Continuing my coverage of the new Artesian Connect platform [Part I].
Metro Bank, an early customer, deployed Connect for customer onboarding and back-book screening, complementing their Artesian Engage deployment:
“We started working with Artesian to explore ways we could introduce greater efficiency to the customer onboarding journey. We loved the idea of being able to aggregate data from a number of different sources and map our risk appetite to Artesian’s rules framework to flag issues immediately. The result meant we could deliver a process which in some cases was 94% quicker than our existing process.”Ronan Heeran, Financial Crime Risk & Control Manager at Metro Bank
QBE, an early insurance adopter, employed Connect for underwriting and COVID-risk checks, delivering consistent decisioning across its 200 underwriters. According to QBE Director of Underwriting David Jones, Connect’s configurability let QBE be “proactive, rather than reactive, to changes in data for client assessment.”
Along with a rich set of news event monitoring and triggers, Artesian provides a broad set of Experian UK data, including financials, Companies House images, Gazette filings, Directors and Shareholders, Mortgages and County Court Judgements, Family Trees, and Ultimate Beneficiaries. Artesian recently added Irish datasets from Experian. They also offer US and Canadian profiles from a highly credible provider.
Clients can access Artesian Premium Data in Connect or opt to retain preferred vendors. Connect also provides API connectors for Dun & Bradstreet, LexisNexis, Equifax, Refinitiv, LDC, and Graydon, with more data integrations planned. Many financial services clients opt to feed their legacy PEP (politically exposed persons) and sanctions list vendors into Connect.
Connect supports a business rules-engine, development toolkit, and scripting engine. Users can either work with Artesian’s technical consultants to define models or build their own decisioning and customer support tools. Artesian employs a “3-D” solution process: Discover, Design, Demonstrate. The 3-D process, combined with the Connect platform, allows Artesian to build complex business requirements in days or weeks, significantly faster than third-party developers.
Artesian has trademarked the term “Know-How Equation,” which describes their method of capturing “collective expertise” to “transform efficiency, efficacy, and consistency of frontline and middle office teams.” The equation is represented as
The Know-How Equation captures a company’s knowledge about its customers, business, and market in the Artesian rules-engine. Artesian then processes structured and unstructured data to display “impactful insights and risk intelligence needed to deliver the ultimate in business acumen.”
“Artesian Connect can deliver transformational results in client acquisition, client onboarding, risk and compliance monitoring, and relationship management. With Connect, modern frontline banking teams can rapidly merge disparate data sources, create bespoke rules for risk selection utilising rich firmographic data and, most importantly, deliver insight from unstructured data that paints a much deeper picture for client assessment.”Artesian CEO Andrew Yates
Artesian has also updated its Engage homepage to provide a custom briefing book to clients. Features include dynamic Connect calculations, advanced engagement signals, historical screening, and account followers. Customers can opt for either a data-first view or a news-first view.
Like many of its peers, Artesian Solutions has thrived during the pandemic. Their mobile push notifications have had high usage during WFH, and financial services firms have increased platform utilization due to economic dislocation and CBILS checks. According to Yates, renewals remain strong, with gross retention in the 90s and net retention around 110%.
The firm has long been profitable, with a 9X LTV/CAC ratio (Lifetime Value to Customer Acquisition Cost). Furthermore, customers have been integrating the Artesian platform into their workflows, with 65% of new business coming from platform-leveraged transactions.