COLUMBIA, Md.–The Maryland/DC Credit Union Association has launched a new strategic partnership with Informa Research Services to provide the company’s PriceWise solution to its affiliated member CUs.
The MDDCCUA said the partnership is designed to accelerate growth and competitiveness in local markets.
“PriceWise is a powerful ‘point and click’ pricing application that will enable credit unions to view comparative pricing against selected competitors to make more informed and efficient pricing decisions in a group setting,” the MDDCCUA said. “As an ALCO tool, it will help credit unions with loan and deposit pricing and modeling, incorporating risk based models and instantly calculating ROA per product.”
PriceWise will also allow Asset and Liability Committees, CFOs, marketing staff, lending professionals and other key credit union personnel to adjust to market conditions quickly, price offerings more competitively and vastly improve operating efficiency and earnings for the credit union, according to the association.
“PriceWise was engineered in collaboration with experts at MD|DC credit unions to meet the practical needs of small work groups that manage loans, deposit products and services for members,” the MDDCCUA said in a statement. “The interface guides a user through an intelligent, step-by-step menu to design products with competitive features and prices. To serve more members, MD|DC credit unions required risk-based pricing tools to simulate the impact of changes in origination and servicing costs, loss provision, prepayment and liability funding. Users can test A|B scenarios against ROA hurdle rates, investment yield curves and competitive market position during an ALCO or informal team meeting in real time. PriceWise was designed as a structured workflow based on specifications from top credit union executives.”
John Bratsakis, CEO of the MD|DC Credit Union Association, added that “PriceWise will help MD|DC credit unions gain market share against larger competitors. It’s about time credit unions use the data and tools that larger competitors use against us.”