Vertical IQ industry intelligence is now available via the Risk Management Association’s (RMA) eMentor program, a “self-service, subscription-based knowledge hub” for credit professionals. The combined tool marries RMA’s Annual Statement studies with Vertical IQ’s plain English industry overviews, helping credit team members prepare for calls, assess credit risk, and improve their credit knowledge. Other tools include Best Practices, eCases, interactive worksheets, and trackable exams.
RMA has long collected US private company industry norms to assist with credit and lending decisioning. RMA multi-year financial ratios are available by NAICS code and stratified by assets and revenue.
Vertical IQ industry overviews help bankers prepare for meetings, understand industry trends and issues, and assess potential loan risks. Vertical IQ provides 250 reports covering over 1,000 industries. Vertical IQ research is directly viewable within eMentor and downloadable as PDFs.
“With the addition of Vertical IQ’s industry knowledge to eMentor, RMA makes a great platform even more indispensable for the bankers who rely on eMentor to better understand the risks and opportunities financial institutions and their borrowers face,” said RMA CEO Nancy Foster. “eMentor powered by Vertical IQ arms bankers with the market intelligence that is crucial throughout the life of the loan—from initial meetings with borrowers, to putting together a financing package that is right for them, to monitoring loan performance.”
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.
Artesian Solutions formally launched the Artesian Connect platform aimed at transforming frontline execution and effectiveness. The platform supersedes ARCH, which was built on the same architecture as Connect. The expanded platform now supports advanced sales engagement, customer onboarding, Insurance and credit underwriting, and relationship management.
Connect is Generally Available.
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 both Artesian’s Premium Data feeds and customer-licensed third-party data integrations.
By combining first and third-party datasets with business rules and existing policies, the customer engagement process can be streamlined and standardized across large teams. Some of Artesian’s customers have thousands of users, so the ability to improve efficiency without impacting the customer experience is critical to successful implementations.
As rules and policies have been codified, employees do not need to review as much company intelligence. Instead, decision-making is reduced to the core information. Supported processes include sales engagement, onboarding KYC/AML, insurance policy underwriting, and business-specific steps and requirements.
Artesian Connect delivers an improved customer experience, reduced employee onboarding time, and standardized processes and rules across all team members, which is particularly important when engagement priorities and regulations change, as they did in March.
CEO Andrew Yates emphasized that Artesian’s focus is not only on data but on rules and the ability to expedite decision-making based on scores and flagged items. A new feature, engagement signals, go beyond traditional trigger events and look at multiple recent events before offering next best action recommendations.
Connect supports four modes:
Quick Tasks such as pre-screening customers or performing a CBILS (UK SME COVID business loan) check
Tracking Companies and alerting on events, opportunities, credit changes, filings, etc. As alerts are based on company-specific rules and policies, they have greater precision than general notifications.
Multi-linked Analyses that evaluate multiple recent events and determine whether a more in-depth analysis of a prospect or loan is required
Other Application Calls based on customer criteria
Platform apps can be delivered via the desktop, mobile device, or a broker management system, with output such as custom proposals delivered as Word Documents or PDFs.
“Artesian Connect is pioneering a new era in modern data and insight-driven Relationship-Banking – helping commercial teams leverage their extensive know-how and by combining this with the latest advances in data science, we can empower them to do what they do best at a scale and speed never seen before,” explained Yates.
UK-based Sales and Risk Intelligence vendor Global Database is launching company credit checks for nineteen countries. Credit data is gathered via APIs from leading regional European providers of company and credit data.
The new reports include credit scores and limits; payments and inquiries; mortgages, charges, and county court judgments; directors and shareholders; group structures; trading addresses; five-year financials; key performance indicators and ratios; credit score and limit histories; company identifiers (e.g. registration numbers, tax ids, tradestyles), year incorporated; auditor; and document filings.
US data includes UCC (liens), bankruptcies, and payment histories.
Coverage currently spans
Americas: The United States, Canada, Mexico, Brazil
Europe: The United Kingdom, Germany, France, Italy, Benelux, Ireland, and the Nordics
Asia: Japan, Thailand, Vietnam
Credit reports are available for all registered companies in the supported countries. What’s more, coverage will grow rapidly with plans to support 120 countries by the end of the year with “instantly available credit reports.”
“By the end of Q1, we will have a credit report for every single country, including offline reports in areas where company information is much more difficult to get. Essentially, a client will make a fresh investigation request, and our partners will collect this information from on the ground sources.”
Global Database Managing Director Nicolae Buldumac
“We now offer a unified solution to our customers where they can identify their customers, get contact information for key executives, and run due diligence checks on new suppliers,” wrote Buldumac.
Buldumac emphasized that the Global Database platform supports multiple global departments. “All this information is available in one single license, and this will save cost for many companies, as very often you need to pay a license for sales and marketing solution and another license for compliance. Also, not many companies offer such information globally, and this is where we have a USP.”
During Q3, Global Database onboarded Amazon, Vodafone, WeWork, Dyson, and the Italian Trade Agency. Global Database’s business has increased during the pandemic as firms look for more clients, require tools for assessing business risk, and source digital sales and marketing solutions in the absence of event marketing.
The credit risk solution will be offered both as a bundle with the existing sales and marketing platform and as a standalone product. Pricing will depend on volume and countries, with discounts available for bundled subscriptions.
Global Database has sales and support offices in the UK and Moldova.
Industry Profiler Vertical IQ released a credit underwriting solution to assist lenders’ credit decisioning. Vertical IQ has long served financial institutions with a set of plain-English industry overviews for relationship managers. The new service expands its Industry Risks tab and renames it “Credit Underwriting and Risks.” A new industry brief is also available.
The new Credit Underwriting and Risks content includes a proprietary Industry Risk Rating based on account financial risk, exit rates, industry performance during downturns, barriers to entry, and the industry outlook. Other new content includes key industry and economic performance metrics, a Financial Comparison Toolkit that performs custom benchmarking against key financial metrics, and industry-specific credit decisioning considerations. The Financial Comparison metrics are downloadable for sharing with clients and prospects.
“In today’s volatile market, loan credit underwriters are understandably cautious about their lending decisions. The Credit Underwriting and Risks Chapter and Industry Brief are quick ways for bankers and credit professionals to get up to speed on the lending environment for a client’s or prospect’s particular industry.”
Vertical IQ CEO Bobby Martin
The new industry brief contains an industry summary, industry risk rating, key performance metrics, financial ratios, important credit underwriting-related considerations, common industry-related risks, and the Financial Comparison Toolkit.
The new Credit Underwriting content is delivered through the desktop application with an API upgrade before the end of the month. The original content will be extended to additional apps and partners in the coming months.
“Great decisions are made by taking something that is complicated and simplifying it to its primary moving parts. When a banker can do that, he or she offers a more clear understanding and a more fluid and productive conversation. Vertical IQ has simplified the process of analyzing industry risks for the commercial banking world. It is long overdue.”
David Nicholson, Founder of Credit Training, Inc.
Industry-specific financing topics that were already available in the service include discussions of working capital, capital financing, business valuation, and financial benchmarks.
The new content is available within the core service at no additional charge. However, by extending the value for credit underwriting at banking and commercial finance, Vertical IQ will be improving its seat penetration within those segments.