Accenture allies with fintech firm Zafin, acquires professional services assets
Tech consultancy Accenture has entered a strategic alliance with Toronto-based financial software firm Zafin – in which Accenture will be a preferred integrator of Zafin’s software as part of a joint go-to-market strategy. Select employees from Zafin's consulting business will also join Accenture’s Financial Services practice to bolster technical integration and development abilities.
Founded in 2002, Zafin provides strategic pricing software for deposits and lending – helping banks squeeze out greater profits. The technology allows financial institutions to dynamically modify rates to provide an extra competitive advantage, as well as customize fees to optimize profitability through variable micro-segmentation. Zafin’s platform also allows banks to package multi-product bundles to create compelling offers that drive customer loyalty and increase new deposit volume.
Critically, the firm’s software allows institutions to innovate without having to replace their legacy systems. Zafin’s pricing platform reduces costs through automation, increases pricing ability and agility, and helps improve customer experience through more personalized and profitable relationships.
The firm’s clients include more than 35 global banks, including CIBC and Bank of the West. In addition to its Toronto headquarters, Zafin has additional Canadian offices in Ottawa and Vancouver. The software firm has further international locations in the US, UK, and India.
Now, technology consulting giant Accenture will be the preferred integrator of Zafin’s software in a new strategic alliance, whilst adding select professionals from the Canadian firm’s consulting business. The moves will bolster Accenture’s capabilities in modernizing legacy IT systems at financial institutions, while allowing Zafin to concentrate more heavily on developing financial services software solutions.
“These agreements with Accenture will enable us to sharpen our focus squarely on product innovation and technology,” commented Zafin founder and group CEO Al Karim Somji. “This deal simplifies our operating model and provides Zafin with rapid scalability.”
The terms of the professional services asset acquisition were not disclosed. The deal is expected to conclude in Q1 2019.
Commenting on the transaction, Accenture’s global Banking practice head Alan McIntyre remarked, “Many financial institutions are hindered in enhancing their customer experience by the limitations of legacy IT systems. Zafin’s software enables financial institutions to improve their pricing, personalization and product configuration without having to replace their legacy systems. We look forward to working with Zafin to deliver these capabilities to our financial services clients globally.”
The move arrives amid a flurry of specialist technology and digital acquisitions by Accenture at year-end. Earlier in the month the firm acquired Houston-based digital transformation specialist Enaxis Consulting, as well as NYC-based digital media service firm Adaptly.
