Understanding Customers to Deliver the Right Products and Prices to Clientele

Nomis Solutions, the leading provider of pricing and profitability management solutions for financial services companies, wrapped up the Nomis Forum 2014 in Half Moon Bay, California, near the company’s Silicon Valley headquarters. The seventh annual event, themed, “Understand Your Customers and Everyone Profits”, brought together a one-of-a-kind combination of academics, policymakers, data scientists, and bankers that explored the present and future of scientific decision-making in pricing for financial services.

Fast-growing Nomis combines cutting-edge Silicon Valley approaches to big data, advanced modeling, and deep analytics to help large and medium-sized retail banks better understand their customers. Using Nomis solutions, these banks can deliver win-win products and pricing in an environment that is increasingly competitive, highly disruptive, and marked by rising interest rates.

With more than 100 bankers and pricing practitioners in attendance, conference highlights included best-practice presentations, peer-sharing, and networking, all as thought leaders, banking executives, and practice professionals engaged in meaningful discussions to help each other develop successful strategies to navigate a world of increasingly complex customer relationships. Reflecting upon how attendees benefited from the Nomis Forum, a bank executive commented, “The Nomis conference provided an opportunity to understand and experience the pricing journey and success of companies that share similar challenges I face every day.”

Banking professionals in attendance came from many of the world’s largest retail banks, representing a total of approximately $8 trillion in assets. The group was very positive about the Forum and their experience, with comments including:

  • “Very relevant pricing and big data topics.”
  • “A valuable opportunity to discuss with other attendees their approach and strategy to pricing.”
  • “Great opportunity to learn about the experience of others in an open forum.”
  • “Excellent networking! Awesome speakers!”
  • “An incredibly well-organized conference, well-organized, high-touch, great value, loved-it!”

Highlights from the keynotes included Stephan Meier, Associate Professor at Columbia Business School, who researches behavioral strategy and discussed how banks might make pricing and product decisions assuming that their customers do what’s right for them, where in fact, it is quite the opposite. Robert Phillips, Professor of Professional Practice at Columbia Business School and Founder of Nomis Solutions presented information about the next wave of mass customization in banking that could include technologies such as recommendation engines like those used at Pandora and Netflix to provide customer intimacy that could revolutionize bank offerings and relationships. David Hornik, a venture capitalist who has been named to the Forbes “Midas List” as one of tech’s top investors, shared how big data has gone from a nice-to-have to a must-have throughout the business technology landscape and presented case studies of how it is transforming business models and industries.

Nomis Solutions CEO Frank Rohde, who kicked off the conference, reflected, “This was the best Nomis Forum yet. I have never been involved in a conference where the enthusiasm and collaborative spirit are more apparent. The room was filled with leaders and practitioners who are driven to create new and better ways to create high-value products and services that benefit their customers and improve their bank’s performance.”