Halifax Bank of Scotland Wins “Best Use of IT in Retail Banking” Financial Sector Technology Award for its use of Nomis Price Optimizer™
Nomis Solutions Is Recognized For Its Innovative Use of IT in Delivering Business Benefits to Halifax Bank of Scotland
SAN BRUNO, CA, April 1, 2006 -- Nomis Solutions, the leader in price optimization software for financial services, today announced that Halifax Bank of Scotland (HBOS) has won the Financial Sector Technology Award 2006 for the “Best Use of IT in Retail Banking” category for its implementation of the Nomis Price Optimizer™. The accolade is for the significant profitability improvement in the Personal Loans portfolio that HBOS generated through the use of the Nomis Price Optimizer™ technology to set optimized loan prices. HBOS was able to improve net interest margin equivalent by 34 basis points through the application of Nomis Solutions’ price optimization methodology.
The awards, held on March 30th at the Grosvenor House Hotel, London, recognize excellence and innovation in the field of information technology within the UK financial sector. More than 500 banking executives attended the ceremony. The awards are judged on how entrants’ strategic use of technology has delivered cost benefits, improved internal processes, enhanced customer service and helped future business success.
“We are honored to be recognized for our product’s contribution to HBOS’ business success,” said Dennis Stradford, CEO of Nomis Solutions. “This award is further validation of the business value Nomis Solutions’ price optimization methodology and software deliver to its customers.”
According to Doug Craddock, Pricing Manager for Unsecured Consumer Loans at HBOS, “By using the Nomis Price Optimizer™ we can now offer very competitive rates to our customers, consistent with our aim of being a responsible lender, but be confident that we have in place the pricing strategy to maximize risk-adjusted profits.”
Rob Devey, Head of Personal Loans and Protection at the time HBOS implemented the Nomis software and now Head of General Insurance said “the Nomis software enables us to optimize and dynamically maintain 7000 micro-market segment prices in rapidly changing market and competitive conditions without an army of analysts using statistical packages and spreadsheets. It includes 'what-if' pricing scenario analysis and incorporates adverse selection. The software allows us to specify single loan and portfolio constraints including advertised typical APR. We have already seen an outstanding return on our investment.”
The Financial Sector Technology Awards are designed to reward the work of IT innovators within the UK financial sector and aim to provide a certified endorsement of the winners' IT contribution to the industry. The “Best Use of IT in Retail Banking” category recognizes the most effective use of IT in bringing business benefits to a financial services provider in a retail banking environment.
About HBOS
The merger in September 2001 of Halifax and Bank of Scotland created one of the world’s 20 largest banks by market capitalization with over 22 million customers and assets of over £440 billion (US $800 billion). HBOS is the UK's largest mortgage and savings provider as well as a major player in the provision of new current accounts, credit cards and consumer loans. The bank writes unsecured consumer loans through its branches, call-centers, website and intermediary channels as well as joint venture and affinity relationships..
About Nomis Solutions
Nomis Solutions is the leader in price optimization for financial services. Dedicated to the banking industry, Nomis Solutions delivers sustainable profit improvement to financial institutions through price optimizations solutions. Based in San Bruno, CA, with offices in Charlotte, NC, and London, England, Nomis is led by a team of seasoned professionals with a unique combination of financial services, price optimization and software experience. The company is privately held and funded by leading venture capital firms, including August Capital, Bain Capital Ventures and Red Rock Ventures. For more information, please visit: www.nomissolutions.com.
