New York, NY –
Novantas is pleased to announce that in the first quarter of 2018, the company’s flagship solutions product, PriceTek® Deposits, has reached $3.2 trillion deposits under management. With the announcement of BankUnited earlier today, PriceTek’s analytic umbrella represents a user base of over 30 institutions, and an impressive 52% CAGR of deposits under management over the last 10 years. In the U.S., this includes market-share leadership across a diverse set of bank segments: 20% of the top 50 mid-tier banks, 33% of the top 30 regionals, 50% of direct banks, and 25% of the top 4 national banks.
“This is the most exciting time of the product’s evolution,” commented Jeff Nobel, Director of Product Management for Pricing Solutions, and one of PriceTek’s original architects. “Our substantial customer expansion is due to our unique ecosystem of technology innovations, unparalleled industry expertise, and proprietary data.”
Within technology specifically, Novantas has been on a super-cycle of investment to meet the unique needs of each bank segment:
National and regional banks have been eager to dive into more advanced analytics and optimization capabilities. These functions are driven by PriceTek’s proprietary big data scenario forecasting engine, as well as an industry leading data democratization solution for custom drag and drop visualizations and internal model support.
Mid-tier banks benefit from PriceTek’s guided data analytics and proactive alerts to shorten the decision-action cycles of deposit management. The application’s revamped, intuitive UI also brings structure and efficiency for leanly resourced teams.
Direct institutions utilize the platform to scientifically segment and understand their highly elastic portfolios and forecast the impact of various beta response scenarios across products.
“We have worked hard for PriceTek to meet each segment’s technology demands, and the market has spoken — great technology plus comparative data and expert support enhances deposit decision making,” said Darryl Demos, EVP and GM of Novantas Solutions. “We’ve learned that in decision support sciences, clients do not want a typical software company help desk. Our model consists of a support staff who are expertly trained in the nuances of deposit strategy and tactical support, so they can serve as an extension of client teams.”
Additionally, the knitting together of all PriceTek customers into a deposit data consortium has revolutionized cross bank analytics in the rising rate environment. Through interactive dashboards, clients get immediate access to the latest deposit flow behavioral movements in each market as rates move.
The Novantas team will be showcasing PriceTek’s latest capabilities at the CBA Live banking conference in Florida this week — all attendees are encouraged to stop by for a discussion or demonstration.
Katie Mockler | Vice President of Marketing, Novantas | +1 212.419.2562 | firstname.lastname@example.org