Lisa Bonalle-Hannan, President of Verisk Financial
Even if your business is well established in an industry, keeping up with trends is essential to show customers that you are relevant, valuable and flexible. If you stick with the old and say, “our method works,” it gives your consumers the impression that you aren’t willing to change to accommodate current circumstances. On the contrary, trying out a new trend always shows that you can take risks, which can help to increase brand visibility and loyalty.
This can be best illustrated through the recent developments in the fintech sector. With the COVID-19 outbreak shutting down many brick and mortar retail stores earlier this year, consumers started relying on online marketplaces to sustain their daily lives. And since then, the pandemic has sent most big and small businesses online, which led the fintech sector to suddenly see a spike in services like ‘buy now pay later (BNPL)’ and similar other payment options. Quite evidently, to stay at the helm of these emerging market trends, many fintech companies needed an expert to understand the market better and consumer insights necessary to position their services most beneficially.
Enter Argus, a Verisk Financial business.
New York-based Argus helps fintech companies find a data-driven way to grow their business, whether they are trying to combat a pandemic calamity or otherwise. Argus leverages its unparalleled data assets and in-depth knowledge of the retail banking and payment industry to guide fintech, and other financial institutions, companies through the entire process of bringing new products or services to market. “At Argus, we translate raw data into business intelligence, and business intelligence into real-world actions that power our clients’ performance,” says Lisa Bonalle-Hannan, president of Verisk Financial.
At Argus, we translate raw numbers into business intelligence, and business intelligence into real-world actions that power our clients’ performance
Argus’s business is powered by a team of financial services industry experts, including engineers and data scientists, who help clients analyze its rich consumer data sets in order to reveal trends. This domain expertise, coupled with its proprietary data assets, enables Argus’s clients to gain a competitive edge by unveiling insights that optimize profitability, minimize risk, drive growth and streamline processes.
For example, Argus helps its clients understand how their market penetration looks month-over-month and where the client is making progress compared to their key competitors. “We give our clients insights into the composition of customers who use their services, versus who uses their competitors’ services,” highlights Lisa. “Through these efforts, we enable our clients to identify their best prospects and develop targeting models to reach those audiences,” Lisa adds further.
These capabilities have made Argus a go-to partner for many fintech companies during the COVID-19 pandemic. Argus has delivered many crucial insights and a detailed picture of consumer behavior to help its clients in such uncertain times. These insights involve information regarding people’s preferred payment mode all the way through to intricate details like whether or not stimulus payment influenced consumers to spend more.
With such vast industry knowledge and competencies, Argus is now looking to cement its leadership even further in the fintech sector by preparing to extend its offerings to new fintech players. As Lisa notes, the next 12 to 18 months will be a ‘make or break’ moment for fintech companies as they experience the next credit cycle, many of them for the first time. Thus, Argus is committed to working with its clients to devise sound business strategies and credit risk management plans that can help the business entities stay resilient in the face of adversity. “Together with our clients, we are laser-focused on paving the way for a new era of consumer retail banking and payments,” concludes Lisa.