The Free Library. (2014). Retrieved Jul 03 2014 from http://www.thefreelibrary.com/Using+an+MCIF+to+Price+Products.-a074412101
One of the first things First Things is a monthly ecumenical journal concerned with the creation of a “religiously informed public philosophy for the ordering of society”. (First Things website). ?you learn in marketing is that you
Contraction of shouldn't.
shouldn't?should ?sell your products by lowering prices. You’ve
probably also learned that you should always try to differentiate your
products and services from your competition so you can sell based on
value. But how do you create value when the public perceives bank
products as mere commodities? A CD is a CD is a CD. Who’s got the
highest rates? Isn’t that all that matters?
Fortunately, an MCIF MCIF Marketing Customer Information File
MCIF Marketing Central Information File
MCIF Miniature Card Implementers Forum ?can help you understand the relationship your
customer has with you so you can sell them products they need when they
need them, at a price that's best for the customer and the bank. After
all, don’t you want to make your best product offers to your best
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The question most often asked by small business owners is "How do you market your business on a limited budget but with great results?". The importance of finding the answer to this question can mean the difference between growing sales and gaining new customers or closing shop.
The first thing that comes to mind for most small businesses is advertising on the Yellow Pages or on the local newspapers. While these are clearly necessary marketing channels, an option...
Which MCIF reports are useful for asset/liability management Asset/Liability Management
A technique companies employ in coordinating the management of assets and liabilities so that an adequate return may be earned. Also known as “surplus management. ?
An MCIF can be a powerful asset/liability tool. One of the most
versatile reports in an MCIF is a product summary report. This report
breaks out your products into separate portfolios. It can also
illustrate the number of accounts, balances, weighted average rate, net
interest income, noninterest income, noninterest expense and
profitability for each subproduct, product, group or service. You can
use this information to increase your net interest income and increase
your noninterest income for a particular product.
Another useful report is the date analysis report, which shows
households with maturing CD or loan balances in a given time period. By
segmenting this report based on profit and the number of services a
customer has with the bank, you could offer a better CD rate or a better
loan rate for your most profitable customers who have multiple
services–when they need these services!
Relationship Marketing is a new (or is it?) philosophy and system of marketing that focuses on the customer, honoring the unique character and needs of each person who does business with you.
Through Relationship Marketing, you build customer satisfaction and loyalty, and ultimately?your goal!?increased return on investment (ROI) for your marketing dollars.
While you?ll want to continue to seek new customers, the key to profitability is retaining and cultivating your existing ones. It?s far less expensive to sell more products or services to them than to seek new, single-transaction customers. You minimize the need for costly advertising as...
How do you use historical funds transfer pricing Funds Transfer Pricing (FTP) is a process used in banking to measure a funding source’s contribution to overall profitability. External links
- Introduction to Funds Transfer Pricing From the Journal of Bank Cost &. Management Accounting
?data within your
MCIF to price your products?
One of the most exciting developments in the MCIF industry is the
use of historical funds transfer pricing (FTP FTP
?in full file transfer protocol
Internet protocol that allows a computer to send files to or receive files from another computer. Like many Internet resources, FTP works by means of a client-server architecture. The user runs client software to connect to ) data within an MCIF. With
FTP, a bank’s loans are given a funding rate and its term deposits
are given an earnings rate at the account level as of the date of
The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor’s real property.
Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real . These rates, which can be based on Treasury rates for
various maturities, are then used to calculate each account’s
unique net interest income, based on the account balance, account rate
and alternative sources and uses of funds available in the market.
It’s important to note that net interest income is by far the
largest driver of product profitability, typically accounting for up to
80 percent of a bank’s revenue.
There are many benefits for having this FTP data reside in an MCIF.
For instance, you could identify your most profitable products based on
spread (the difference between the interest rate of the product and the
FTP rate). You could identify your most profitable branches based on
product deployment and effective pricing. And, you could get to know
which of your CD and IRA Ira, in the Bible
Ira?(ī`rə), in the Bible.
1 Chief officer of David.
3 Two of David’s guard.
IRA. ?customers are rate sensitive!
CFOs typically use FTP rates to make weekly or monthly product
pricing decisions. However, senior management could use FTP to reward
branch managers and loan officers who set pricing based on FTP as a
benchmark. For example, a loan officer could be held accountable for
pricing an auto loan at not less than 2 percent above the FTP funding
In effect, having FTP data in your MCIF transforms it into a
sophisticated asset/liability tool. Using FTP for your bank’s
pricing could also transform your marketing department from a cost
centre to a profit centre. It’s that powerful!
John J. Coffey, CPA (Computer Press Association, Landing, NJ) An earlier membership organisation founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. . Gene Palm are the principals of Profit
Resources, a consulting company Noun 1. consulting company –. A firm of experts providing professional advice to an organisation for a fee
business firm, firm, house –. The members of a business organisation that owns or operates one or more establishments. “he worked for a ?that specializes in MCIF technologies: