Smarter Pricing for Better Banks
A fundamental pillar of the Nomis Platform, Nomis Price Optimizer answers the most critical question of portfolio pricing: What is the optimal price for my product in light of my strategic goals and constraints? The most-used pricing solution in retail banking, Nomis Price Optimizer's optimization and forecasting engine enables banks to create best-in-class, closed-loop analytics tailored to the unique needs and portfolio goals of virtually any line of business. Price-sensitive demand, behavioral, and profitability modeling is fueled by transaction, customer, macroeconomic, and competitor data to manage goals and constraints across hundreds or even thousands of pricing cells.
With Nomis pricing science, bankers optimize rate sheets, discretion boundaries, and promotional campaigns. Unique features, such as dynamic accuracy and active recalibration, ensure that the analytical models provide easy-to-use visibility and agility to provide the most reliable and timely results possible. Nomis’s Efficient Frontier provides a visualization of the optimal trade-offs between volume (amount / balance) and profits (NIBT, etc.) based on a series of optimized pricing scenarios.
Nomis Price Optimizer empowers decision-making and contingency planning with robust simulation tools that predict not only customer behavior but also the impact of changes in proposed pricing tactics and/or business, competitive, and market assumptions on portfolio results. Bankers can run countless “what-if” scenarios to thoroughly explore possible responses to market variables, such as changes in interest rates by the central banking authority or competitors. Nomis Price Optimizer also empowers bankers to forecast outcomes based on historical trends to better understand customer behavior and the impact on similar products in the bank’s retail portfolio.
Bankers who use Nomis Price Optimizer make better portfolio management decisions because they have visibility into their internal and external sources of balance growth. With this understanding of opportunities and threats, bankers can take action to build and protect their portfolios. To ensure that the banker is on track to achieve their goals, Nomis’s comprehensive reporting suite makes it simple to monitor results and share them as part of the internal reporting process.
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We’ve been using Nomis to optimize our dealer finance rates for three years now and are pleased with the results and use.
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.
The entire Nomis team have been exceptional. Aside from their depth and breadth of knowledge, it’s quite impressive to witness their unwavering willingness to help out at a moment’s notice without hesitation, and no matter what time of day (or late evening) the request for help comes in.
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 structuring our products in such a way that we have different strategic approaches to pricing on all of these products.
We generated $4 million in profit improvements in our first three months of using the Nomis Price Optimizer. The solution enables us to proactively manage the dynamic and volatile lending environment with interest rate changes, competitor moves, and changing internal goals.
Having the Nomis Price Optimizer analyze our performance at the granular pricing cell level revealed a number of operational pricing errors costing us over $1 Million per year.
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