May 30, 2017
Strategic alliance and minority investment extend Accenture's analytics-based pricing capabilities
TORONTO -- Accenture has taken a minority position in and formed a strategic alliance with Nomis Solutions, a leading provider of analytics-driven pricing and profitability-management solutions to retail banks.
"As interest rates rise in many countries and retail banks shift to creating more individualized offers for consumers, analytics-based pricing is becoming an increasingly important tool, and Nomis has one of the leading analytics platforms in the market," said Alan McIntyre, senior managing director and head of Accenture's global Banking practice. "The ability to understand preferences and price sensitivity and predict customer behavior and relationship value can help banks optimize their pricing at the individual customer level and deliver more personalized offers across a customer's banking relationship – from savings and deposits to consumer loans and mortgages."
Under the alliance agreement, Accenture will be the preferred systems integrator for Nomis' profitability-management solutions, providing implementation and systems integration, business consulting, support and maintenance, and business-process-integration services. The alliance will extend Accenture's capabilities in the analytics pricing arena and provide Nomis with access to Accenture's financial services industry expertise and global scale.
Headquartered in Silicon Valley, California, Nomis has been an innovator in price optimization since 2004. Nomis is the solution of choice for seven of the top 25 North American retail banks and continues to grow with over 30 deployments globally. In Q1 2017 alone, nearly a trillion dollars in retail transactions were analyzed, priced and managed through Nomis' SaaS platform, and more than 10,000 active frontline bankers used it to deliver personalized pricing to their end customers.
Frank Rohde, CEO of Nomis, said: "Effective pricing – both setting it and communicating it – is one of the most powerful levers a bank has to drive value and create a positive customer experience. But doing it well requires deep analytics, scalable technology and real-world experience. With less than 10 percent of retail banks using analytics-based pricing solutions, we are thrilled to team with Accenture to offer our solution to a broader array of banks. Together, we are well-positioned to take advantage of a tremendous market opportunity by combining Nomis' ability to provide unique, real-time pricing at the customer level, with Accenture's consulting expertise and track record for seamless systems integration."
Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions — underpinned by the world's largest delivery network — Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With approximately 401,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives.
Nomis is a fast-growing Fintech software company that combines cutting-edge Silicon Valley approaches to big data, advanced modeling, and deep analytics into the industry-leading price optimization SaaS software platform. We help large and medium-sized retail banks better understand their customers and grow their businesses. We help these banks deliver win-win products and pricing in an environment that is increasingly competitive and highly disruptive. With experience in over 80 implementations, Nomis optimizes nearly $1 trillion in banking transactions annually and returns more than $300 million to its customers every year.