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	February 15, 2007 Financial Services Institutions Should Tackle Price Optimization by Mary Pilecki with Christine Spivey Overby, Sharyn Leaver, Mary Ann Rogan	Average: 8  (4 ratings)

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Executive Summary

Retail financial services institutions (FSIs) continue to struggle to increase share of wallet. But the majority of consumers don't believe that their FSIs are rewarding them appropriately for their current relationship — so why buy more? Financial institutions are starting to take a lesson from retailers by considering price optimization as a strategy to reward relationships and ultimately grow them. While credit card divisions have made some progress, retail FSIs have barely scratched the surface. Retail FSIs must build new pricing strategies that incorporate price elasticity of demand, individual relationship value, multiple consumer inputs, and dynamic pricing capabilities. The vendor marketplace is opening up, and there are several software firms that offer tools and consulting to help FSIs get started.

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