AIB applies pricing analytics to current accounts with Novantas

Source: Novantas

Novantas, a leading financial services analytic advisory and solutions firm, is pleased to announce that Allied Irish Banks, p.l.c. (AIB) has selected Novantas’s PriceTek (R) Deposits Platform to improve analytical efficiency and provide a deeper understanding of the value and duration of consumer deposits.

AIB, a financial services group operating predominantly in the Republic of Ireland and the UK, selected the Novantas PriceTek platform for the strength of the pricing and product management solution and the firm’s reputation as a leading business solutions consultancy.

Bryan O’Connor, Head of Deposits, Investments & Insurance, at AIB, said: “We were looking for a strategic partner with industry experience and a proven platform that would help to deepen our understanding of the deposits portfolio.”

“With the deployment of the PriceTek platform we now have ’best-in-class’ deposits analytics at our fingertips to inform our decision making, provide insights into our customer deposit needs, and support our regulatory funding and liquidity obligations. In AIB we pride ourselves on the application of leading edge technologies to improve our business and customer propositions, and we are confident that this partnership with Novantas will greatly enhance the management of our Deposits business into the future.”

Andrew Frisbie, Managing Director and Head of European Development at Novantas, said: ““AIB is committed to advancing through technology and we are excited to be recognised as pricing experts with an industry-leading solution by such a reputable institution. We’re thrilled to introduce AIB to the PriceTek family in the UK and Ireland.”

Novantas announced that it was launching deposit pricing and regulatory stress testing services and technology in the UK marketplace earlier this week. The organisation currently works with more than 30 of the largest banks in America, Canada, Australia, and Europe to provide pricing advisory support and interactive analytics for ongoing portfolio enhancements and price optimization through its PriceTek platform. At the end of 2014, PriceTek was managing over $1.0 trillion in bank deposits balances around the globe, more than all other technology platforms in the marketplace combined. A Vintage Analytics module was recently added as the first major step to link performance management and reporting across product, treasury, risk and finance teams.

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