Price Optimization

Banking Price / Rate Optimization

In today’s competitive market, traditional ratemaking based on risk, credit score and cost is no longer sufficient. To realize the full potential for growth and profitability, leading financial services providers worldwide use Earnix Banking to optimize pricing decisions and maximize customer lifetime value by incorporating demand and risk considerations.

Optimize Pricing Decisions

  • Set your optimization goals to reflect your business performance objectives: increasing retention, market share, maximizing profit margins, or any combination of these goals
  • Analyze the price elasticity of each customer profile and uncover the efficient pricing frontier for each product in your portfolio
  • Simulate changes to market conditions, risk characteristics, and competitor pricing to predict the impact on your business and preempt the competition
  • Monitor and adjust your pricing strategies based on real results from the field so you are never out of touch with the market

Maximize Customer Value, Improve Retention & Renewals, Generate New Business

  • Offer each customer the right products and prices to maximize customer lifetime value
  • Target the optimal customer mix to match your growth and profit objectives
  • Attract profitable new business with best-fit products and prices tailored to each customer
  • Protect your existing customer base while preventing profit erosion with optimized renewal offers

Ensure Regulatory Compliance

  • Define prices and policies that maximize business results while maintaining regulatory compliance
  • Optimize rating factors used in regulated pricing formulas to increase customer value within regulatory guidelines

Put the Power of Optimization at the Fingertips of Every Business User

Unlike black box optimization solutions, Earnix puts your  pricing managers in control of the parameters that drive pricing goals and strategies, eliminating long-term reliance on external resources. Keeping the enormous complexity involved in the underlying computation well under the hood, Earnix Banking features a simple user interface that provides business users across the organization with unparalleled access to the power of optimization.

Scales to Meet Your Needs on Premise or in the Cloud

Whether deployed on premise or in the cloud , Earnix can optimize millions of pricing quotations per day, either in batch or real-time environment . Optimizing rates for millions of customers is not a trivial task to say the least. Each potential price point requires an understanding of numerous variables, how they are impacted by your constraints, and how they affect the results. Put together, it is easy to see how each pricing decision requires the comparison of a vast set of alternatives. It is the sophistication of the algorithms that allows Earnix Banking  to perform these massive calculations and compare all relevant permutations with the speed and accuracy that empower your team to keep pace with the demands of your market.

Learn more about Earnix in the Cloud