How Can Banks Succeed in Today’s Challenging Environment?
Our VP of Consumer Lending, Rutger van Faassen, and Steve Dobrenski, VP of Corporate Development at Nomis Solutions, say it’s all about getting to know your customers better.
Informa Financial Intelligence and Nomis Solutions have joined forces to empower their banking customers to find their edge with actionable insights. We had the chance to sit down with Rutger van Faassen, Vice President Consumer Lending at Informa Financial Intelligence and Steve Dobrenski, VP Corporate Development and Partnerships at Nomis Solutions to discuss what they think are the critical success factors for thriving in today’s challenging environment.
SR: Both of you have been working in the banking sector for quite some time. There is a lot of pressure to continue to generate both growth and profit while facing new competitive threats, intensifying customer expectations, and a looming mid to long term flat rate environment. How are your customers coping in the face of these mounting challenges?
RvF: They are looking for new ways to better understand their customers so they can apply more segmented strategies to better appeal to the unique needs of each segment.
SD: With uncertainty comes a stronger sense by clients that the current economic cycle is due for a shift. As growth slows, especially on the mortgage lending front, they want to know they are doing everything possible to retain their most profitable customers and protect these relationships.
SR: Where do you see are the opportunities to generate ongoing value in this current environment?
RvF: Creating a better (and more digital) experience for customers that is more instantaneous, a more integrated process with more direct results. Giving consumers what they need when they need it generates value that then can be price for accordingly.
SD: The average bank customers still experiences too much friction when interacting with their bank. For example, more customers in both the US and Canada are asking their bank for a competitor rate match or rate exception and the internal bank process to handle these requests is often manual and quite inefficient. While other industries have really improved the customer experience, consumers still feel a lot of traditional banks are lagging in this area.
SR: What are the most critical success factors in achieving results?
RvF: Understanding what your customers need, how you can deliver this to them in a way that is better, faster or better priced than the competitors
SD: Having meaningful insights on both the customer and their interactions with the bank are equally important before you can develop an action plan or invest in the right technology. A technology platform without data flowing into it is like a wind turbine without wind. The investment doesn’t provide value until the wind brings it to life.
SR: What do you see are the strengths of each other’s companies? Why do you want to work together?
RvF: We have been working together for a long time and we have worked together to provide actionable insights with many joint customers.
SD: Informa brings a wealth of experience in understanding data which powers the pricing software Nomis provides. It is not a capability that a bank can simply build on its own.
SR: How will Informa and Nomis partnering help your customers thrive?
RvF: Nomis can help our joint customers put the Informa data insights into actionable pricing strategies and outperform their competitors.
SD: It really comes down to giving clients analytically derived pricing instead of them following the pack with, “me too” pricing. The only way to thrive in this rate environment is to get smarter and that requires data and a pricing platform.