A Leap Ahead in New Product Introduction

Contributor:

Paul Leadbetter
Global Chief Technology Officer
Banking and Credit Services
CSC

In my last blog post I talked about the value of a service-oriented architecture (SOA) for creating agility as well as other benefits.

One area I did not delve into is the advantages of SOA to adapt business processes and quickly bring new products and services to market. SOA facilitates reuse of processes and services that reduces development and testing time and accelerates time to market. When used in concert with business rules management systems (BRMS), it moves new product introduction to a whole new level.

With the ability to express business logic as rules instead of application code, banks can revise rule sets and get products to market much faster and at less cost. It’s also easier for the end user to test a new offering before it’s moved to a production environment. A BRMS also allows banks to deal with regulatory compliance and localization requirements more efficiently and cost-effectively.

This is important because managing compliance and adapting systems to support regulatory requirements already consume significant resources, and that will only get worse. Innovating, finding new wallet share and reaching other strategic goals require focus. To achieve lower cost, greater agility, and more configurable applications and testing capabilities, banks must rethink their product management processes.

Is your bank creating a best practice program around BRMS? Our clients tell us that having a robust new product management development capability and flexible SOA layer improves time to market and lowers the cost of introducing new products. What good first steps in BRMS have you considered?