Nomis Solutions, the leading provider of best-in-class Pricing and Profitability Management for financial services companies, today announced that BMO Bank of Montreal (NYSE: BMO) has selected the Nomis Price Optimizer.
BMO will deploy Nomis Solutions' award-winning pricing optimization solution for originations and retention across multiple product areas with an initial focus on personal and indirect lending. Scheduled to deploy its first set of optimized rates early in 2009, BMO is anticipating greater agility in the rapidly changing market.
By deploying the Nomis Price Optimizer across multiple product areas, BMO will be leveraging a best-in-class pricing and profitability management approach that is based on a quantifiable understanding of the impact of pricing on customer response, product performance, and risk. BMO will then have a more consistent, repeatable and efficient pricing process that allows them to make changes more dynamically and with a higher level of confidence.
"With our work in the Canadian market over the past two years, we've learned a lot about customer response to offers and pricing and have demonstrated our ability to materially impact financial performance for our customers," said Nomis Solutions' Chairman and CEO, Dennis Stradford. "We look forward to helping BMO adopt a more advanced and dynamic approach to pricing strategically across its retail banking businesses."
The award-winning Nomis Price Optimizer is designed for executives responsible for pricing loan and deposit products who want to use pricing strategically to drive financial performance at the national, regional, and local levels. This solution is the backbone of the Pricing and Profitability Management suite and delivers a clear understanding of customer response and how price impacts performance. By leveraging this information, the pricing team can quickly pinpoint which segments are under-priced or over-priced and better tailor pricing decisions to meet performance targets. Nomis Price Optimizer also helps build a more attractive portfolio mix to meet the "originations to order" requirements of the securitizations market. Currently deployed at more than 12 banks and finance companies worldwide, Nomis Price Optimizer optimizes more than $5 Billion in consumer lending each month.