San Bruno, CA, (PRWEB) August 22, 2006 —
Nomis Solutions, the leader in Profit-based Pricing for banking and finance, today announced that it will partner with financial conference organizer, Finance IQ, to host the next Profit-Based Pricing for Banking and Finance Summit: Using the Power of Price Optimization to Increase Profits, from February 5-7, 2007 at The Claremont Hotel in Berkeley, California. Nomis championed the inaugural Pricing Optimization for Financial Services Summit, in which 90 executives shared challenges of current pricing practices, various pricing approaches, price optimization models, implementation best practices, and results.
Profit-based Pricing is the evolution of price and revenue optimization, which is successfully used in industries such as airline, hotel, manufacturing and retail. Designed for the financial services market, Profit-based Pricing integrates sophisticated analytics and an understanding of customer response to enable more tailored and profitable pricing decisions by product and customer segment. Profit-based Pricing helps banks and finance companies account for consumer price sensitivity, retain profitable customers, and maximize customers’ lifetime profits.
This year’s conference attracted banking and finance industry leaders including; Americredit, Bank of America, Barclaycard, Citigroup, DaimlerChrysler Finance, Ford Motor Credit, GE Consumer Finance, Halifax Bank of Scotland (HBOS), HSBC, JPMorgan Chase, Royal Bank of Canada, SunTrust Bank, US Bank, Wachovia, Washington Mutual, and Wells Fargo.
One of the most highly rated speakers, Dr. Robert L. Phillips, author of Pricing and Revenue Optimization, explained the power of Profit-based Pricing, how it works, and the results that have been achieved in the banking industry. “Banks have invested a tremendous amount to understand the risk side of their business and incorporating that into their pricing,” said Phillips during his presentation. “The next step is to understand how different types of customers respond to prices of different products relative to the competition. This understanding can be used to set prices that drive additional profit by better reflecting the value of each product to each customer. This is the power of Profit-based Pricing.”
Douglas Craddock, head of pricing, Loans HBOS, the third largest provider of consumer loans in the UK delivered a presentation that detailed how he and his team implemented a Profit-based Pricing approach in HBOS’ $9 billion Consumer Loans business, resulting in increases of net interest margin of up to 34 basis points. “The conference provided excellent insight into both the theoretical and practical aspects of Profit-based Pricing,” said Craddock.
Attendee Lina Garcia, cards pricing leader at GE Money, stated: "I walked away with a solid understanding of Profit-based Pricing. The content focused on all of the key areas I was interested in such as data issues, pricing models and tools, the impact on the sales process and incentives. It was also a great forum to meet other executives from the banking industry.”
“The conference was informative and provided great opportunities to network with a talented group of individuals from multiple disciplines across the banking industry,” said Andy Reed, pricing implementation manager of Barclaycard Business, who presented a case study that focused on the data required to embark on a Profit-based Pricing initiative. “I made numerous new contacts at the event and I am looking forward to attending the next one.”
Bobbie Britting, senior analyst of consumer lending at TowerGroup recently published a report, titled: “Profit-Based Pricing: Time to Stop Leaving Money on the Table.” Available at Nomis Solution’s website (http://www.nomissolutions.com), the report explains why the time is right for banks and finance companies to use Profit-based Pricing. TowerGroup predicts, “As the pendulum swings from the cost cutting, downsizing, and rightsizing of the 1990s and early 2000s to revenue generation, price optimization and the internal pricing function will rise to new levels of importance in financial services organizations.”
For more information about the upcoming Profit-Based Pricing for Banking & Finance Summit: Using the Power of Price Optimization to Increase Profits, please visit http://www.nomissolutions.com.
About Nomis Solutions
Nomis Solutions is the leader in Profit-based Pricing for banking and finance. The Nomis Price Optimization Suite is designed for executives whose top priority is to strategically use pricing to increase profitability while maintaining revenue and market share. Because of the unique needs of each banking division, the suite includes specific solutions for the following industries: Direct and Indirect Auto Finance, Home Equity Lending, Unsecured Personal Loans, Deposits, Mortgage, and Foreign Exchange. Each solution is implemented in less than 10 weeks, provides valuable insights about the business, and increases profits within three months. All Nomis customers have achieved 10X ROIs. Headquartered in San Bruno, CA, Nomis Solutions has offices in Charlotte, NC, New York, and London, England. Visit http://www.nomissolutions.com or call 650-588-9800 for more information.