I-Price gives CUs a holistic look at the rate arena

TORONTO – Some credit unions aren’t doing all their financial analyses before pricing their products. In fact, some do nothing but react to competitor pricing. CUNA Mutual says it’s going to help take the guesswork out of product pricing with its new I-Price solution. CUNA Mutual partnered with Farin & Associates, Madison, Wis., to bring the solution to CUs. It ensures that CUs have the most accurate, and up-to-date data to support their loan and deposit pricing decisions. “Fundamentally, price decision-making hasn’t changed in 30 years. Pricing has been off the competition. All it takes is one competitor that doesn’t know how to price and it can affect the bottomlines of everyone else,” said Tom Farin, developer of the I-Price solution which is being used by about a dozen CUs throughout the country. The software sifts through various market data fees and downloads market interest rates and competitive loan and deposit survey data from Web sites, giving CU officials a complete pricing picture of the market before changing its pricing.