July 30 - Zoot, a global provider of advanced loan origination, account acquisition and credit risk management solutions, has announced the release of a new video “An Introduction to Price Optimization.” The video is a short primer about price optimization and the business benefits it can bring to the loan origination process for banks.
Price optimization, also known as scientific pricing, is starting to break ground in the lending world. Its adoption is not yet widespread because it is often misunderstood. Zoot teamed up with Earnix and its banking professional services director Frank Bria to create an educational video designed to explain the basics of this emerging technology and how it can be used as a competitive advantage.
“The financial benefits to banks implementing price optimization are huge. Lenders can achieve 10-20 basis points of additional profitability in their deposit and lending portfolios,” says Bria. “An optimization approach provides the strategic tools senior level executives need to establish a plan to set budget targets and determine the amount of growth possible given their infrastructure.”
“Price optimization is just one part of what this technology can accomplish. This scientific approach can also be leveraged to determine the right products and terms for each customer,” said Eric Lindeen, marketing director for Zoot. “Offer optimization enables banks to determine the best strategy for maximizing profitability across their entire portfolio.”
The video is currently available in the company’s thought leadership content library. View “An Introduction to Price Optimization” here. Zoot plans to release additional topics in the coming year.
Bozeman, Mont.-based Zoot Enterprises Inc. is a global provider of advanced loan origination, account acquisition, and credit risk management solutions. For more than 20 years the company’s innovative tools and services model has enabled Zoot clients to meet their exact business objectives and adapt quickly to seize market opportunities. Zoot’s multinational processing environment has the capacity to deliver billions of realtime decisions annually. Visit www.zootweb.com or call 406-556-7555 for more information. Zoot thought leaders are now featured on zootweb.com/blog.