San Bruno, CA (PRWEB) June 13, 2013
Nomis Solutions, the leading provider of Pricing and Profitability Management solutions for financial services companies, today announced the award of US Patent 8,428,915: "Multiple Sources of Data in a Bayesian System.”
“Our clients recognize the importance of price sensitivity models as a critical driver for product and business line decisions to set pricing, interest rates and fees within the context of customer relationship value. This patent provides a unique approach to updating these models in response to changing business conditions. The recognition of this technology is a testament to and validation of our continued investment in research and development, which is unique to Nomis,” said Frank Rohde, CEO of Nomis Solutions. “Customer value pricing-based strategies create a relationship between banks and consumers that is mutually beneficial.”
Banks must be prepared to tune and monitor pricing with both the customer’s and bank’s goals in mind. They also need to be able to accurately report on decisions made and actions taken in order to provide transparency and meet evolving compliance standards. The Nomis Pricing and Profitability Management™ Suite enables financial services organizations to more deeply understand customer preferences and provide the ability to optimize, execute and synchronize them across different business areas.
“It is exciting and rewarding to be issued a patent for the work that we pioneered. The ability to combine data from different sources using a Bayesian approach means that our models will be able to react quickly and accurately to changes in the market. This becomes even more important when interest rates begin to rise once again,” commented Dr. Robert L. Phillips, Professor of Professional Practice, Columbia Business School and Founder, Nomis Solutions. He is also the author of the award-winning book Pricing and Revenue Optimization, a frequent industry speaker, and contributor to multiple trade publications and journals that includes an upcoming article in the November issue of the Journal of Revenue and Pricing Management.
The patent was developed as part of a research and development effort by Nomis Solutions and along with Dr. Phillips includes recognition of its other inventors Joseph Nipko, Randi Paynter and Robin Raffard.
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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.