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Steve Klinkerman
(212) 953-4444
sklinkerman@novantas.com
Novantas Launches Qualytix to Provide Large-Scale Performance Benchmarking Services
January 17, 2005
NEW YORK - Novantas LLC, leading provider of management consultancy and information services to the financial industries, has announced the launch of Qualytix, a benchmarking subsidiary that will provide customer-related revenue performance benchmarks for retail and small business banking.
"Performance benchmarking information is an invaluable management tool, and Qualytix is uniquely qualified to assume this responsibility for U.S. financial institutions," said Dave Kaytes, a Managing Director at Novantas. "Most other benchmarking services focus on supply issues such as cost structure and technology. Qualytix focuses on the demand side of the business - key measures of customer revenue, through acquisition, cross-sell, and retention performance."
Qualytix won its initial contract with the Bank Administrative Institute (BAI) to process the Deposit Performance Benchmarketing service for BAI member banks. In supporting this service, Qualytix processes, audits, normalizes and develops measures for more than 300 million customer account records across participating banks. Currently 42 of the nations largest banks participate in the program, representing approximately 75% of all US households.
Qualytix develops performance norms and "ranks" indicating how well each bank rates across some 40 key metrics, across all bank products, nationally and by region. Each participating institution receives customized, confidential reports detailing its operational revenue performance. Updated data are provided multiple times per year, so that banks can build the metrics into their strategic plans and performance reviews, and monitor their progress against goals.
The Qualytix approach is scientific in nature, using a combination of quantitative analysis, research, and testing to provide institutions with greater clarity and confidence in their business decisions. Currently Qualytix delivers services to retail banking and small business banking, and the company anticipates expanding to other financial services sectors and other industries within the next year.
Novantas is the acknowledged leader in customer science and revenue strategy for the financial industries. The Firm specializes in applying advanced analytics and technologies to help clients make better decisions in marketing, product, pricing, customer management, and distribution.