Many banks derive their bank deposit rates from a mixture of instinct and science. The challenge banks face is finding the balance between competitive rates and profit margin: Price rates too high, the bank sacrifices margin; set rates too low, and risk losing customers. As rates begin to rise from historic lows, and competitive complexities in multiple markets increase, banks need to add a little science and process to improve the bottom-line from deposit pricing.
A Solution for All Banks
Novantas has taken its industry leading work in deposit pricing and developed PriceTek, a hosted solution that bridges the gap between theory and practicality in bank deposit pricing. In just a few months, your organization will have the tools and training to make faster, more detailed deposit pricing decisions that can truly impact the bottom line.
View the estimated benefits that your bank might achieve using our price optimization technology, PriceTek.
Financial and Operational Benefits
Once PriceTek is up and running, your bank will price differently and operate more efficiently as your pricing team begins to make educated decisions based on analysis and facts vs. For example:
- Make pricing decisions with the benefit of an easy to use interface supported by sophisticated and proven elasticity algorithms “inside,”
- Confidently tailor pricing by branch and or region based on easy to follow analysis of competitive market gaps and opportunities,
- Improve the quality of pricing committee meetings with a suite of trends and opportunities reports,
- Identify and set strategies reflecting the natural highest profit point within each market by product,
- Track performance and compliance for each strategy with our rate management functionality,
- Decrease the margin of error in rate setting and
- Increase pricing knowledge from board members to branch managers with PriceTek process and change management support.
No One Knows Deposit Pricing like Novantas
Novantas Solutions is driven by the same techniques and technology that Novantas has used to build its global reputation. Our consultants and developers have worked with a majority of the top 20 banks in North America. We are consistently relied upon by the press, banks, and regulators to advise on pricing trends and their impact on the consumer.
