"As banks and finance companies are emerging from the recession, pricing and profitability management is of vital concern."
San Bruno, CA (PRWEB) April 9, 2010
Nomis Solutions, the leading provider of Pricing and Profitability Management solutions for financial services companies, today announced a record-breaking first quarter. As banks began to release pent-up demand for pricing optimization solutions, the company recorded first quarter 2010 new contract bookings that exceeded new bookings during the entire fiscal year 2009. In addition to strong new bookings, the first quarter 2010 was marked by over 80% increase in billings over the same period last year.
"Our new business growth this last quarter has been very strong and we are seeing an increasing pipeline of business for the rest of 2010," said Frank Rohde, CEO of Nomis Solutions. "As banks and finance companies are emerging from the recession, pricing and profitability management is of vital concern for three reasons:
1. Interest rates are set to rise late in 2010 and into 2011. Forward-thinking banks are investing ahead of the rate increase cycle and will have price optimization infrastructure in place to simulate potential strategies and dynamically optimize pricing in response to increasing base rates.
2. Regulatory changes such as Reg E and the Card Act challenge banks to remain profitable despite changing fee and rate structures, less flexibility to adjust prices, and increased need to consider consumer’s capacity for repayment. In moving beyond traditional risk-based pricing or product-driven fee structures, Pricing Optimization enables banks to maximize profitability on both sides of the balance sheet while treating customers fairly.
3. Competition in lending is heating up, in particular as lenders see the housing market stabilizing. At the same time, consumer perception of banks and the use of credit have changed significantly over the last three years. Understanding consumer price sensitivity, attitudes, and behavior is critical to managing asset returns proactively while regaining loyal customer relationships.”
In response to the increasing demand for price optimization methodology, systems, and analytics, Nomis Solutions is hosting the fourth global price optimization forum on May 11-12, 2010 in San Francisco, California with a focus on “Leveraging Pricing Excellence in the new Era”. Attendees will include executives with pricing and profitability management responsibility for lending and deposits businesses in North America, Europe, Asia, and Africa. To request admission, please visit http://www.nomissolutions.com.