Annual Fee Increase for Corporate Banking Clients

A corporate bank faced the annual challenge of managing customer fee and price increases across its banking channels and products and required a streamlined, automated solution to improve efficiency, accuracy, and transparency in pricing updates.

Digiata developed a custom application to facilitate the annual price increase cycle, supporting the bank’s business unit through a structured, automated workflow that streamlined complex data management, data validation, approval processes, and fee letter creation and distribution to the bank’s customers.

The Challenge:

The bank’s corporate division needed a robust solution to manage its annual fee adjustments for banking channels and products. The traditional process was manual and labour-intensive, involving manual data handling, multiple approval steps, and complex data validation tasks.

Key challenges included:

• Sourcing and consolidation of pricing data from various data sources.

• Ensuring data accuracy across pricing groups and categories.

• Enabling seamless approval flows for pricing updates.

• Reducing manual effort in data validation, transformation, and discrepancy management.

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The Solution:

We implemented a multi-phased workflow solution tailored to meet the bank’s unique requirements for the annual fee increase cycle.

This solution incorporated the following features:

1. Workflow Automation:

• Established pricing units (Pricing Groups) to categorise and manage various fee types.

• Enabled the sourcing, import, validation and consolidation of source data, with built-in checks to ensure data integrity before further processing.

• Automated data transformation from raw source data into structured pricing information.

• Facilitated price quote generation.

• Enable the export of pricing data for easy access.

2. Front-end Functionality for Bank Sales and Customer Relationship Managers and Administrators:

• Integrated reporting capabilities to track progress across different phases of the price increase process.

• Provided tools for bankers and admins to update and override pricing directly, including options for percentage increases and alignment adjustments.

• Enabled a customised approval workflow for pricing adjustments, ensuring all updates are authorised appropriately.

3. Administration Capabilities:

• Created interfaces for managing fees, letter templates, and supporting information.

• Designed functionality to oversee the pricing group workflow, enhancing transparency and traceability.

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The Result:

The application significantly enhanced the bank’s ability to manage its annual price increase process with precision and efficiency.

Key outcomes included:

• Streamlined Process: A clear, multi-phased workflow guided users through each stage of the price increase process, minimising the risk of errors.

• Improved Data Confidence: Data audits, validation controls, and robust authorisation and discrepancy management processes ensured data accuracy.

• Reduced Manual Effort: The automation of data imports, transformations, and approvals reduced the manpower required for the price increase cycle, freeing up resources for other critical tasks.

• Enhanced Knowledge Sharing: Training materials and a well structured knowledge base enabled team members to handle ad-hoc queries and audits effectively.

• This custom application empowered the bank’s corporate division to handle annual fee adjustments with a high degree of accuracy, improved control, and minimised operational costs, positioning the team for efficient and confident annual pricing management.

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