Comparative Deposits Analytics 2.0 Provides Speed, Depth, and a Flexible Delivery Model Just in Time for a Rising Rate Environment
New York, NY –
Novantas is changing the benchmarking game with its Comparative Deposit Analytics (CDA) 2.0 Program — the next release of the company’s information service built upon its deposit pricing optimization platform, PriceTek®. The CDA Program provides unprecedented advantages over traditional benchmarking programs including: actionable results available within 2 days of data ingestion; unparalleled consistency and depth of data normalization; and, a flexible delivery model that allows banks to integrate the analytics directly into their own data warehouses or big data environments. In 2017, the CDA Program will also be expanded to non-PriceTek subscriber banks who will benefit from the consistent and professional handling of data that PriceTek clients have received for over a decade.
CDA information is built up from account-level datasets, leveraging extensive deposit and customer behavior history to provide detailed customer-level insights for banks. Using PriceTek, Novantas is able to provide access to the largest, consistently validated cross-bank data set in the industry. Plus, subscribers benefit from dozens of value-added metrics developed through nearly 20 years of deposit pricing solutions and advisory expertise.
“It’s the depth of experience and consistency with which we treat the deposit data that enables CDA to deliver truly unique insights to clients,” says Andrew Frisbie, Managing Director and Head of the Retail Pricing and Product Strategy Business Unit at Novantas. “In addition to core metrics such as growth rates and cost of deposits, we provide new metrics such as Marginal Cost of Funds (mCOF — the total cost of incremental deposit-raising) that will support improvements across Product, Pricing, Finance, and Treasury groups. Not only is the metric benchmarked across participants, but each piece part is compared, allowing a bank to pinpoint the source of under- or over-performance. Additionally, through our unique comparative decay analytics, clients can use dynamic metrics to support pricing strategy, improve forecasting, and FTP model enhancements”.
“The market is changing and banks are rapidly consolidating vendors in the data and technology space. CDA represents the next generation of what clients are looking for — speed, depth, and consistency of information channeled into innovative, not static metrics. Novantas expert advisors work with industry leaders to identify innovations in data and analytics, and our data and technology teams build highly scalable platforms that are new and insightful, yet practical and immediately productive,” said Darryl Demos, EVP and GM of Novantas Solutions. “Novantas is committed to improving the confidence of bank executive decision making through the power of integrating industry expertise with advanced technologies. With 25% growth in PriceTek customers, coupled with the largest deposit advisory practice in North America, and a leading edge Big Data platform, we are in an excellent place to deliver the next generation of comparative analytics in the deposit space.”
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.
Marketing Communications Manager, Novantas