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Coforge's Data-Driven Strategy Unveils Revenue Gains for Leading UK Bank

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Overview.

In the competitive UK banking sector, a leading bank faced challenges in efficiently pricing new financial products. The bank's pricing team struggled with analyzing complex market dynamics and competitor landscapes, resulting in slow decision-making processes that hindered speed-to-market and revenue potential. Coforge partnered with the bank to develop a cutting-edge pricing optimization framework, leveraging data science to transform their approach to product pricing.

Challenges.

  • Difficulty in analyzing complex market dynamics and competitor landscapes
  • Slow and inefficient pricing processes
  • Hindered speed-to-market for new financial products
  • Risk of jeopardizing product success due to suboptimal pricing
  • Balancing revenue, market share, and competitiveness

Solution.

Coforge developed a data-driven pricing optimization framework that included:

  • Competitor Analysis: Ensured competitive pricing strategies
  • Revenue Forecasts: Predicted impact of various pricing scenarios
  • Constraint Management: Incorporated business constraints for feasible pricing
  • Product Goals Alignment: Aligned pricing strategies with overall product launch goals

Key highlights:

  • Streamlined Data Collection: Consolidated key indexes onto a single platform
  • Enhanced Customization: Allowed personalized launch strategies with various pricing options
  • Optimal Price Selection: Guided teams in selecting the best price point meeting all conditions
  • Real-Time Market Insights: Enabled exploration of different pricing scenarios and market share projections

The impact.

 

From Weeks to Mere Hours

 

Accelerated Decision Making

18%

Increase in Revenue (MoM)

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