Billing and CRM systems company Amdocs (NYSE: DOX) has announced the availability of three new solutions for the financial services market. Amdocs says the new solutions complement its Dynamic Banking model which is intended to help retail banks offer personalized service and product packages to customers.
The new solutions are Amdocs Dynamic Pricing and Product Bundling Solution, Amdocs Customer Communications Solution, and Amdocs Mobile and Micro-payments Solution.
According to Amdocs, the Amdocs Dynamic Banking model helps retail banks combat customer churn. Dynamic Banking is based on the strategy of bundling products and tailoring services using customer data to help increase the number of products and services per customer, building loyalty and reducing churn.
To successfully adopt the Dynamic Banking model, banks must ensure that their systems are integrated across all lines of business. However, many bank IT infrastructures currently are segmented by product and include several functional redundancies. These redundancies can range from account opening functions to service fulfillment capabilities. They make it difficult to share customer information across product lines.
Amdocs Financial Services Division president Michael Blum said, "Dynamic Banking is a cost-effective alternative to completely replacing a bank's current IT systems. By adopting the Dynamic Banking model and using Amdocs' solutions, banks can save by gradually updating their IT systems one business component at a time."
The Amdocs Dynamic Pricing and Product Bundling Solution allows a bank to integrate the similar processes in each line of business into a single business component that can operate across the entire company.
The Amdocs Customer Communications Solution will enable banks to aggregate account information and personalize customer correspondence services, regular statement design, production and fulfillment through print and electronic formats. According to Amdocs. this could help banks to reduce product and mailing costs by up to 30%.
The Amdocs Mobile and Micro-payments Solution provides a secure infrastructure to link a mobile phone network with the banking network to transform the phone into a payment point and personalized banking device.
Published by Globes [online], Israel business news - www.globes.co.il - on March 21, 2006
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