A big takeaway from the morning session was that financial services need to have a better handle on understanding customer preferences and also have the ability to optimize, execute and synchronize on them across different business areas.
San Bruno, CA (PRWEB) April 10, 2013
Nomis Solutions, the leading provider of Pricing and Profitability Management solutions for financial services companies, today started the 2013 Global Pricing Forum, in Sausalito, California. The sixth annual event provides participants with the opportunity to profit from the expertise, insights, and advice of industry luminaries, pricing strategists and retail banking executives who have successfully navigated today’s challenging and dynamic times by leveraging pricing excellence. More than 100 attendees crowded into the keynotes that included representatives from 35+ different banks across the US, Canada, UK, EMEA.
A theme that emerged surrounds how banks need to have pricing strategies that incorporate customer value pricing with transparency to meet new and evolving compliance standards. Banks must be prepared to tune and monitor pricing with both the customer’s and bank’s goals in mind and accurately report on decisions made and actions taken. A big takeaway from the morning session was that financial services need to have a better handle on understanding customer preferences and also have the ability to optimize, execute and synchronize on them across different business areas.
One way banks are gaining insight into customer preferences is by implementing the Nomis ScoreTM. The Nomis Score is a customer-specific score that measures price-sensitivity and can be used to determine which customers are more sensitive to the price of a specific offering than others. Nomis Score differentiates price sensitivity by a factor of 6 between highest and lowest price sensitivity. A traditional credit score only differentiates price sensitivity by a factor of 1.4 between highest and lowest price sensitivity.
The day’s speakers include Richard Hunt, President and CEO, Consumer Bankers Association; Frank Rohde, CEO of Nomis Solutions; Michael Poulos, Partner and Head of Oliver Wyman’s Americas Financial Services Practice; and Dr. Robert L. Phillips, Professor of Professional Practice, Columbia Business School and Founder, Nomis Solutions.
This year’s event coincided with the 2013 Nomis Payments Forum, which is tailored for pricing strategists in the payments industry and other payments industry thought leaders. The sessions include practical experiences from merchant acquiring firms in the US and UK and features roundtable discussions about the latest analytical and software innovations that are transforming incremental value in merchant portfolio’s can be achieved. Special focus is on the release of the Nomis Discretion Manager™, the first product in a suite of solutions for the payments industry. This new technology enables merchant acquirers and independent sales organizations (ISOs) to increase new business conversion rates while at the same time improving new merchant profitability.
The Global Pricing Forum will conclude tomorrow afternoon with Nomis sharing with participants the near term and long term vision for products and services. This includes a sneak peak at the “bank of the future” that demonstrates how pricing decisions can be tuned to customer preferences in customer value pricing.
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About Nomis Solutions
Nomis Solutions provides best-in-class pricing and profitability management for financial services companies. Through a combination of advanced analytics, innovative technology, and tailored business processes, the Pricing and Profitability Management™ Suite delivers quick time-to-benefit, and improves financial and operational performance throughout the customer acquisition and portfolio management processes. With experience working on over 50 projects in the Banking and Finance world, Nomis Solutions has optimized over $600 billion in consumer accounts and generated over $600 million in incremental profits, through more than 100,000 pricing scenarios.
Headquartered in San Bruno, CA, Nomis Solutions also has offices in Toronto and London. Visit http://www.nomissolutions.com or contact us at info(at)nomissolutions(dot)com or 1-650-588-9800 or +44 0207 812 7251.