iPrice
The iPrice Solution is more than software. iPrice is a complete package to succeed in today’s competitive deposit and loan markets where management strives to increase accounts and balances, grow and retain business, monitor and track deposit and loan programs/offerings, and manage margins.
iPrice Program provides a complete interactive solution, a partnership between the management team and the successful deposit experience of the Farin team. It is comprised of three key components – custom consulting, data management, and interactive software.
Farin provides a cost and time effective solution where the client out-sources the data management and process using the iPrice software which is hosted on Farin servers. Farin’s education and consulting is delivered in the form of on-site or Madison Consulting workshops or Web based education to provide the client with hands-on, ready-to-use pricing disciplines and new product ideas to enhance management’s ability to meet margin and grow goals.
Understanding current positions and past actions are critical components in structuring future successes. The iPrice program begins an assessment, or a Initial Strategic Review (ISR), of the current offerings, marketing efforts, and other pricing factors. The client is then offered one of three different options of the Initial Strategic Review, based on the complexity of the project and their asset size.
Upon completion of the review, the client is armed with pricing disciplines and options for attacking markets and implementing proven practices. The key to successful implementation includes proper management tracking tools. The use of the iPrice model allows the Pricing team or ALCO to “what-if” new ideas while tracking the progress and assessing the success of plans during implementation. To stay on track throughout the process, FARIN is also available as an consultant to your team in building consensus, reviewing or making critical changes, evaluating options, and helping to communicate the bigger picture issues in daily decision making.
With the complete iPrice solution you are armed to:
MEASURE current, past and potential future pricing actions, effectiveness of new offerings and alternatives to produce desired results
MONTIOR competitive market interest rates, survey data, your pricing rules and mix of product offerings to see trends and goals
TRACK key metrics for evaluating effectiveness of new offerings or changes to pricing strategies
Want to learn more about iPrice or schedule a private demonstration for your institution today? Contact us at sales@farin.com or 800.236.3724 x1.