Financial institutions have always had the need to charge for non-financial services, such as rental of safety deposit boxes and loan application fees, etc. However, relative to other service charging schemes, current non-financial transaction service charging schemes are relatively simplistic and would not be considered a robust billing/invoicing solution.
Financial institutions have a need to look for new revenue opportunities beyond the traditional non-financial products, as offered today; eg. SDBs, loan docs, etc. However to provide, manage and invoice for these new non-financial products and services opportunities, financial institutions require a much more agile and robust service-charging engine capability, integrated into their Temenos Core Banking (T24) platform.
Use Examples of the non-traditional services include:
- Bundled life-style services provided through 3rd parties. E.g. lawn care, house-cleaning, and weekly fresh flower delivery may be bundled into the regular mortgage payments, thus allowing the mortgage product to be marketed as “Life-style mortgage bundled product” without those costs being included with a compounding mortgage payment. As well, a particular service could continue after a mortgage product was paid out.
- Electronic document vault, which is the electronic equivalent of the safety deposit boxes that financial institution clients currently use to store valuable papers. In addition to the standard small, medium, and large type of options, clients could temporarily ‘supersize’ their electronic vault to meet short-term needs. (All billable) Electronic vault provided through a FI (vs a cloud service) provides the same level of security and protection as the physical safety deposit boxes currently do.
- Client Cyber Identity-protection services.
- Financial Planning Services.
You’re welcome to post your feedback as a comment below on the concept of potential adding this capability to Temenos Core Banking (T24) Platform welcome.