"innovative banks have adopted price optimization solutions to improve financial performance through a better understanding of how customers value their products.
This approach is an excellent first step towards enabling the Holy Grail in banking, which is Relationship-based Pricing."
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"Retail FSIs must build new pricing strategies that incorporate price elasticity of demand, individual relationship value, multiple consumer inputs, and dynamic pricing capabilities.
The vendor marketplace is opening up, and there are several software firms that offer tools and consulting to help FSIs get started."
"This year promises to be a year of adversity for some retail bankers and opportunity for others. The key issue for retail banks will be managing growth and profitability while adapting to an ever-changing economic climate.
Opportunity can be found in adversity, and retail bankers that pursue cautious forward movement will be rewarded."
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"Over 75% of banks plan to use price optimization. Banks are five times more likely to add price optimization by purchasing software than building their own."
"As the value of product portfolios reaches into the billions, minute differences in interest rates can have a material impact on overall bank profitability.
Pricing and revenue optimization represents a movement towards greater precision in the pricing process."
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"Price optimization does not recommend or demand increasing all loan prices or decreasing all deposit prices. Rather, it requires a financial institution to understand customers demand for products and services and their sensitivity to price.
Thus, in the case of the loan, it establishes both the price the customer is willing to pay and the acceptable rate of return for the lender."
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"Price Optimization is often evaluated in the context of building broader customer relationships, and pricing on the basis of that total relationship.
But price optimization - and the resulting increase in profits - should be pursued (even tactically at the product or line-of-business [LOB] level) almost regardless of any other future enterprise-wide strategic consideration.
"Mis-pricing leads to misallocation of resources and waste in the system. In the current situation, mis-pricing has lead to cataclysmic results.
Businesses that are going to make it and break through to the other side will have to use analytics to really understand their customers in a way that’s beyond what they are doing today.
We are doing it at Cerberus because we know it’s critical to success."
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