Dr. Robert Phillips’ third book presents a fresh look at how lenders can apply proven techniques to improve profitability while managing risk.
SAN FRANCISCO, Calif. (April 3, 2018): Nomis founder and renowned pricing expert Robert Phillips, PhD, has is about to release his latest book, Pricing Consumer Credit. The book provides lenders and other financial services professionals with a comprehensive description of how to improve profitability while managing risk by applying proven price optimization techniques. In addition to exploring the relationship between loan pricing and risk, the book also uncovers how customers’ cognitive biases result in sub-rational behavior that influences pricing decisions.
Dr. Phillips’ third book, Pricing Consumer Credit is a cross-disciplinary, step-by-step guide for implementing pricing optimization strategies. Topics covered include how to segment customers, estimate price-response and incremental loan profitability by segment, and use all of this information to maximize expected profitability while controlling risk.
“Most banks have adopted some basic product price optimization, but they haven’t been able to move to the next level of using segmentation to drive customer-centric pricing,” says Nomis CEO Frank Rohde. “To be competitive, retail banks need to operationalize strategies like those in Pricing Customer Credit so they can deliver personalized, real-time offers that create win-win engagement for the customer and the bank.”
A pioneer in introducing value-based pricing in various industries, Dr. Phillips founded Nomis Solutions in 2002 to help financial services firms leverage pricing analytics to better understand how customer preferences impact product and portfolio performance. Currently the Director of Marketplace Optimization Data Science at Uber Technologies, he continues to drive Nomis’ pricing thought leadership as a member of the company’s Board of Directors. He will be a keynote speaker at Banking Growth Forum 2018, where he will address the impact of artificial intelligence (AI) and machine learning on retail banking.
Dr. Phillips’ previous books include Pricing and Revenue Optimization (2005) and The Oxford Handbook of Pricing Management (2012). In 2016, he received the prestigious Institute for Operations Research and Management Sciences (INFORMS®)’s Impact Prize, a lifetime achievement award in the field of Operations Research. Dr. Phillips holds a PhD in Engineering-Economic Systems from Stanford University.
Pricing Consumer Credit is available in July 2018. Preorders are currently being accepted at Stanford University Press. Click here to view the table of contents, download an excerpt, and/or download a sample data set to apply Dr. Phillips’ techniques for estimating using historical data.
About Nomis Solutions Nomis helps retail banks deliver win-win customer engagement through price optimization, customer-centric offers, and omni-channel sales enablement. More than 10,000 bankers worldwide leverage Nomis’ cutting-edge Silicon Valley approach to big data, advanced modelling, and deep analytics to understand and anticipate the demands of their customers, competitor actions, and dynamic market conditions. With experience in over 80 implementations, Nomis has a proven track record of increasing customer and stockholder value, returning more than $300 million to its partner banks every year. Banks currently use Nomis technology to manage more than 270 million accounts and optimize over $1 trillion in banking transactions annually.
About The Author
Jackie Risley is the senior director of marketing at Nomis.