Artesian Blog

Posted on Dec 13th 2019   |   by

The Stats Behind our Growth in 2019

The Stats Behind our Growth in 2019

A Year in Review

With 2020 just around the corner I wanted to take a moment to reflect on Artesian’s achievements this year.

2019 was definitely a year during which we fulfilled our mission to help our customers go from being reactive to proactive, and even predictive!

Thanks to feedback and input from our user community, and backed up by the trust of our customers, we worked hard to drive constant improvements to the specialist data and AI-powered sales engagement tools we provide in order to better anticipate and deliver the insights they need to know.

We also catapulted into an entirely new segment – technology-driven compliance and KYC management with the launch of ARCH, (The Artesian Risk and Compliance Hub) which brings distributed compliance to the front-line.

It’s been a jam-packed year. So, in our customary annual fashion, what are the stats behind this year’s success at Artesian?

Artesian Training

Artesian delivered 308 training sessions to 3,039 users in 2019.

To break this down even further 1,592 users attended one of 166 face to face training sessions, and 1,447 users logged on to take part in one of the 142 live webinar sessions we ran during the year.

2,546 users also completed online learning courses via the Artesian Academy.

98% of users would recommend a colleague to attend an Artesian training session and 96% of users rate our training as excellent or very good.

Artesian Growth

Artesian’s first-quarter trading results for our financial year 2019/20, exceeded expectations.

We posted a 290% increase in new business bookings compared to the same quarter a year ago.

Q1 growth in new business sales was at 249% of target as well as achieving a 95% customer retention rate (gross retention) and an average NPS of +50.

Artesian Development (ARCH)

2019 was the year we launched the Artesian Risk and Compliance Hub (ARCH).

Two years in development ARCH enables regulated businesses to quickly assess and better understand their corporate clients at the start of the customer journey and throughout the life of the customer.

With a sophisticated configurable decision engine, ARCH continuously monitors real-time credit risk and KYC data sources, but uniquely applies each customers own policies to that data.

The result is a summarised view of appetite and complexity, drawing attention to any potential issues with clear flags where action should be taken before proceeding.

ARCH empowers users to set realistic expectations for the onboarding process and accelerates any situations that would be impacted by KYC/credit risk processes.

ARCH is not only innovative new technology but a huge leap forward in the drive for ‘distributed compliance’ – the ability for central teams to distribute KYC and AML tasks to their frontline colleagues who are best placed to engage with the client and solve issues in the fastest, most productive way.

It places compliance and powerful risk data at the heart of the business – front of mind for every member of staff, informing every decision, instructing every interaction and shaping every relationship from pre-screening prospective new customers through to ongoing tracking and long-standing client development.

Only 6 months in and ARCH is already delivering some compelling results:

  • 100% accuracy and 14% uplift in the flagging of critical risk issues compared to traditional methods
  • ARCH has also reduced the average-case time from 200 minutes to just 8 minutes (a 96% improvement)

No wonder it is already being heralded as a game-changer in an increasingly crowded RegTech market. ARCH was recently selected as one of a handful of businesses to take part in PwC’s Scale InsurTech Programme.

Artesian Development (ENGAGE)

We also invested heavily in further enhancing our ENGAGE platform throughout the year, adding new filters, new sectors and new trigger topics all based on the input and feedback of our users.

Most notably we launched Company Buzzwords and Artesian Business Categories (ABCs).

Following a project with our customer Amazon Web Services (AWS), during which we analysed 4 million business websites and the ways those businesses describe themselves, we built a new AI model to interpret that data and these two new highly intuitive features were born, offering a powerful alternative to the fundamentally flawed Standard Industrial Classification (SIC) code UK company search system typically used by sales, marketing and commercial teams.

Company Buzzwords help Artesian users search by finding companies that use specific words or phrases on their websites (to describe themselves or their industry), words that wouldn’t appear within traditional SIC codes

Artesian ABCs

Artesian Business Categories serve to simplify the process of finding the correct SIC code(s) by creating new categories and synonyms that link to existing SIC codes.

Artesian Giving Back

Artesian once again hosted the popular ‘Brain of the City’ quiz for the 2019 Lord Mayors Appeal City Giving Day.

Artesian City Giving Day Quiz 2019

Following the success of last year’s event, we were determined to make the popular event bigger and better in 2019.

Working in partnership with hosts Pinsent Masons, RSA, BACB and the Guildhall, the event took place across four venues.

60 teams took part raising a total of £4,000 (doubling last year’s total), from a combination of entry fees, refreshment sales and a Heads and Tails Challenge (raffle with a difference), which alone raised £1,000.

On 10th May a team of nine affectionately known as the ‘Artesian Pacemakers’, took on the infamous three peaks challenge. Scaling the highest mountains in Scotland (Ben Nevis), England (Scafell Pike) and Wales (Snowdon), in just 27 hours, the team walked a distance of 23 miles, drove 462 miles and a climbed a huge 3064 metres of ascent across the challenge.

The Artesian team undertook this challenge to raise money for Mind, The Mental Health Charity and raised a total of £3,133.62, smashing the target by 156%.

So to round off I speak for everyone here at Artesian when I say a heartfelt thank you to all of our customers and users. Your success is our success and we look forward to working with you in 2020.

If you have any feedback or any questions please don’t hesitate to drop me a note at ceo@artesian.co.

I wish you all a very happy, healthy and prosperous New Year.

Andrew