Zoot Enterprises Releases Video Primer on Banking Price Optimization
Video reveals the benefit of scientific pricing, adding intelligence to the loan origination process
July 24, 2013
Zoot, a global provider of advanced loan origination, account acquisition, and credit risk management solutions announced the release of a new video “An Introduction to Price Optimization”. The video is a short primer about price optimization and the business benefits it can bring to the loan origination process for banks.
Price optimization, also known as scientific pricing, is starting to break ground in the lending world. Its adoption is not yet widespread because it is often misunderstood. Zoot teamed up with Earnix and its banking professional services director Frank Bria to create an educational video designed to explain the basics of this emerging technology and how it can be used as a competitive advantage.
“The financial benefits to banks implementing price optimization are huge. Lenders can achieve 10-20 basis points of additional profitability in their deposit and lending portfolios,” says Bria. “An optimization approach provides the strategic tools senior level executives need to establish a plan to set budget targets and determine the amount of growth possible given their infrastructure.”
“Price optimization is just one part of what this technology can accomplish. This scientific approach can also be leveraged to determine the right products and terms for each customer,” said Eric Lindeen, marketing director for Zoot. “Offer optimization enables banks to determine the best strategy for maximizing profitability across their entire portfolio.”
The video is currently available in the company’s thought leadership content library. View “An Introduction to Price Optimization” here. Zoot plans to release additional topics in the coming year.
Bozeman, Mont.-based Zoot Enterprises, Inc. provides comprehensive credit decisioning, loan origination and credit risk management solutions to enable clients’ unique business objectives, leading to long-term relationships with top U.S. and international financial institutions. Zoot’s rapid, high-volume processing environment has the capacity to process billions of transactions per year. Visit http://www.zootweb.com or call 406.556.7555 for more information. Zoot thought leaders are now featured on zootweb.com/blog.
Earnix Integrated Pricing and Customer Analytics software empowers financial services companies to predict customer demand and its impact on business performance, enabling alignment of pricing and products with changing market dynamics. Earnix combines risk and demand modeling with real-time connectivity to core operational systems, bringing the power of analytic-driven decisions to every customer interaction. Banks and insurers rely on Earnix solutions to optimize deposit, loan, and policy prices. For more information visit www.earnix.com.