As technology continues to advance, financial services are continuously looking for innovative ways to manage and govern their products. Kore Labs is a cloud-enabled, SaaS solution that has transformed product governance in the financial services industry. Their platform offers the first-ever PRM (Product Relationship Management) application that aggregates, organizes, visualizes and analyses product data throughout the entire product lifecycle. In this startup showcase, we explore how Kore Labs is changing the game in digital product governance.
The Need for Efficient Product Governance
In the financial services industry, managing and governing financial products is critical for both regulatory compliance and business success. The product lifecycle includes ideation, development, distribution, maintenance, and retirement, which requires significant coordination among various departments within an organization. Many financial institutions still rely on legacy systems, spreadsheets and manual processes to manage their products, which can lead to inefficiencies, costly errors, and compliance issues.
The Kore Labs Solution
Kore Labs offers a turn-key digital service that addresses the challenges of product governance by providing a complete digital audit trail of events and decisions related to a financial product. The platform aggregates data from multiple sources, organizes it in a uniform format, and stores it in a central database. This makes it easy to retrieve product events and historical information at the touch of a button. The platform is modular and configurable, which allows for implementation to be staggered without requiring a big bang data migration or heavy systems integration.
Kore Labs accommodates all regulated financial product types, including investments, savings, lending, payments, and insurance, for both small businesses and large enterprises. It offers the following benefits:
True Product Governance Oversight: Kore Labs provides senior managers with a comprehensive view of all product-related activities, allowing them to meet their regulatory obligations.
Controlled and Cost-Effective Cross-Product Management: The platform enables product specialists to manage multiple products efficiently and cost-effectively, with consistent and intuitive product information. Intuitive and Consistent Product Information: Kore Labs ensures that the front-line staff has access to consistent and up-to-date product information, reducing the likelihood of errors and compliance issues.
Kore Labs’ Impact on the Financial Services Industry
Kore Labs has already made a significant impact on the financial services industry, with its innovative approach to product governance. Its cloud-enabled SaaS solution provides a centralized, modular, and configurable platform that integrates with legacy systems, making it easy for financial institutions to adopt. Kore Labs enables financial institutions to manage their products more efficiently, meet regulatory obligations, and reduce compliance risks.
Conclusion
Kore Labs is transforming product governance in the financial services industry with its innovative cloud-enabled SaaS solution. Its first-ever PRM application provides a comprehensive view of all product-related activities, making it easy for senior managers to meet regulatory obligations. The platform is modular and configurable, which allows for implementation to be staggered without requiring a big bang data migration or heavy systems integration. With its intuitive and consistent product information, Kore Labs reduces the likelihood of errors and compliance issues, making it a game-changer in the financial services industry.
Website: https://www.korelabs.co/
LinkedIn: https://www.linkedin.com/company/kore-labs-ltd
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