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 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 “Existing systems and outdated workflows can, in some cases, be complicating factors in the implementation of a new platform.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,” Oli notes.
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,” says Josh. “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,” Oli says . “But often there is not an obvious alternative to product managers internally.”
This ties in with another consideration – how long the implementation process will take. When people think about a large tech investment, they tend to think it will take a year or two for the project to be fully landed. This is based on the experience or adopting in-house solution or first-generation SaaS platforms. But it does not have to. Technology has taken huge strides recently, and new SaaS solution such as Kore can be implemented in a fraction of that time.
The Kore platform 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, Oli notes: “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.”
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 – no matter what their risk appetite is, or where they see the risk coming from,” explains Josh.
Designed by practitioners for practitioners means Kore offers a high degree of cultural compatibility for users, which has a tangible impact within organisations using the software. “I have seen first-hand that product managers actually want to use the Kore platform,” Oli says. “Getting that buy-in makes the implementation process much easier.”
Kore is being constantly enhanced, ensuring the platform remains relevant and always up to date when it comes to new business or regulatory requirements. The compliance standards of any firm using the software are future-proofed, wherever they may want to evolve 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,” Josh says. “Optimal product oversight frees up people’s time and allows for the collaboration and innovation that is needed to produce exceptional customer outcomes.”
As a digital transformation specialist, Capco can ensure a seamless transition when adopting new software, helping firms expedite the embedding of Kore and other software into their existing data architectures, while limiting any disruption around how product governance is carried out. “Capco also 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,” adds Josh.
Specialist implementation partners will advise firms on how to best leverage a solution that has extraordinary capability and functionality. As Oli explains: “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.
“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.”
The need for digital transformation in financial product management is huge, and long-term, sustainable success requires an external SaaS solution. Contact us to find out how Capco and Kore can help you begin your journey beyond Consumer Duty compliance and reach new efficiencies that deliver exceptional outcomes for you customers.