Financial Transactions Optimized Using Nomis Solutions Technology Exceed $1.5T in 2016

Nomis Solutions today announced another year of market-leading growth for the company’s pricing, portfolio management, and offer presentment technology for financial services. The addition of 17 subscriptions from banks in the US, Canada, and Asia-Pacific brings the total volume of deposit and lending transactions optimized using Nomis technology to over $1.5 trillion. More than 8,000 bankers are now using Nomis’ pricing technology across mortgages and home equity, consumer lending, credit cards, and deposits portfolios. 

Frank Rohde, Nomis Solutions CEO, commented, “Adoption of Nomis pricing technology continues to grow rapidly as banks are investing in building better Big Data-driven capabilities to drive revenue and margin growth and customer engagement. We expect the strategic rationales for investment to continue in 2017 and beyond.”

Some of the trends Rohde sees driving a need for pricing intelligence include:

  • Digitization of the consumer experience across retail banking channels and products requires the analytic infrastructure to make consistent product and pricing decisions based on an empirical understanding of the full customer relationship. The Nomis platform enables banks to optimize product and pricing decisions across all retail banking products and then execute those decisions consistently across digital and in-person touchpoints with the bank.
  • Pressure on bank margins continues as alternative offerings and consumer awareness of those offerings grows. Competition between traditional banks, direct banks, alternative lenders, and other Fintech providers is increasing the choice set consumers have. Smart banks are investing in Nomis pricing technology to be able to compete while increasing profitability.
  • Empowering the banker to present, negotiate, and close individualized offers based on a deeper understanding of consumer preferences and needs continues to be a priority for leading banks. In 2016, more than 8,000 retail bankers used the Nomis Deal Manager platform to present smarter offers to their customers—significantly improving the customer experience while maximizing returns and ensuring fair treatment.
  • Rising interest rates in the US present opportunities and threats for deposits and lending portfolios. As banks are preparing to pass on Fed Funds rate increases in 2017 and beyond, investment in price optimization technology for deposits and lending is increasing. 

Rohde continued, “At the end of the day, investing in pricing science and technology is one of the quickest and most impactful ways banking executives can improve returns and growth in their portfolios. Our customers continue to generate 10-20% increases in net interest margins or equivalent market share growth. At the same time, banks, consumers, and regulators are all looking to build a world where financial institutions deliver what their customers value and where every relationship is profitable and fair. Gaining a deeper understanding of customers—across their entire relationship with a bank—is the first step towards that world, and we’re proud that leading banks are selecting Nomis as their partner on that journey.”

“Banks are choosing to partner with Nomis because of our unique strengths in both technology and analytics as well as the consulting experience needed to operationalize pricing science,” notes Rohde. “Our holistic view of the customer and cross-vertical capabilities drive more overall value for our customers who see an average 15x ROI on their Nomis investment.” Approximately three out of four Nomis customers use the Nomis Platform across multiple product lines.

Nomis offers a comprehensive suite of advanced decision-support and front-line pricing solutions for retail bank deposits, mortgages, and lending. Nomis Price Optimizer combines big data analytics and pricing science to help banks evaluate and optimize when and how to price their deposit products. Leading banks connect back-end pricing strategy informed by Price Optimizer to front-line sales enablement using Nomis Deal Manager’s real-time offer intelligence.