The credit crisis has forced the topic of pricing to the front page of the Financial Times. Now is the time for mortgage lenders to rethink their pricing practices and processes to ensure they are able to achieve their customer acquisition and retention goals in 2008
San Bruno, CA (PRWEB) March 5, 2008 -
Nomis Solutions, the leader in Profit-based Pricing for banking and finance, today announced that its Founder, Chief Science Officer and Vice President of Research and Development, Dr. Robert L. Phillips, will be instructing two exclusive master classes on pricing strategies and customer retention for the mortgage market. The classes will take place April 2, 2008, during the Mortgages 2008 Conference at the Hilton Olympia, London.
Executives in the U.K. mortgage industry are anticipating an unprecedented and significant event in 2008. According to the Council of Mortgage Lenders forecasts, 1.4 million mortgages - almost 4,000 per day - are due to reset to the standard variable rate.(1) A timely topic, the full day of master classes are geared to mortgage and pricing executives. The content of the master classes include examining current pricing practices, identifying areas of weakness and opportunity for improvement, describing innovations in pricing practices and processes, explaining pricing optimization, illustrating how to improve customer acquisition and customer retention through pricing, and sharing pricing best practices and key learnings from leading lending institutions.
The morning session will cover pricing strategies that improve customer acquisition, give a competitive edge, and increase shareholder value. The afternoon session will provide guidance and key considerations for increasing customer retention in mortgages especially in a tightened risk environment. Both sessions will help attendees examine their current pricing practices, and come away with new ideas, as well as rich illustrations and valuable examples of how these ideas can be implemented and used in 2008 and beyond.
"The credit crisis has forced the topic of pricing to the front page of the Financial Times. Now is the time for mortgage lenders to rethink their pricing practices and processes to ensure they are able to achieve their customer acquisition and retention goals in 2008," said Dr. Phillips. "I believe the mortgage executives that have registered for these classes will benefit greatly from hearing about the innovative approaches that some companies are adopting across various lines of business to increase profit and volume. Pricing optimization is being rapidly adopted in the financial services market both in the US and the UK. Those companies that move quickly will gain a competitive advantage and the ability to better manage profitable growth than their competition."
An accomplished speaker, Dr. Phillips lectures at Stanford University Business School and has served as a visiting professor at the Columbia University Graduate School of Business. He is the author of the award-winning book, Pricing and Revenue Optimization and has published widely in such journals as the Risk Management Association Journal, Management Science, and Mathematical Programming. He is a senior editor of The Journal of Production and Operations Management Systems and an associate editor of Operations Research.
Over the past 15 years, Dr. Phillips, has helped leading companies optimize price and revenue within a wide variety of industries. Dr. Phillips founded Nomis Solutions in 2002 to help financial services firms use pricing analytics, optimization and execution to improve profits and market share by better understanding of how customer preferences impact product and portfolio performance. Currently he is responsible for ensuring that Nomis Solutions' analytics continue to be best-in-class and generate the highest level of value to customers. He is also responsible for leading Nomis Solutions' cutting-edge research and development efforts.
Dr. Phillips will be joined by Liz Clarke, senior business consultant for Nomis Solutions, who will contribute her mortgage expertise to the master class program. Ms. Clarke works with the company's UK prospects and customers such as Abbey and HBOS around solution requirements and is focused on how customers can get the maximum financial benefit and business insight from their pricing optimization solution. Ms. Clarke has 20 years experience in the UK Financial services industry prior to joining Nomis Solutions from the UK subsidiary of GMAC-RFC. Prior to GMAC, she spent ten years at Barclays Bank in the UK where as Director of Advanced Data Analytics she built up a center of predictive modelling expertise and lead the design, development, implementation and exploitation of advanced database decision making tools. The earlier part of her career was spent as a Senior Business Consultant at Experian.
"This two-day conference will bring together mortgage experts to address the challenges facing the industry, examine future trends and product developments to help attendees create a lucrative strategy in this highly competitive industry," commented Vidya Gunapala, Senior Conference Producer at Centaur Conferences. "Along with Dr. Phillips, we are proud of our esteemed group of presenters from leading companies and building societies including, Barclays Capital, GMAC-RFC, Halifax, Britannia Treasury Services, Association of Mortgage Intermediaries, General Building Societies Association, Nationwide, BDRC, and Stonehaven, to name a few. We are excited for attendees to benefit from benchmarking and learning from industry case studies which can be applied to their own business." More information on the Mortgage 2008 conference is available at http://www.centaurconferences.co.uk/mortgages08.ashx.
The Nomis Price Optimizer Suite™ moves banks and finance companies beyond risk-based pricing practices to a more advanced approach that enables pricing managers to better tailor rates to various segments and markets, to quantify and gain valuable insights about customer preferences and to transition to a more consistent, repeatable and efficient pricing process. Currently deployed at more than 10 banks and finance companies worldwide, such as Abbey, HBOS, and Washington Mutual Bank, the award-winning Nomis Price Optimizer optimizes more than $4 Billion in consumer lending each month.
(1) CML Housing and Mortgage Market Forecasts: 2007-2008. The Council of Mortgage Lenders October 29, 2007.
About Nomis Solutions:
Nomis Solutions is the recognized leader in Profit-based Pricing for banking and finance. Powered by price optimization technology, Profit-based pricing is an advanced approach that enables executives to strategically use pricing to achieve improved financial results, gain insight into customer preferences, and support compliance. The award-winning Nomis Price Optimizer™ Suite is a set of business solutions that combines pricing analytics, optimization, and execution into a comprehensive pricing strategy and process.
The suite includes specific solutions for auto finance, home equity lending, personal lending, mortgage, and deposits. Each solution delivers quick time-to-benefit, increases profits and market share by 10-20%, and provides valuable insights about how customer preferences impact product and portfolio performance, within a strong compliance framework. Select customers include Abbey, AmeriCredit, Ford Motor Credit Company, GE Money, HBOS plc, Royal Bank of Canada and Washington Mutual Bank. Headquartered in San Bruno, USA, Nomis Solutions has offices in Charlotte, NC and London, United Kingdom. Visit http://www.nomissolutions.com or contact us at info @ nomissolutions.com or 650-588-9800.
Nomis Solutions and Nomis Price Optimizer Suite are trademarks or registered trademarks of Nomis Solutions, in the United States and in other countries. Other product and company names herein may be the trademarks of their respective owners.