First Tennessee recently celebrated its 150th anniversary and has the distinction of not only being the top market share leader in Tennessee, but also a Top 40 bank in the US in terms of asset size and market capitalization. To get ready for the next 150 years and prepare for the industry challenges ahead, the bank installed the PriceTek® Deposits optimization solution in 2014, renewing their contract in 2016. With this solution, the bank has added more science into their deposit pricing process, producing ongoing financial benefits for the bank and customers, as well as organizational productivity gains.
Increasing the PACE: Productivity, Analytics, Communication, and Efficiency
First Tennessee operates with a small analytics team handling pricing and product analysis. Between core business needs and ad hoc requests, their workload is consistently full. Prior to PriceTek, a lot of time was spent on gathering information, vs. analyzing information. With the added analytical power of PriceTek, “We have all the data we need in one place, available in easy-to-use formats” commented Daniel Dent, SVP Consumer Deposit and Emerging Payments Solutions at First Tennessee Bank. PriceTek’s intuitive interface and guided reports offer self-service analytic capabilities to a broader set of resources. “Before PriceTek, if I asked my analytics team for a report, they would stop what they were doing to focus on that request. Now, I can do it myself, while they can continue being productive on the more insight-oriented tasks at hand. It’s a huge workforce multiplier for us.”
About First Horizon
The 4,300 employees of First Horizon provide financial services through more than 160 First Tennessee Bank locations in and around Tennessee and 29 FTN Financial Group offices in the U.S. The company was founded during the Civil War in 1864 and has the 14th oldest national bank charter in the country. First Tennessee Bank has the number one deposit market share in Tennessee and one of the highest customer retention rates of any bank in the country. FTN Financial is a capital markets industry leader in fixed income sales, trading and strategies for institutional customers in the U.S. and abroad. First Horizon has been recognized as one of the nation’s best employers by American Banker and Working Mother magazines and the National Association for Female Executives. More information is available at www.FirstHorizon.com.
Novantas, Inc. is the leader in customer science and revenue strategy for the financial industries, and one of the fastest growing and largest FinTech companies worldwide according to American Banker and IDC FinTech 100 listings. Novantas advisory and solution services specialize in investigating and interpreting customer needs, attitudes, and behaviors, to help banks refine pricing, distribution, marketing, customer strategies, and sales and service activities. Novantas’s PriceTek® Optimization system is installed in more banks than all other competitors combined. For more information, visit www.novantas.com.