IQR Consulting: Aiding Customers to Step up as Champions in the BFSI Race
Date: Monday , November 24, 2014
The thriving competition in the post-global recession is forcing the financial services industry to focus on harnessing new technologies to extract customer insights from the increasingly massive flow of information. IQR Consulting moves their customers forward by developing analytical capabilities on top of the trends and by leveraging their vast experience and sheer focus in the BFSI industry. Since its inception in 2008, the company has built its brand on the founders\' decades of industry experience. This experience has allowed IQR to stay on top of the pulse of the industry and identify strategic opportunities for their financial services customers.
The senior leaders of IQR include Rahul Nawab, chief executive officer; Karan Bhalla, managing director; and Nagendra Sastry, head of analytics. They are actively involved and stay in close touch with their target market. That engagement allows them to identify market trends - an approach that directly results in greater sensitivity to client needs. As a result IQR has positioned its team as experts and facilitated a world-class service culture. All these efforts strengthen the IQR brand and ultimately encourage referrals. The company has earned a reputation for accommodating client\'s needs efficiently; regardless of how particular or sudden they are.
IQR\'s expertise focuses on providing customized analytics services and solutions with products that are specific to the credit union industry. As a result, IQR has emerged as a one-stop analytics platform that can improve most portfolio management challenges, including:
1. Increasing ROI per campaign
2. Providing a unified view of members for marketing touch points
3. Performing monthly portfolio analysis
4. Increasing engagement and product penetration
For example, by building a holiday marketing campaign using a multi-segmentation approach, IQR helped DCCU, a credit card issuer; target the right members with the appropriate offer. DCCU realized an amazing 61 percent increase in income and 154 percent lift in profit from sales. It also saw an increase in average card purchases by 49 percent compared to the pre-campaign average.
The Incredible Journey
Though there was intense competition when IQR entered the growing data analytics market in 2008, the heavy fragmentation allowed room for IQR to enter. It also enabled them to provide high-quality services within specific segments of the market, while operating on a slim budget. The company began its journey with one large U.S. Bank as their client. In a short span of time, IQR achieved strong business results while creating a foundation for long-term growth with strategic initiatives that have helped the company diversify into other areas such as gaming, airlines and loyalty industries. \"Due to our ongoing focus in the areas of banks and the U.S. credit union market, we are able to maintain high benchmarks in performance, integrity and service,\" says Rahul Nawab, CEO and co-founder of IQR Consulting, Inc. \"However, our long-term goals include expanding into other markets so we\'re building our team\'s expertise in a way that will allow for this expansion.\"
From the very beginning, IQR ensured the selection of skilled talent through a multi-stage recruitment process and attracted the top talent through distinct employee development processes and rigorous training. This approach helped the company achieve tremendous growth through cross-selling opportunities with existing clients. IQR\'s strong belief in internal growth has resulted in low employee attrition as most of the key executives in the firm have been with the company since inception. The fortunate employees of IQR have a positive and supportive work environment, where they interact with some of the best and brightest team members. They are continually encouraged to share ideas, think outside the box, be more participative and take up challenges, and figure out solutions to complex problems. IQR\'s flat hierarchy allows constant knowledge sharing and development of a healthy work attitude among employees. In the vibrant culture that is dedicated to excellence and high ethical standards, employees share the accountability to be innovative.
Future Road map
IQR is keen on establishing a clear and efficient sales process to acquire new clients at a quicker pace. Hence, the company is in the process of hiring senior sales managers and investing more in sales and marketing activities. IQR has set a goal to sharpen their expertise further in credit union analytics and aims to expand the number of credit union clients in coming years. By 2020, the leadership team envisions being a $20 million company with 100+ clients. Considering IQR\'s head start, well-framed delivery models and deep domain expertise, it is safe to say IQR is on track to realize its goal and become one of the biggest analytics forces in the industry.
Rahul Nawab, CEO & Co-Founder
Having over 15 years of experience in leadership and analytics, this serial entrepreneur, who is an analyst at heart, combines strategic corporate vision with a love of data to create a positive impact on the profitability of banks.
Offices: Santa Rosa - California (Headquarter), Sandringham -Australia, Ahmadabad
Clients: U.S. Fortune 500 Banks and Credit Unions
1. Finalist for Red Herring\'s Top 100 Companies in Asia - 2013
2. \'Best 10\' of IAOP\'s 2014 Global Outsourcing 100 sub lists of the \"Best Rising Stars in Revenue Growth\" and \"Best Rising Stars in Employee Growth\"
3. Ranked 2955 on Inc 5000 2014 Fastest Growing Companies with 122 percent growth
4. Rahul Nawab won the Asia Pacific Entrepreneurship Award (APEA) for Most Promising Entrepreneurship - 2014
IQR Consulting is considered a leader in the credit union analytics space. We have a brilliant team that includes some of the brightest analytical minds from around the world. The IQR team has enabled leaders to make informed decisions at all levels of business by helping them understand how to uncover and explore data. Our services have helped many clients maximize their revenues and reduce risks.
We take pride in working with clients who believe in the value of analytics and consider it an integral part of their business strategy.