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The phrase “competitive pricing” is often used to mean pricing lower than competitors. But a financial institution that can make offers at higher prices and still win the business is even more competitive. And if these transactions raise not only margins and profits, but customer satisfaction and share of wallet, that company is truly a formidable competitor.
This paper examines customer-centric pricing optimization, which encompasses far more than just price. We look at how financial services can make astute decisions about the entire offer, based not only on detailed predictions of customer value, sensitivities and behaviors, but also on customer attitudes and choices revealed at the point of sale.