It claims the product will “revolutionise the way providers manage products across all stages of the product life cycle”.
Providers in the financial services sector are facing a number of significant challenges, including rapidly changing product markets and consumers with increasingly complex and individualised needs. As a result, providers need to work hard to stand out from their competitors and ensure they are able to respond quickly to evolving consumer demands – both when designing products and through their marketing activity.
DefaqtoMatrix claims to provide firms with whole of market, independent and timely market data – all in one place – helping them understand where their products sit in relation to competitors’, what features their products need to have in order to stand out and how to position them for maximum impact.
Defaqto conducted in-depth research with product providers to better understand what intelligence they need to compete effectively in the financial sector. Providers said that access to historical market data and information on how products have changed over time would be particularly useful.
DefaqtoMatrix has been designed to support providers at each stage of their products’ life cycle: enabling competitive product design, the identification of powerful marketing messages and reducing the resource impact of product research.
The application provides information on all features of all financial products across the banking, general insurance, wealth management and protection sectors. Its key features include:
• Reports on product changes – enabling firms to see at a glance what new products have been launched or whether any features have changed in competitors’ products
• Access to historical product data – allowing providers to assess how a particular sector or product type has changed over time
• The ability to compare the features of one product against another – facilitating analysis of a product’s key strengths or weaknesses in relation to a competitor’s
Kenn Herskind, Defaqto’s chief executive, said: “DefaqtoMatrix aims to support providers at each product life cycle stage, adding value across their business - from concept and design through to product launch and marketing support, then post-launch review. It provides a strategic solution to the complex requirements of financial institutions, and enables providers to develop better products which will ultimately benefit consumers.
“DefaqtoMatrix provides access to independent, accurate and comprehensive financial product data. This is a key enabler to help firms stand out from their competitors and grasp opportunities head on. This new web-based application signals our modern approach to delivering research and business processes.”
