NEW YORK – Novantas LLC and NBW Consulting Inc, two leading management consulting firms that specialize in the financial services industries, announced that Novantas will acquire NBW. The two firms together advise more than 60% of the top 50 U.S. financial institutions, plus more than 20 companies in Europe, Asia and Latin America. Areas of particular emphasis include retail banking and branch performance, credit cards, insurance, brokerage and small business banking.
The emphasis of both firms is on harnessing customer knowledge to improve corporate growth and profitability. By investigating customer needs, preferences and attitudes in a scientific way, Novantas and NBW help companies to refine decisions, strategies and customer-facing activities to take best advantage of market demand.
Novantas is a pioneer in applying customer sciences disciplines in areas such as customer segmentation, product design, pricing strategy, and improving the ability of company representatives to interact with customers. Along with consulting services, Novantas also provides computer-based services that support important marketing applications. The Mindswift® platform, for example, is used by clients to improve interactions with customers over the phone.
NBW Consulting has provided industry leadership in the area of branch sales performance improvement. It has developed a suite of objective techniques that help companies to evaluate sales staff performance from the customer point of view. NBW’s analytics, as embodied in StratShopSM, have been used by clients in more than 1,000 sales performance assessments over the last five years.
The two firms said the complementary nature of their respective capabilities and client needs provided a compelling rationale for merging.
The Novantas-NBW merger underscores the growing emphasis on customer responsiveness as the key to improved growth and profitability in the financial services industry. While mergers and consolidation have yielded operational efficiencies, financial services companies have learned that tailored approaches are needed to do the best job of winning customers. Indeed, two-thirds of the business across the newly-combined firm consists of specific programs to improve institutions’ competitive positioning, market share, and price realization.
The merger’s significance to clients is that it “combines the distinctive analytical approach to marketing and product optimization at Novantas with NBW’s deep understanding of how to deliver value through the branch system,” said Dave Kaytes, Managing Director of Novantas.
“Together we can help our financial services clients gain competitive advantages across the critical disciplines of marketing, pricing, and distribution,” said Les Dinkin, Managing Principal of NBW Consulting.
About Novantas: Novantas brings science to service. As a management consulting firm, Novantas is dedicated to helping clients increase shareholder value through customer-centric business strategies. In the realm of products, Novantas delivers software and information tools that use proprietary data, proven algorithms, and advanced techniques to optimize marketing functions such as price-setting and negotiation; phone-based cross-sell, acquisition and retention; market growth forecasting; and customer profitability improvement.
About NBW: Founded in 1988, NBW Consulting helps clients to accelerate sales and fee revenue growth by objectively evaluating branch sales staff performance — what they do, how they do it and how well they do it. By precisely identifying gaps between the company’s stated goals and what it is actually being delivered at the frontline, and then crafting plans for improvement, NBW has helped its clients to achieve sustainable earnings increases and improvements in sales productivity.