Use cases
The Kore platform enables multiple stakeholders across teams to collaborate efficiently and seamlessly to manage products and maintain an audit trail for regulatory purposes.
Product Governance Officer >
Jane is in charge of managing the approval of new products
The process involves multiple teams and several stakeholders
Multiple steps and activities, some running in parallel, some conditional to approvals
All documents need to be recorded and easily retrievable
Jane needs to produce reports for internal and external stakeholders
Pain Points
Complex processes, highly manual and excessively long
Activities are time-dependant; some are conditional to permissions
Multiple stakeholders require multi-party communications and chasing
Without an audit history, it is difficult to control shared documentation and retrieve information
With Kore
All steps of the process are digitised, with modular components and sequence of phases changeable as required
Documents and process accessible according to pre-defined permissions. Several alerts and controls in place
Chasing/responses are automated with alerts and notifications. Distribution lists are pre-configured and can be amended
Contributions from stakeholders are audited, controlled and easy to retrieve. Reporting is pre-set and/or automatic
Product Assurance Officer >
Emma supports the chair of the Product & Pricing Committee. She looks after the ongoing governance of existing products
She manages existing products and completes annual reviews
Emma provides the results and subsequent recommendations, for internal forums, both ad-hoc and recurring
Emma has multiple stakeholders who need to approve reviews
Pain Points
Lack of consistency in the process results in inefficiencies & risks
Reporting requires manual processes, which are time-consuming, whilst tasks are difficult to prioritise, delegate and record
Completing review forms is time consuming and hard to ensure version control once they are shared for approval
Multiple stakeholders require chasing to review & approve. Approvals are sometimes granted by email
With Kore
Centralised rules, digital lifecycle, automatic controls and alert ensures consistency and regulatory compliance
Customisable dashboards and task management tools help Emma simplify/structure his tasks and delegate
Reviews can be completed online and only available to users with edit rights. Once the review process is completed, forms are locked and stored securely
Automatic notification on outstanding tasks, deadline management, digital approvals, system management of conditions for approval – all fully configurable
Product Manager >
Mario maintains several data folders, publishes information and answer queries daily
He manages existing products and leads the New Product Approval Processes
Mario provides recommendations, analysis and reports for internal forums, both ad-hoc and recurring
Mario needs to stay always up-to-date on his products. He answers and triages multiple queries daily
Pain Points
Maintaining multiple data containers concurrently causes delays and risk of inconsistencies
Reporting requires manual processes, which are time-consuming, whilst tasks are difficult to prioritise, delegate and record
Mario is not always kept up-to-date with changes made by colleagues
Without an audit history, Mario cannot control shared documents
With Kore
Mario has a dedicated product site for each product he manages
Customisable dashboards and task management tools help Mario simplify/structure his tasks and delegate
Documentation is posted once and shared in a centralised and controlled manner. Mario receives automatic alerts on its products
Pre-defined permissions allow colleagues to contribute in a controlled manner, whilst keeping an automatic audit history
Senior Manager >
Stephen is responsible for one of the largest units in the group, with hundreds of retail and commercial products, new or in the back book
Regulators expects Stephen to have a real-time handle on all products, even those not actively offered to new clients
Stephen carries personal liability for poor product governance
Stephen receives daily reports from a team of analysts
Pain Points
Stephen finds it difficult to readily access information when out of the office
He cannot access aggregate information independently/in real time and relies on others to summarise data and prepare reports
Stephen cannot use AI for patterns and predictions, which could help reduce risk or expose opportunities for efficiencies
With Kore
He can build his own customisable interface, accessing it on the move and changing it without external support
Stephen can access information independently and in real-time. He has personalised dashboards and reports that he can easily configure
He can also use predictive analytics to get early warning signs of risk events
Client Relationship Manager >
Louise’s client needs are complex; she must identify the best investment among several
She is unclear on whether the latest pricing amendments have been included in the term sheets
Her client needs a pension wrap in addition to an investment and Louise needs to understand any relevant restrictions and cross border rules
Her client requires lending on the investment and she need to determine the correct Loan To Value
Pain Points
Louise is unsure if she has considered the full suite of products suitable for her client, thereby risking miss-selling
She does not trust that the documentation’s pricing is up-to-date
Louise is unclear on pension wrap rules and needs to involve a risk officer
She needs to access lending policies and systems in addition to investments to calculate the relevant LTV
With Kore
Louise can use filters to identify the investment solution that best meets her client’s needs and keep a record of this search
All pricing information is up to date and time-stamped. Louise can trust the information displayed
She can filter products by suitability for pension wraps and cross-border restrictions. In the Process tab and in the People tab she finds additional information and contact details
Link to an internal LTV calculators can be included in the Product Hub
Innovation and M&A Team >
Alex works in external innovation at a large bank, searching the market for new solutions that can support her colleagues across the business
She needs a central place to track the progress of conversations, deals and partnerships with external firms
Multiple stakeholders from across the group are involved in the process of selecting, onboarding and adopting third party providers, all of which needs central oversight and collaboration
Pain Points
Alex doesn’t know if other areas of the business have already engaged with a particular firm
There is no central data source to record documentation, events and decisions on partnership and investment opportunities
Alex cannot easily track and report on the progress of conversations/partnership/ deals as they move through their life
It is difficult and time consuming to manage the multiple stakeholders across a large, complex organisation
With Kore
Colleagues can record all prospecting activities in one central system and update it in real time
Kore provides a digital filing cabinet and a shared digital process accessible by all internal stakeholders with the right level of permissions
Kore provides a complete audit trail of all activity and decisions with the ability to create reports and dashboards for monitoring and MI
Kore offers a suite of collaboration tools and automations that can be configured to the firms requirements
Marketing Manager >
Luca works as a marketing manager at a retail bank, creating & maintaining a suite of collateral
Luca needs a central system to store and track progress of collateral as it is developed, approved and reviewed periodically once 'live'
Multiple stakeholders will be involved in review & sign off requiring collaboration and central oversight
Pain Points
Lack of consistency in the process results in inefficiencies in delivery
There is no auditable data on the process that has been followed, the colleagues involved and the decision taken along the way
Luca cannot easily track and report on the progress of documentation reviews resulting in outdated and potentially non-compliant material
It is difficult and time consuming to manage the multiple stakeholders across a large, complex organisation
With Kore
Centralised digital process, enriched with controls, alerts, notifications to achieve consistency and fast delivery
Kore provides a complete audit trail of all activity and decisions and real-time reports/dashboards, as well as notifications on overdue tasks, reviews and approvals
Kore provides a digital filing cabinet with integrated versioning and controls, in addition to granular user permissions and delegated authority management
A suite of collaboration tools and automations reduce manual processes and can be configured to the firms requirements
Consumer Duty Programme Lead >
Darius works as the Consumer Duty Programme Lead for a Wealth Management firm and is responsible across all areas in implementing the regulations.
Darius needs to be able to identify data items to be collected along with determining how they should be categorised and stored.
He will need to put in place a way of easily reporting the data items up to the consumer duty champion, other stakeholders and the regulator.
Pain Points
Disparate activities across the different outcomes, with the risk of business units lacking consistency in outcome delivery
Lack of centralised and well recorded product & service information
Complex and time consuming to monitor data items from multiple sources relating to outcomes
Requirement to deliver data in a meaningful way to relevant stakeholders including consumer duty champion & the regulator
With Kore
Centralised digital processes, enriched with controls, alerts, notifications to achieve consistency and fast delivery
360˚ view for each product and a single view of the entire product set. Golden source, hosting data on both products and processes and/or connecting to internal and external data sources.
Complete audit trail of all activity and decisions, with the ability to create reports/dashboards for monitoring and MI. As well as triggers for notifications on overdue tasks, reviews and approvals.
Customisable dashboards and reporting, alongside task management tools help simplify/structure this tasks and delegate where necessary
Consumer Outcomes Accountable SMF >
Naomi is the Retail Director for a retail bank and holds the SMF accountability for Customer Outcomes. Her role will expand with the introduction of the Consumer Duty Regulations.
Naomi needs to ensure that processes & procedures are up to date and being followed, as well as providing evidence of compliance to the Consumer Champion on the Board. She needs to prepare for regular audits, as a result of Consumer Duty Regulations.
Pain Points
Naomi is under pressure to demonstrably raise the bar around product lifecycle management
Current approach to product lifecycle management is highly manual & therefore not sustainable within the context of the new Consumer Duty rules
Inability to evidence that processes are in line with company policies & procedures
Naomi cannot easily demonstrate to the CEO, the Board & ultimately the regulator that the firm is complying with consumer duty
With Kore
Enhancing governance & control by formalising processes & decision making. Improving collaboration therefore helping teams work together more effectively
Centralised product data, digital processes which are enriched with controls, alerts, notifications to achieve consistency and fast delivery.
End to end, auditable and fully transparent digital lifecycles from product ideation to launch, monitoring and retirement.
Trusted data around products and lifecycle activity can feed configurable reports & dashboards ultimately up to Board level