Banking

For your Department: Product Management

Product Management is about targeting a specific market or customer segment with the right product and service proposition. A key element is developing innovations that keep the offering competitive and ideally differentiate positively against competitors. Product Management represents the lifeblood of future success, but also requires an assessment of commercial risks involved in any product or service change. For example, moving into a new market with a new product or service offering is a high-risk activity, and success is rare. Equally rare is successful development of a product offering that fundamentally changes the value proposition within an industry (e.g., Internet banking). Such new innovations require deep financial commitment.

Three significant barriers often prevent banks from delivering the product changes necessary for better profitability including:

• Lack of information to determine strategy requirements
• New product and service initiatives lack the integrated business process information needed to develop targeted, comprehensive product offerings
• The inability to measure and analyze the drivers of success.

Information sweet spots covered in our new Performance Manager for Banking book include:

• Product and service assessment: What is our value proposition, and does our product and service portfolio meet customer and market requirements?
• Product and strategic innovation: Which strategic initiatives and product/service gaps are addressable with the available resources, and what are the associated risks?
• Product management milestones: How do we manage priorities, goals, and timing, and monitor risks as they change?

Download the Product Management chapter
Download the whole book

The Performance Manager book is just one way Cognos, an IBM company, is helping banks get the competitive advantage they need for better product management. Download the following for more information:

• IBM Cognos Retail Banking Customer Segment Performance Blueprint Demo: See how using this blueprint, users receive customer segment information, analyze information to determine targets, plan initiatives to drive increased profits in the chosen segment, and manage and update a customer-segment P&L.


• Read how HSBC Hong Kong used Cognos to unite systems and processes and reduce reporting time from seven weeks to seven seconds and gain keen insight into product, channel, and branch performance. 

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