Without centralized pricing management, banks often find it very challenging to implement customer-level pricing. Pricing changes can take multiple, potentially conflicting steps to roll out to the front lines, and there are frequent disconnects. Nomis Price Manager is designed to facilitate the journey to customer-level pricing by serving as a single source of truth from which to execute pricing. Nomis Price Manager facilitates the preparation and management of pricing plans, including rate-based price lists and rules-based pricing adjustments to create a finalized pricing plan, and offers API access that makes it possible for downstream systems, including Nomis Deal Manager, to access the finalized price plan. By managing and capturing all components of the pricing plan in one centralized system, banks can start to build-out the next level of customer-centric pricing analytics based on data feedback and monitored performance.
Nomis Price Manager allows business users to transform analytically informed price lists across all verticals. Using Nomis Price Manager, bankers execute pricing plans by manipulating price lists, adding non-modeled dimensionality, overlaying rules, and assigning each pricing plan to regions, branches, channels, or specific customer segments. This enables bankers to quickly create and execute test-and-learn strategies, incorporate customer-centric rules based on relationship and value, create promotions in areas of high competition and price sensitivity, and generate detailed reports to audit the changes.
Nomis Price Manager captures pricing decisions in a scalable, auditable system. The integrated approval workflow ensures that validated pricing plans can be approved rapidly by stakeholders across the bank through a monitored and connected system. This allows bankers to analyze and validate all components of a pricing plan (including price lists, price rules, and finalized pricing plans) and give their stamp of approval. All pricing plans are synced with API endpoint configurations so that once approved and activated they can be seamlessly distributed across the omnichannel.
Once a pricing plan is approved, it can be made active by setting inception and expiration dates. The prices, including rates, fees, and other pricing policies, such as cash back or incentives, can then be distributed across the omnichannel via APIs. This ensures consistency across channels, transparency to the back office and front line and allows banks to be nimble and granular when proactively identifying and capturing opportunities or responding to threats in the market.