IBS Journal July – August 2015


Reaping the benefits


One of Canada’s top five banks, CIBC, has completed the implementation of Zafin’s miRevenue platform. The bank was the first in the country to partner with Zafin, and other players have since followed, including TD Bank.


‘The Zafin project has been a couple of years in the making and we are now in the position to understand the benefits,’ states Phil Griffiths, senior vice-president, global transaction banking at CIBC. ‘And we have realised a lot of benefits indeed.’ The bank deployed the three main modules of the miRevenue platform: miCatalog, miPricing and miBilling. The project was given a further boost


by the new CEO, Victor Dodig, appointed at CIBC in September last year (he was pre- viously head of wealth management busi- ness), and a leadership team shake-up. ‘It was a breath of fresh air for the bank,’ says Griffiths. ‘The new CEO and team focus on innovation and how to apply it to differen- tiate us in the market.’


Pain points


Griffiths joined CIBC from Scotiabank in 2011 and discovered that the pricing and billing areas were in a poor state. ‘We had huge revenue leakage,’ he states. ‘We were providing services for which we were not charging. There were transactions going through that were clearly under-priced and a lot of accounts had not been re-priced for a very long time.’ This was a result of various teams of the pricing and billing operations residing in different verticals, i.e. sales, pricing, services. The teams were operating in isolation from each other, so ‘nobody was seeing the full picture’. On the billing side, ‘the work was done


‘The work was done manually for hundreds of clients. The pricing was bespoke as the sales teams were promising


different things to different clients.’ Phil Griffiths, CIBC


manually for hundreds of clients’, recalls Griffiths. ‘The pricing was bespoke as the sales teams were promising different things to different clients.’ And of course, manual billing resulted in multiple errors and unhappy customers if the errors were not in their favour. The errors in customer favour meant yet more revenue leakage for the bank. There was a clear lack of control and


transparency over the pricing, with pricing and billing teams under pressure from the sales regarding the prices quoted on the invoices. ‘Very often this was done with- out proper approvals and supervision. We needed to fix this,’ Griffiths says. ‘And this was our business case for the Zafin project: by bringing all the disparate


36 © IBS Intelligence 2015 www.ibsintelligence.com


case study: cibc


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