Nomis Solutions and Oliver Wyman Partner to Help Retail Banks Increase Net Interest Margins, Navigate a New Interest Rate Environment, and Deepen Customer Relationships
Press Release, News
New York, New York and San Bruno, CA
Nomis Solutions, the leading provider of pricing and profitability management solutions for financial services companies, and Oliver Wyman, a leading global management consulting firm, have joined forces to help financial institutions increase the profitability of their retail deposit portfolios. The alliance brings Nomis Solutions' best-in-class pricing and profitability management analytics and software together with Oliver Wyman's strategic management consulting expertise in working with leading banks.
Key points of the joint collaboration:
- Oliver Wyman will leverage Nomis Solutions' pricing analytics, software tools, and team of pricing experts
- Nomis Solutions will work with Oliver Wyman to offer its Pricing and Profitability Management Suite and the Nomis Score to the deposits and treasury market in midsize and large US and Canadian banks
- The firms expect to develop innovative new products and services specifically for the US and Canadian markets
The combined offering helps banks more accurately forecast the impact of pricing changes on revenue and margins, and then determine the optimal pricing decisions to execute, including the timing of these pricing changes in a changing rate environment. In addition, banks can gain insight into how to respond to competitive pricing changes in real time, and to manage market changes to retain a stable deposit base. In effect, banks can equip themselves with improved insight into the impact of future interest rate rises. The collaboration is already in the market, with joint engagements at multiple US banks. An upcoming deposits webinar will be hosted by Nomis and Oliver Wyman in the fourth quarter of 2013.
“Between regulatory concerns and record low interest rates, deposit businesses have faced tough challenges – but with the rate outlook improving, there's an opportunity to recover a lot of value in the next few years,” said Aaron Fine, Partner in Oliver Wyman's Retail and Business Banking practice. “But the environment has also gotten a lot more complex. With heightened awareness, increased digital access and an evolving competitive landscape, it's going to be difficult to use historical experience to guide pricing decisions. Working with Nomis, we can quickly arm our clients with a highly sophisticated, highly flexible digital era solution to a digital era problem. Our clients will be ready for the challenge,” added Fine.