Nomis Solutions releases Price Sensitivity Score for US and Canadian banking customers enabling banks to make better marketing and pricing decisions. Use of the Nomis Score results in more competitive pricing and 10 to 20 percent increased profit per customer for early adopters.

Nomis Solutions, the leading provider of Pricing and Profitability Management solutions for financial services companies, announced mainstream availability of its Nomis Score for Price Sensitivity Estimation today. The Nomis Score accurately assesses how much individual consumers evaluate the interest rate or fee components of a financial product when seeking or using those products. It is applicable to mortgage, home equity lending, credit cards, auto loans, personal loans/lines, savings, and deposit accounts. Consumers with high scores are more price sensitive while consumers with lower scores focus on product features, brand, convenience, and service offerings rather than price alone.

“We are very excited to bring this innovation to market as banks struggle to find profitable ways to set interest rates and fees on products while maintaining fair lending practices,” said Frank Rohde, CEO of Nomis Solutions. “Industry feedback and consumer focused regulation mandate that banks understand empirically what consumers really value and how much they are willing to pay for different products and services in order to avoid unfair, deceptive, and abusive lending practices. The Nomis Score provides lenders with a consistent and unbiased analytic approach for understanding how consumers value price amongst other features of the credit offering.”

“As banks are changing the way they price following the Card Act, Regulation E, and the Durbin Amendment, an empirical understanding of price sensitivity is critical at the point of origination and throughout the customer lifecycle. Applying the Nomis Score to marketing and pricing decisions has improved our customers’ profits by 10-20% in a tough credit market.”

Derived from years of research on consumer behavior and validated across key retail banking products, the Nomis Score is currently in use by several large banks, including 3 of the top 10 North American banks. For a detailed whitepaper on applicability and use cases of the Nomis Score, as well as a heat map of price sensitivity for US regional markets contact Nomis Solutions.

For more information about the Nomis Score, please contact jennifer(dot)horn(at)nomissolutions(dot)com.

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Posted On: San Bruno, CA July 15, 2011

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