Nationwide Building Society Responds to Expanding Customer Base with Implementation of Nomis Solutions’ Customer-Centric Pricing Optimization Technology
Nomis Price Optimizer™ Allows the World's Largest Building Society to Optimally Extend Credit to More Consumers while Better Meeting Regulatory Requirements
SAN BRUNO, Calif. December 10, 2008 -- Nomis Solutions, the leading provider of best-in-class Pricing and Profitability Management for financial services companies, announced today that Nationwide Building Society has selected the Nomis Price Optimizer™ (NPO) to better tailor the pricing practices of its Personal Loans Business to its customers. NPO allows Nationwide to optimally extend credit to more consumers, while accounting for various corporate requirements and market conditions. NPO also enhances Nationwide’s ability to meet regulatory requirements by providing more visibility and the ability to audit its pricing decisions.
Nationwide is the largest member-owned building society in the United Kingdom, with 14 million members and assets of over £186 billion. The Nomis Price Optimizer allows Nationwide to better serve its customers, augment its previously tiered approach to lending, and offer rates that are tailored to the market, account for risk, and best suited to the customer. Nationwide’s borrowers are assured that the pricing process is efficient, consistent, and transparent to meet regulatory requirements.
“We’ve partnered with Nomis Solutions to use a more customer-centric and tailored approach to pricing that will enable us to price our unsecured loans business appropriately and prudently,” said Simon Beresford, Head of Consumer Lending. “The Nomis Price Optimizer enables us to understand the impact of pricing on customer response and use that insight to make smarter pricing decisions in this difficult environment.”
The Nomis Price Optimizer provides Nationwide with a strong compliance framework and a set of pricing best-practices and processes that make it easier to demonstrate adherence to regulatory and corporate rules and guidelines. Nationwide’s adoption of NPO provides the pricing team the ability to track, store and provide visibility into all past pricing decisions, as well as the rationale for those decisions.
“Nationwide understands the power of pricing and how it can be used strategically to expand its customer base in the most intelligent and customer-centric way,” said Frank Rohde, Chief Marketing Officer of Nomis Solutions and Managing Director of the company’s European operations. “Contrary to many institutions that are responding by providing consumers with fewer options, Nationwide’s adoption of NPO positions the company to better manage through the difficult financial market and optimally serve its customers’ needs.”
Nationwide Building Society
Nationwide is the world's largest building society with over 14 million members and assets of over £186 billion. Nationwide has mutual (as opposed to Public Limited Company) status, which means that it is owned by its members and is run day-to-day by an executive management team overseen by an elected board of directors.
Nationwide offers a broad range of retail financial services including mortgages, savings, current accounts, life assurance and investment products, personal loans and household insurance. The Society is the UK's third largest mortgage lender and the second largest savings provider. Nationwide's members can manage their finances through over 900 retail outlets, by telephone, internet and post. The Society has around 19,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton and Bournemouth.
About Nomis Solutions
Nomis Solutions enables 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 ManagementTM Suite delivers quick time-to-benefit, and improves financial and operational performance throughout the customer acquisition and portfolio management processes.
Select customers include Santander, AmeriCredit, Bank of Montreal, Chrysler Financial, HBOS plc, Nationwide Building Society, Royal Bank of Canada and Yorkshire Building Society. Visit www.nomissolutions.com or contact us at info@nomissolutions.com or +44 0207-031-8273.
Nomis Solutions, the Nomis Price OptimizerTM, Nomis Offer Optimizer™, the Customer Portfolio Optimizer™ and the Nomis Pricing and Profitability Management™ 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.
