Brilliance and Thought Machine come together to address client repricing and retention in real time

Brilliance Financial Technology has entered a partnership with banking technology provider
Thought Machine to make the customer repricing, renewal and retention process easier. 

Through proprietary APIs, Brilliance’s DPX and Thought Machine’s Vault Core platforms come together in a single interface to provide a view of existing customer products, repayment history and both current and forecast revenues for the bank. Retention strategies and repricing can now be optimized in real time and on an informed basis. This means that the process of assessing and retaining ‘at risk’ customers, happens immediately as required, with all decisions and approvals captured for audit and business improvement purposes.

Vault Core and DPX

Thought Machine’s Vault Core platform was built to enable banks to innovate by building any financial product using smart contracts written in Python code. DPX is the leading pricing and profitability platform adopted by commercial banks globally that enables decision-makers to structure deals intelligently with real-time data, calculation, and process automation.

Combined, the two offer a powerful solution to address customer churn and retention in real-time, whilst optimizing margins through informed repricing and retention strategies. The solution allows retention teams, relationship managers and pricing desk staff to offer retention measures commensurate to the value of the relationship. Banks using data-driven insights and digital tools to retain clients not only have a competitive advantage from a profitability perspective, but they also improve client satisfaction and loyalty by providing timely and informed decisions when it counts.

How it works

Banks know that clients will always look for better pricing deals on their bank products, which can lead to customer churn, pressuring incumbent banks into making counter offers to retain their valued clients. Banks with legacy systems and processes will most likely try to do this manually, take too long, and often miss the opportunity to keep the client on their books.

Manual approaches to retention fail to consider the entire relationship, seek approval for discounts without justification and try to manage the approval process over email. Without an integrated approval workflow this opens the bank to operational risks, margin leakage and unnecessary discounting – and most importantly, lacks an audit-trail.

“By integrating DPX with Vault Core, we enable banks to streamline this important process, leveraging the DPX calculation framework and integrated approval workflow, reducing the need for bank staff to review spreadsheet-based retention calculators and indexed discounting matrixes that may be giving away more than necessary and are rarely up to date” suggests Kevin Delmar, Head of Product Distribution at Brilliance.

Refer below for an example of how the solution can be utilized:

The above demonstration illustrates how bank staff can review the client’s repayment, revenue generation and profitability profile through a single lens.  Real-time and up to date client information provides critical information required to meet or beat competitor offers within the bank’s risk appetite. All of this is available and managed in a single, seamless, intuitive workflow.

Best of both worlds

For the first time, forward-thinking banks can bring together their core banking and pricing and profitability platform in a single view to truly understand customer positions and value to the bank, and act in real time to hold onto their customers.

“Through this partnership, we hope to bring more banks into a modern era of dynamic repricing with repayment profiles and profitability in consideration set in a secure SaaS environment. We are glad to partner with Thought Machine in bringing this technology to market, as this can significantly help banks transform the way they reprice their clients, reduce run-off, and ultimately remain competitive in their respective markets,” says Brilliance CEO Jean-Edouard van Praet.

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