Making a success of Consumer Duty means finding a way to centralise product design, management, and monitoring – and using product data to drive better outcomes for customers. To do this, the right technological approach is key. This blog, the last in our three-part series on operationalising Consumer Duty, explores how to integrate a SaaS solution and explains the value of an integration partner in this process.
The need for change in the financial services industry has never been more pressing. Evolving product governance regulations now demand firms rethink how they manage their product data. Monitoring products and services manually across a mix of spreadsheets, email, and other sources, scattering data across organisations and keeping it in siloed department repositories, is now too big a risk.
Effective product governance needs modern processes and a simple framework that provides a centralised view of all product data, and it is only through deploying technology in the right way that this can be achieved.
In our last blog, we investigated whether banks should buy or build a product management platform and the advantages of an external software provider became very clear. But how to handle the process of integrating a product management SaaS solution still needs to be explained. This blog will do that.
As a leading global technology and management consultancy specialising in the financial services industry, Capco has a wealth of experience helping banks deliver digital transformation projects successfully. Bringing cutting-edge technology and optimised process management together, Capco has partnered with Kore – the first dedicated SaaS solution for end-to-end product lifecycle management in financial services.
To outline how to go about integrating a solution like Kore and the value of an integration partner for making that process pain-free, Oliver Sharland, Managing Principal at Capco, had a discussion with the Kore Client Managing Director, Josh Blundell.
What to consider when implementing digital product management software
In large financial organisations, there are a few aspects of the business that need to be managed well to get the most out of the integration process. In smaller businesses, the process may be relatively straightforward – some of these considerations may not apply.
The first thing is how to implement software within the tech platforms and data architecture that are in place. “Existing systems and outdated workflows can, in some cases, be complicating factors in the implementation of a new platform. A poorly executed integration can result in resistance to new platforms – all successful integrations require a ‘pull’ from the Business users,” Sharland explained.
The second is how to phase the process. Seeking to minimise potential disruption to product management and governance, it is common for firms to break the process down into bite-sized chunks, integrating one area at a time. “Adopting a phased approach makes integration simpler and allows for incremental user adoption, with each phase becoming more familiar and more manageable as the rollout of the solution continues,” said Blundell. “Firms can test the solution with priority business areas and recalibrate their requirements, if necessary, to ensure that they maintain organisational buy-in.”
A third aspect to consider is how to configure the software in a way that helps meet the standards of Consumer Duty, and how to plug in different data sources to get maximum value from the software.
Who to task with the implementation process needs to be thought through carefully. “If product managers are assigned this job, their limited experience in digital transformation will shine through. The process will not be a smooth one,” said Sharland. “But often there is not an obvious alternative to product managers internally.”
How the Kore solution simplifies implementation
Kore is designed to integrate seamlessly with any existing system architecture and with any third-party technology that a firm has. This greatly alters the project’s timeframe.
Because it is highly configurable to all products, processes, and corporate structures, getting the Kore platform landed with data migrated and getting foundational functionality out of it can be done in a matter of weeks,” said Sharland.
High levels of adaptability make Kore appropriate for businesses of any size and complexity. “Kore can be configured in a way to meet the varying standards of Consumer Duty that apply to any firm,” explained Blundell, “No matter what their risk appetite is, or where they see the risk coming from.”
Designed by practitioners for practitioners, Kore is culturally compatible with its users. The impact of this development process is tangible within organisations that use the software. “I have seen first-hand that product managers actually want to use the Kore platform,” said Sharland. “Getting that buy-in makes the implementation process much easier.”
Kore is being developed constantly. This is extremely important as it keeps the platform relevant and always up to date with new business or regulatory requirements. It means the compliance standards of any firm that uses the software are future-proofed, wherever they may want to take their operating model.
More than just ensuring long-term compliance with evolving regulations, Kore’s ongoing development, which is something that is a top priority within the business, means that firms using Kore stay at the cutting edge of digital product management,” said Blundell. “Optimal product oversight frees up people’s time and allows for the collaboration and innovation that is needed to produce exceptional customer outcomes.”
Integration partners ensure ROI and make software-adoption less painful
Integration partners, like Capco, have the technology practice to make sure that software adoption is a seamless transition. Capco helps firms fit software like Kore into their existing data architecture, serving to expedite the process of embedding the technology and limit the disruption around how product governance is carried out.
Digital transformation specialists add value beyond just ensuring a quicker and easier implementation. “Capco has the deep regulatory and policy expertise to configure the software in a way that ensures long-term compliance with the standards of Consumer Duty,” explained Blundell.
Specialist implementation partners will advise firms on how to best leverage a solution that has extraordinary capability and functionality.
We embed the software quickly, unlocking some of its value almost immediately after the initial financial outlay. This is not possible with in-house builds, where firms will not see value for a long time after they first invest in the process. We then define precisely which data points to plug in so firms’ specific processes are fully optimised, ensuring maximum ROI out of a deep SaaS solution like Kore,” said Sharland.
“We can add value over and above the significant benefits Kore’s software offers. Having expert implementation partners will ensure firstly, that the integration runs smoothly, and secondly that you configure the software in a way that delivers maximum value to the business and in line with industry best practice for Product Governance,” Sharland concluded.
Start the digital transformation process today
The need for digital transformation in financial product management is huge. How firms should handle digital transformation is clear – for long-term, sustainable success it has to be done with an external SaaS solution.
Kore is the only Product Relationship Management as-a-service platform. Start using Kore software today. Begin the journey beyond Consumer Duty compliance. Reach new efficiencies that lead to exceptional outcomes for customers. Take your organisation to the next level.
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