Sales Intelligence vendor RelPro, which focuses on the financial services sector, added banking services intent data and Commercial Real Estate (CRE) title and mortgage intelligence to its platform. Both datasets are available as premium offerings.
The intent data, sourced from Zoominfo, contains 66 signals related to financial research and products. RelPro has removed the noise from thousands of non-relevant topics by limiting the topics to standard commercial banking services.
Users may screen against the intent topics, spike period (last week to past three months), audience strength, signal score, minimum spikes in the date range, and standard firmographics. Audience strength and minimum spikes ensure that the research is broadly based and sustained, avoiding spurious spikes created by a single employee doing heavy research on a topic for a day or two.
Audience strength is an intent distribution score containing the volume of searches on a topic across a company’s IP addresses. Other variables include the number of IPs at a company, the number of days investigating a topic of interest, how many times they viewed the page, and company size.
The minimum score lets banking professionals dial up or down the precision. Intent data falls along a bell curve, with sixty being a twenty percent increase in topical activity. Sixty, the lowest signal score for screening and presentation, is a relatively low threshold, particularly if the search is being performed across multiple weeks or months.
An intent tab lets Relationship Managers view an account’s spiking topics and each topic’s signal score, audience strength, and spikes in date range, helping them determine which financial products may be of interest to the account. If there are multiple signal spikes over a date range, the signal score is the average of the spike scores.
A last signal date indicates the last time the topic spiked, while the spikes in date range indicate the frequency of spikes over the date range. These fields help determine the recency and frequency of interest, particularly if low signal thresholds or a long search period have been selected.
RelPro added eight million CRE loans to its platform, helping financial services companies target companies and assess risk. Mortgage fields include property type, lender, loan amount, assessed value, execution, and maturity dates.
Users can view mortgage data and screen against it in Build-a-List. Along with CRE data, RelPro provides UCC (US liens), PPP and PPS loans (pandemic), and 7A and 504 (Small Business Administration) loans.
RelPro did not disclose the source of its CRE mortgage data.
RelPro claims that 50% of the top US banks license its service.
Artesian: Duedil rebranded as FullCircl and staked out the Customer Lifecycle Intelligence (CLI) space as its TLA (three-letter acronym). The UK-based firm was created last September when Artesian and Duedil merged and temporarily adopted the cumbersome Artesian: DueDil name.
“The rebrand, which unifies and consolidates the previous two company’s solutions, is more than just a name change,” explained FullCircl. “It’s a stake in the ground, as FullCircl seeks to enter a new and distinct market category.”
“In a nutshell, we help our customers find, engage with, and quickly onboard the right customers, and then keep them for life,” explained CEO Andrew Yates. “Customer Lifecycle Intelligence is vital in every step of that process which if done well creates a virtuous circle. We couldn’t think of a better name given the fact we help with every stage of the customer journey – we go full-circle.”
“Today marks a new chapter in our evolution as we unveil our bold vision for the future. The cost to acquire and serve continues to rise. Regulated businesses need to find customers that fit their business and risk profile faster, onboard them quicker while satisfying legal and regulatory requirements, and keep them for life to grow and scale efficiently. FullCircl is on a mission to help them do just that. With FullCircl businesses can move really fast, whether it’s automated data collection and critical checks, ensuring compliance, confidently targeting the right customers, or growing advocacy through frictionless onboarding and support. We give them the speed to succeed.”
FullCircl COO Justin Fitzpatrick
Customer Lifecycle Intelligence (CLI) complements Customer Lifecycle Management and addresses many challenges facing regulated financial services companies. First, CLI helps them identify the right customers that fit both business requirements and risk appetite. It then supports rapid onboarding with little friction, as the data gathering process is significantly reduced. Finally, CLI supports ongoing Know Your Customer (KYC), Anti-Money Laundering (AML), and credit checks both during the onboarding process and proactively across the customer lifecycle.
CLM has a trio of shortcomings that CLI addresses:
CLM requires too much customer input that slows the onboarding process
CLM is reactive
CLM does not provide recommendations around which accounts to target and which ones to avoid.
FullCircl helps its customers “do better business, faster,” with rapid data ingestion, data validation, and data enrichment support. By expediting the data gathering process and validating the data, friction is removed from onboarding workflows.
Removing friction both reduces costs and onboarding time and increases customer conversion rates. By combining a broad set of customer intelligence, CLI also reduces compliance and financial risk while improving the customer experience. Furthermore, because CLI is proactive and rules-based, it flags both risks and opportunities earlier than traditional processes while offering continuous compliance and automated remediation.
“At the point at which you’ve identified and engaged with that customer, you need to be able to offer them a seamless onboarding experience, which ticks the boxes from a compliance and regulatory perspective [and] from a financial risk perspective,” explained COO Justin Fitzpatrick to GZ Consulting. “This is part of the rationale for why we brought the two businesses together…Keeping the customers for life and taking CLM from a reactive process to a proactive process.”
One of the difficulties facing financial services is risk banding new clients and scheduling periodic customer reviews (e.g., 6, 12, or 18 months). This process “puts a tremendous strain on the organization, because they’re having to go back through that back book, flag anything that’s changed…[and] falls outside of the risk and compliance policies of the organization,” continued Fitzpatrick. “The ideal solution is you’ve pre-screened the customer so that you can lead them through that seamless onboarding journey, but then…constantly stay on top of them. So, when changes occur, those changes are automatically cross-referenced against your policies, and your people are alerted and flagged about what’s changed and what they need to do about it. That’s the vision around CLI.”
FullCircl also provides a set of derived data that assesses connections within the data. Derived data includes 270 million corporate connections for the UK and Ireland, industry keywords, and embedded logic to identify the ultimate beneficial owner.
FullCircl also offers a rules engine with off-the-shelf rules for defining organizational policies. It is a “low-code decision engine that allows financial institutions to codify policies for credit and risk, or advanced pre-qualification, applying these rules at the point of need.” In addition, the rules engine supports initial onboarding, periodic reviews, and account alerts.
“The rules engine is effectively a dictionary of more than 500 off-the-shelf rules that can be combined into policies that allow you to construct any kind of combination of…[rules and] the policies of your organization…[It] has two uses in the FullCircl offering going forward. The first is related to proactive alerts. You define the policy with a set of criteria about a business, and anytime a business comes into those criteria or falls out of them, you get alerted…The second use case is around screenings or periodic reviews. You might have a book of 15,000 customers, and you want to periodically go ahead and review the whole thing…[You] run those businesses through that screening functionality, which is basically checking the status of those businesses against the rules that have been defined.”
The launch of FullCircl comes as challenger banks are rapidly digitizing their workflows and looking to contain costs and automate customer onboarding, risk monitoring, and portfolio reviews.
“Good RMs are expensive. There’s a certain size of customer for which it doesn’t really make sense to have one-to-one personal account management or relationship management. Digital challenger banks are picking up on this and trying to go to market with a proposition that is digital-first. They’ve stripped out the cost of the branches and the big footprint, and they’re trying to be smart about how they apply data to make these products and services more personalized,” said Fitzpatrick. “But even the incumbent banks have to move to a model which leverages technology better. In some cases, a smaller team of relationship managers is pooling together and monitoring a much bigger book of customers. Pooling like this becomes incredibly important for them…to stay on top of all of those customers and to know how, and when, to interact with them.”
FullCircl supports over 600 customers, three-quarters of which are in the regulated financial services sector. Last year, they added 120 new logos in the UK and posted double-digit revenue growth.
This morning, Artesian Solutions and DueDil announced the merger of their two firms. Both vendors serve the B2B FinTech/RegTech/SalesTech spaces with products that assist their 700 customers in onboarding clients, performing KYC/AML checks, prospecting, and monitoring customers.
The merger took place six weeks ago and was described as a partnership at the time. However, they held off on the formal announcement until “everything was aligned.”
Artesian/DueDil is currently working on a combined brand identity that reflects the offerings of both companies. For this blog, I am, therefore, referring to them as “the merged company.”
Over eighty percent of their revenue comes from the financial services sector (Banking and Insurance), with products covering the UK, Ireland, US, and Canada. While Artesian and DueDil serve the same market, they have only eight joint customers, providing significant upsell and cross-sell opportunities for their primary offerings:
Engage – Artesian’s Sales Intelligence offering supports prospecting, customer research, financials, Companies House images, industry research, and high precision news tagging and alerting. Other tools include the Ready mobile app (meeting prep and meeting chat) and CRM connectors for Salesforce and MS Dynamics.
Connect – Artesian’s compliance and onboarding platform supports company screening, customer due diligence, and a configurable decision engine that ingests third-party data. As a compliance and decisioning platform, Connect displays early warning indicators, supports KYC and AML checks, and delivers adverse media alerts.
Artesian Connect includes a bespoke rules-processing engine that captures client know-how, including business rules, sales preferences, prospecting criteria, and onboarding checks. Connect supports Artesian’s Premium Data feeds, the B.I.G., and customer-licensed third-party data integrations.
B.I.G. – DueDil’s Business Information Graph spans 270 million relationships, including companies, directors, shareholders, and subsidiaries. Roughly thirty percent of the relationships are curated. The graph is updated three or four times a day.
DueDil APIs – DueDil’s premium API also provides the capability to access B.I.G. data and plug it into existing systems “quickly and seamlessly” to power automated KYC / KYB and onboarding journeys.
The companies have complementary capabilities. Artesian Solutions offers mobile tools, CRM connectors, business events, a rules engine, and web applications. Conversely, DueDil has focused on a set of APIs and relationship data.
“Our new company will be able to make strategic investments for sustainable and profitable growth, remaining agile to new opportunities whilst keeping focused on leveraging our newly combined strength to drive greater value for our customers.”
Artesian+DueDil CEO Andrew Yates
“If you can imagine the Big Information Graph, the APIs with their published endpoints that make them really quick and effective to integrate, a rules engine, and then a host of really powerful frontline applications, and middle-office applications, that’s what we mean by end-to-end,” explained Yates to GZ Consulting. “There’s a market in the FinTech space, which is ‘just give me the data as it is’ as a service prepackaged with rules to do things like digital onboarding, straight-through processing, and automated underwriting. And then at the other end of the spectrum, we’ve got people-centric relationship management. People not only want to get access to the insight and the data, but they need the applications that link all of that together and link that back to the customer.”
“We’ve been very effective at helping our customers find the right customers, and more laterally, using things like screening technology and forensic analysis with the rules engine,” continued Yates. “DueDil has been focused on the onboarding journey and the remediation journey, so onboard them faster and keep them for life.”
There are two ways that Artesian adds value to commodity data, said the merged company’s COO Justin Fitzpatrick, who formerly led DueDil. The first is by creating “proprietary, derived data” such as relationship connections. The second is to embed “business logic around those data points” to answer “business-critical questions.”
“We can provide data that helps them check that they can onboard the customer. But at the end of the day, ideally, our clients want to be able to shortcut that process and know whether they can safely onboard that customer,” continued Fitzpatrick. “And so that’s where we started developing things like our integrated KYB endpoint, which pulls together the different bits of data, runs logic and rules over it, and spits out a sort of Pass/Fail/More type answer so that people can kind of have direct responses to the business questions that they’re asking. Being able to layer Artesian Connect’s programmable rules engine on the API was a really attractive proposition for us.”
The firms have competed against each other for around a decade but saw less of each other over the past three or four years as they focused on meeting complementary market requirements. While DueDil focused on its API strategy and B.I.G., Artesian focused on event triggers, Artesian Connect’s rules engine, and workflow tools.
“Over the past decade, DueDil and Artesian have delivered some of the most innovative and successful technology solutions, tackling the financial service market’s biggest client lifecycle challenges. We will continue to draw on this experience together to push the boundaries even further.”
Artesian+DueDil COO Justin Fitzpatrick
Fitzpatrick argued that official registries such as the UK’s Companies House “do a great job” as “electronic filing cabinets to make sure that people file their accounts on time.” Still, they were never designed to connect the dots between “company information, director information, and shareholders.”
Fitzpatrick argues that registry data is, therefore, a commodity, with the company adding value through disambiguating the filings, matching data, identifying relationships, facilitating onboarding, client monitoring, and delivering client and prospect intelligence via an API. For example, they disambiguate about two million director profiles in the UK, ensuring that all John Smith listings are correctly matched, and that name variants are properly managed.
The merged company will continue to focus on Directors and relationships but will not become a contacts database with emails and phone numbers akin to ZoomInfo or Cognism.
“We absolutely will cover that from a regulatory standpoint,” said Yates. “Directors, officers, non-exec directors, how those people link together, entities linked together. These are absolutely critical questions that regulated industries that are trying to engage with customers need answers to.”
CEO Andrew Yates will head the merged company with Justin Fitzpatrick assuming the role of COO. The broader leadership team contains individuals from both companies. The new firm has between seventy and eighty employees, “and that number will be growing.” The combined turnover is in “double-digit millions” of pounds.
The strategy is to focus on the “multiple 1000s” of FinTech, financial services, insurance, and insurance broking institutions” that require “access to our combined capabilities.” Not only are there significant upsell and cross-sell opportunities, but “the actual number of institutions relative to the total addressable market…is still very large,” said Yates.
“When you bring the data smarts in at the next level, you start to be able to really give people a laser-guided focus in not only who the right company is, but exactly how they should engage,” expanded Yates. “If we can forensically analyze the data and combine it with rules, we can provide an engagement signal, which is essentially a next best action or recommendation as to what the individual should do – it goes way beyond giving them a piece of killer insight or a set of financials or some short animation around the structure and the way they’re organized and the ultimate beneficiary.”
Customers will also benefit from the “much more integrated experience” that unites the frontline teams and back office with a shared set of data, insights, and APIs. The goal is to “find the right customers, onboard them faster, and keep them for life.”
Yates is promising that Artesian Customers will have access to the B.I.G. and DueDil’s APIs “in a matter of weeks.”
“What’s emerging is a new company that allows more functionality, more value, and more freedom for our clients,” stated Yates. Artesian Customers will “have one of the most extensive and accurate views of every UK and Irish company at their fingertips, in real-time, and available instantly.”
Venture Capital investors Notion Capital and Octopus Ventures backed the merger, stating that “the UK is one of the leading financial centres in the world, supported by a technology ecosystem built around trust, security, and innovation. The combination of Artesian and DueDil creates an exciting growth company chasing an enormous opportunity in the FinTech market. We are thrilled to play our part in supporting them on that journey.”
Artesian is coming off of a “strong” H1 marked by profitable, double-digit growth. It added three significant customers, including two banks. Its gross retention rate was 94%, and its net retention was over 100%. Artesian has a track record of efficient revenue operations. Its LTV/CAC ratio (Lifetime Value to Customer Acquisition Cost) was 9X last year, indicating an efficient sales engine with low churn.
I interviewed Andrew Yates back in 2018. He discussed technological disruption, AI, and data insights.
Sales Intelligence vendor RelPro announced a partnership with well-regarded industry research vendor IBISWorld to deliver an integrated solution for commercial banks. The joint offering, delivered via the RelPro platform, assists with meeting preparation, due diligence, and industry research. Ten commercial banks have already deployed the integrated solution, including three of the top five.
RelPro serves business development and relationship management professionals in Financial Services (banking, insurance, wealth management, private equity) and Professional Services (legal, and advisory). RelPro users are often industry generalists who serve SMBs across many industries. IBISWorld provides broad industry research across sectors along with economic and environmental changes.
RelPro is a traditional sales intelligence service with company and executive content sourced from seventeen partners. Data partners include ZoomInfo, Dun & Bradstreet, BoardEx, GuideStar, Crunchbase, and HG Insights. RelPro users build prospecting lists, perform account planning, identify additional contacts at key accounts, and, with the IBISWorld partnership, research industries based upon each company’s industry codes.
“RelPro has always been a client-driven solution, focused on the needs of business development and relationship management professionals in financial services and professional services, so when our clients asked us to integrate with a new intelligence source we listened!” said RelPro CEO Martin Wise, “The value of industry insights has been so evident as our users have pivoted and navigated through the shifting economic landscape, preparing for meetings with prospects and clients. We are thrilled to be partnering with IBISWorld and delivering our combined capabilities to mutual clients.”
RelPro said that the partnered solution is consistent with its mission “to deliver valuable insights and time-saving efficiencies to business development and relationship management professionals” across banking and professional services.
The partnership began a year ago when a top five commercial bank requested an integrated solution. The firms polished the integration over the past year, with the announcement synced to the April launch of My IBISWorld for Banking.
My IBISWorld for Banking includes tailored industry tools, data, and analysis to support banking professionals throughout the entire credit process. Expanded content includes enhanced financial ratios, localized statistics “to understand concentration and major market data,” role-based views, risk snapshots that highlight industry risks and trends, and targeted meeting prep questions.
“Recently, we’ve seen a shift towards banking professionals working more closely with other functions, creating cross-department synergies in this newly-remote world. We’ve also seen a great need for hyper-local data so banks can better serve small businesses during these unprecedented times. My IBISWorld for Banking fosters this cross-departmental work and helps banks support their customers.”
Carmen McKinney, Chief Operations Officer and Head of Customer Success at IBISWorld
“Being a part of our clients’ workflows has been a continuous goal for us at IBISWorld,” said Jason Falkowitz, SVP, IBISWorld Industry Research Division. “From the launch of our My IBISWorld for Banking platform and our robust API offering to our new partnership with RelPro, we are committed to offering world-class industry information in client-led formats. Combining IBISWorld’s industry intelligence with RelPro’s focus on targeting companies and decision-makers, mutual clients will be best positioned to win and retain commercial relationships.”
IBISWorld content is delivered within the RelPro solution, with single sign-on supported. The partners initially focused on their set of joint customers with contracts written on separate paper. There is no surcharge for the cross-product authorization and functionality.
Last year, RelPro released a similar solution with Vertical IQ. Both Vertical IQ and IBISWorld provide industry profiles and economic data, with Vertical IQs content written in plain English for cross-industry generalists, while IBISWorld offers a more formal format.
“RelPro now integrates with the two leading independent sources of industry research,” Wise told GZ Consulting. “It is for clients to decide which of these two solutions best meets their needs, and RelPro can deliver an integrated and time-saving user experience to either / both sources. This new partnership announcement is consistent with RelPro’s mission to deliver valuable insights and time-saving efficiencies to business development and relationship management professionals in banking and other financial and professional services sectors.” RelPro revenues (bookings) grew 40% in 2020, and the company expects that growth in 2021 will be at least that much
RelPro and Vertical IQ partnered to deliver company and industry intelligence in each other’s products. Both companies serve financial services firms and the Relationship Management (RM) function at banks, with many customers requesting an integrated solution. Joint customers have access to both programs via bi-directional authorization and accreditation at the user level.
“This is a partnership both companies’ customers have been clamoring for. So we listened to what the market was telling us and worked to bring the concept to fruition. It was a natural fit.”
RelPro CEO Martin Wise
IQ provides a set of over 500 plain-English industry overviews designed for
financial services firms that are broadly applicable to RMs, business
development, and sales reps, particularly professionals that support many
industries. The profiles provide a high-level understanding of
industries, including industry norms, structure, trends, pain points, call prep
questions, forecasts, and news.
is a traditional sales intelligence service with company and executive content
sourced from sixteen partners. Data partners include Zoominfo, Dun & Bradstreet,
BoardEx, GuideStar, Crunchbase, and HG Insights. Rel Pro users build
prospecting lists, perform account planning, identify additional contacts at
key accounts, and, with the Vertical IQ partnership, research industries based
upon each company’s industry codes. A new Industry tab displays Vertical
IQ’s Industry Overview, Trends & Industry News, Competition, and Call
of providing the full Vertical IQ report, RelPro chose to publish the most
valuable sections from Vertical IQ and combine them with industry-specific
intelligence from its database, including Competitors and Top Companies.
Should a user wish to dive deeper into an industry, the RM simply clicks
a button and is taken to the full industry profile in Vertical IQ.
Vertical IQ integration is a bit simpler. Users can click on a “find
companies in RelPro” button located in the industry dashboard. The user
is taken seamlessly to RelPro to perform a peer search. The industry
codes are pre-populated, and the user can include additional sizing and
geographic variables for defining a territory. Users may also plot
company lists on a map, a useful tool for field sales rep planning.
do not need to log into both offerings. A handshake between the firms
ensures that jointly registered users receive access to both platforms.
is a clear logic to this partnership. RelPro and Vertical IQ allow
Relationship Managers to rapidly context switch, perform client due diligence,
ask intelligent questions, and conduct business development. The combined
services deliver customer and industry insights within the RM’s workflow,
helping them better serve customers and their banking objectives.
The partners initially focused on their set of joint customers with contracts written on separate paper. There is no surcharge for the cross-product authorization and functionality.
Vertical IQ has also stepped up during the pandemic to assist business decision making. Their editors are publishing a set of free coronavirus related profiles at the industry-level, allowing RMs, sales reps, and risk decision makers (supply, credit) to properly evaluate industry-specific risks.
“Rather than learning about industries in bits and pieces or from unreliable sources, we knew it was important for people to get information from an experienced industry intelligence partner written for those that advise small and medium-sized businesses. That was the impetus for delivering this intelligence and making it free of charge.”
Bill Walker, Vertical IQ EVP of Research
A freemium approach during the current health and economic crisis makes a great deal of sense. It provides free resources to small businesses and distressed sectors that can assist with decision making, while providing a free taste of their content to professional and financial services firms. The content set should result in both future sales and brand equity.