Nomis Summer Release
ANATOMY OF A DECISION:
Nomis continues to lead the market over other offerings
such as FICO, Earnix, and Novantas.
In business school, they tell you there are only two ways to make more money:
grow the top line (i.e. sell more) or cut cost.
There is a third way. Price Optimization.
Optimize consumer deposits to nail your growth and profitability goals.
Deposits Overview »
Deliver outstanding performance in dynamically changing markets.
Lending Overview »
Find your sweet spot between portfolio growth and profit.
Mortgages Overview »
+40bps profit with stable risk
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. 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.
3.5 million NII increase in first year
Before Nomis, our renewal contact with customers was basically regulatory-driven. Nomis helped us with a much more disciplined contact strategy. What we needed was someone to apply analytic discipline to our mortgage retention initiatives and to provide assistance on which customers were most likely to attrite so we could focus our efforts on those customers. What it boiled down to was what customers to contact, how to contact them, and what renewal rate we should offer them. At the same time, our pricing was entirely dependent on our sales officer's negotiation. With Nomis, we were able to standardize our pricing and offer rates to our customers based primarily on their probability of attrition. We not only met our business case objectives, we exceeded them...while at the same time we were able to keep our margins stable.
+16% originations with improved risk and profit
By implementing a profit-based pricing approach, we’ve gained a significant advantage that allows us to better manage our performance in a volatile home equity market.
Increased NII 12% with stable business
We now look at new product offerings with a greater understanding of the future implications for the rest of the book. It’s also led us to structure our products in such a way that we have different strategic approaches to pricing on all of these products. The segmentation has allowed us to differentiate based on the clients’ needs, and that differentiation is also included in new product development. The outcomes of new introductions are clearly understood and measurable. Furthermore, we have a clearer understanding of how the products flow between each other and how the customers react in different economic cycles to different product categories.
