fees and commissions, with the possibility of comfortable and intuitive data presentation.
Effects of implementation
Thanks to the implemented system the Bank:
- minimized the time needed to handle the processes of fee and commissions billing, which was done manually before the implementation of FlexiFee system;
- reduced costs and minimized the risk of errors, thanks to automating fees and commissions billing;
- increased sales, thanks to easier definition of promotions and adjusting rates of fees and commissions to client profiles;
- uses resources more efficiently – system experts do not have to engage in managing the fees and commissions billing, therefore they can focus on the development of other applications that are key to business.
Beneficiaries of the implementation
Clients of the bank – thanks to FlexiFee they have easier access to attractive price offers taking into account their needs and promotions.
Sales and product development departments – thanks to FlexiFee, they can quickly and easily both prepare and offer flexible fees and commissions tariffs, taking into account clients’ groups and profiles, types, number and volume of transaction as well as distribution channels and billing networks. System allows for both acquisition of new clients as well as promotion of new products and services.
Product support departments – thanks to FlexiFee, the process of charging fees and commissions has been fully automated, which facilitates the work of teams, reduces the risk of errors and allows to manage the products more effectively.
System experts – thanks to FlexiFee, they no longer have to be involved in managing fees and commissions, so they can focus on developing other applications that are key to the development of business.