iPrice Model
It is well known that effective change requires the right measurement and tracking system. The iPrice program combines the major elements of the pricing process; survey data, internal cash flow data, and market rates, into a single data source allowing for tracking and analysis.
iPrice is an interactive, ready to use management resource. The program requires no installation at the institution, other than a network connection to our servers, thus minimizing the need for internal IT resources.
To ensure updated information is available for all in the institution, FARIN maintains the data input process for your institution. This eliminates the concern of learning to enter data into another model and focuses the attention on making good decisions. The convenience of Farin importing this data and housing the database provides not only efficiency but confidence that all aspects for deposit decisions are at hand for the management team. This provides management with extremely valuable real time analysis and tracking of decisions for comparative and strategic study. If the institution is pricing in multiple markets, FARIN can manage the data and reports.
This deposit pricing model provides pricing and analysis tools to assist in the ongoing strategy development as well as tactical pricing decisions.
- iPrice tracks pricing decisions relative to competitive rates and benchmarks by sector. It produces trend analysis reports that provide the pricing side of a strategy’s price/demand relationship.
- It tracks balances by historical period, carrying detail data at the customer account level. It produces trend analysis reports that track the demand side of the price demand relationship.
- It provides analytic tools for proposed strategies and back testing of implemented strategies. The analysis looks at deposit pricing at the marginal cost of new funds raised relative to Wholesale benchmarks considering cross sector cannibalization and new money raised.
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.