Initial Strategic Review (ISR) Options
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 offered two versions of the Initial Strategic Review which is based on the complexity of the project and their asset size.
The Initial Strategic Review and written report is based on the results from the iPrice model and the data management provided by Farin. Upon the successful completion of an Initial Strategic Review, it is crucial to have the measurement and monitoring system in place to ensure the success of strategies deployed. Farin iPrice is a complete package necessary to succeed in today’s competitive deposit markets where management strives to increase accounts and balances, grow and retain deposits, monitor and track deposit programs/offerings, and manage margins. With the FARIN iPrice program, the software and database is hosted by Farin on our servers eliminating the need for internal IT resources.
Attend a Consulting Workshop
The Consulting Workshop offers a cost and time effective solution to completing a Initial Strategic Review. In this option the Farin team populates the iPrice model for use in the session. During the workshop, the client’s management team will review current deposit offerings and pricing strategies with interaction from FARIN consultants.
The Consulting Workshop is offered periodically and provides cost effective means for the institution to obtain an ISR. It is designed to teach those in charge of deposit pricing and acquisition a more effective method for determining the most profitable and appropriate strategies for meeting their institution’s funding needs. The attendance is limited to less than four institutions to ensure that the participating management teams obtain customized pricing strategies and the involvement of the Executive Farin faculty.
Throughout the course, participants are directed through a series of activities and educational concepts that result in a full pricing review of their institution’s deposit offerings using their competitive survey data.
For more information on available workshop dates or prerequisites, please visit the Consulting Workshop page or contact us at sales@farin.com or 800.236.3724 x1.
In-House or on-site ISR
In our in-house ISR, Tom Farin will educate attendees on the keys to effective pricing processes and provide insights to improve the mix, pricing, and introduce new product ideas for management to implement. The ISR introduces a detailed weekly strategic and periodic tactical rate decision-making process that can be accomplished within an efficient timeframe.
Prior to the ISR Farin Consultants work with the management team to evaluate the current mix of products and pricing in their competitive environment. This includes a build out of the iPrice model with current pricing information. Using this as a foundation for the ISR, the appropriate members of the management team meet with the consultant to arrive at an action plan.
Following the ISR, a report is written with the management team reflecting the decisions made regarding appropriate product mix, pricing rules by sector, marketing strategy, and pricing strategies for each elected market with iPrice reports and charts.
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.