In March 2023, People’s Choice Credit Union merged with Heritage Bank. This merger presented an opportunity for the financial service provider to migrate their manual, in-house system to a better product information management solution.
As one of the leading banks in Queensland, Heritage Bank has adopted ProductCloud’s financial product management platform for more than two years. The bank relies on the cloud-based SaaS platform to manage its products and effectively ensure CDR and DDO compliance.
Following a rigorous technical and UX review, ProductCloud was selected as the tool of choice to improve People’s Choice product management process.
Objective
People’s Choice highlighted the following goals in selecting a product management solution:
ProductCloud offered a product catalogue management solution that enabled People’s Choice to save time and significantly reduce manual work for financial product managers. Through its built-in trigger feature, ProductCloud ensures that all products align with CDR and DDO regulations, making audits much smoother.
Beyond compliance, the credit union could also enable multiple team members to collaborate on rate and product changes simultaneously, removing spreadsheets and lengthy back-and-forths.
With 33 residential mortgage products, each with distinct lending and comparison rates, streamlining workflow was crucial for People’s Choice. ProductCloud designed, tested, and implemented a platform feature that allowed team members to edit all lending and deposit rates on one centralised page - all within 3 weeks.
ProductCloud also reduced the time for product managers to modify and publish product rates from 2 to 3 days to just a few hours. By bundling multiple products in the platform for a more efficient publishing workflow, it significantly reduced time and enhanced their operational efficiency.
In calculating product comparison rates with Widget Works, the ProductCloud team worked with People's Choice and Widget Works to seamlessly use their utility. The team also constantly communicated with all parties to ensure these rates could be calculated and implemented into the client’s products as quickly as possible.
The partnership between ProductCloud and People's Choice Credit Union has brought a newfound agility in the client’s operations and compliance. By actively listening to feedback from People’s Choice, ProductCloud continued to improve the platform to establish a positive ongoing experience.
With a strong dedication to continuous innovation and client-focused service, ProductCloud is committed to helping organisations achieve their goals. Contact us for a demo or free trial of our platform.