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How Banks Are Using Big Data to Set Deposit Rates

But Bank of Montreal has turned to analytics software from Novantas to aid its rate-setting process. The pricing software is meant to give the front-line staff the right information to make pricing decisions. In Canada, deposit pricing is a negotiation, a sometimes painful one. Nel hopes the software will make it less painful.

“People sometimes think this is to take advantage of customers,” said Darryl Demos, head of Novantas Solutions. “That’s not the case here. This is about giving customers the best value proposition. Sometimes generic policies miss the subtleties of the financial relationship.”

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