As banks are preparing for increased interest rates in the future, they are recognizing the importance of implementing price optimization technology.
San Francisco, CA (PRWEB) April 20, 2012
Nomis Solutions, the leading provider of Pricing and Profitability Management solutions for financial services companies, concluded its fifth Global Pricing Forum and User Group in San Francisco from April 18-20, 2012. Attendees included executives from banks and finance companies in the US, Canada, UK, South Africa, Asia, and Latin America. The 90+ attendees represented pricing and profitability management functions for over $6trillion in assets and liabilities across deposits & savings, mortgages, auto finance, credit cards, and personal lending.
Richard Hunt, President of the Consumer Bankers Association, delivered the keynote address. Highlighting key challenges for the banking industry, Hunt commented that adopting price optimization and ensuring fairness in bank pricing strategies will be one of the key success factors for banks managing through the current regulatory environment and economic recovery leading to interest rate increases.
Across two days of case studies, presentations, and panel discussions attendees discussed the benefits and challenges of moving towards pricing approaches based on customer value. Attendees heard from six Nomis customers directly about their experiences and financial gains achieved through price optimization technology, including implementations in deposits, mortgages, loans, and auto finance. Nomis Solutions practitioners outlined how individual product price optimization approaches can then be integrated to achieve true Customer Value Pricing across all products within the customer relationship.
“We are very pleased with the attendance at this conference and the increasing interest in price optimization technology in banking globally,” said Frank Rohde, CEO of Nomis Solutions. “As banks are preparing for increased interest rates in the future, they are recognizing the importance of implementing price optimization technology. The number of attendees and quality of bank-to-bank discussions shows that improving pricing strategies will be a critical determinant of which financial institutions emerge as the new market leaders.”