Nomis Solutions’ Founder Publishes New Book on Lending Price Optimization

Nomis founder and renowned pricing expert Robert Phillips, Ph.D., has is about to release his latest book, Pricing Consumer Credit. The book provides lenders and other financial services professionals with a comprehensive description of how to improve profitability while managing risk by applying proven price optimization techniques. In addition to exploring the relationship between loan pricing and risk, the book also uncovers how customers’ cognitive biases result in sub-rational behavior that influences pricing decisions.

Dr. Phillips’ third book, Pricing Consumer Credit is a cross-disciplinary, step-by-step guide for implementing pricing optimization strategies. Topics covered include how to segment customers, estimate price-response and incremental loan profitability by segment, and use all of this information to maximize expected profitability while controlling risk.

“Most banks have adopted some basic product price optimization, but they haven’t been able to move to the next level of using segmentation to drive customer-centric pricing,” says Nomis CEO Frank Rohde. “To be competitive, retail banks need to operationalize strategies like those in Pricing Customer Credit so they can deliver personalized, real-time offers that create win-win engagement for the customer and the bank.”

A pioneer in introducing value-based pricing in various industries, Dr. Phillips founded Nomis Solutions in 2002 to help financial services firms leverage pricing analytics to better understand how customer preferences impact product and portfolio performance. Currently the Director of Marketplace Optimization Data Science at Uber Technologies, he continues to drive Nomis’ pricing thought leadership as a member of the company’s Board of Directors. He will be a keynote speaker at the Banking Growth Forum 2018, where he will address the impact of artificial intelligence (AI) and machine learning on retail banking.

Dr. Phillips’ previous books include Pricing and Revenue Optimization (2005) and The Oxford Handbook of Pricing Management (2012). In 2016, he received the prestigious Institute for Operations Research and Management Sciences (INFORMS®)’s Impact Prize, a lifetime achievement award in the field of Operations Research. Dr. Phillips holds a Ph.D. in Engineering-Economic Systems from Stanford University.

Pricing Consumer Credit is available in July 2018. Preorders are currently being accepted at Stanford University Press.