TMG Invests in Data Analytics Firm IQR Consulting

Sept. 19, 2012 - PRLog -- To provide its financial institution clients with valuable consumer behavior data, payments processor The Members Group (TMG) has made an equity investment in data analytics firm IQR Consulting. The California-based firm uses data analysis to help companies anticipate market changes and respond to changing business conditions.

“Our clients compete with large financial institutions that employ full-time data analysts,” said Shazia Manus, CEO of TMG. “When armed with the same kind of rich data and consumer insights, community-based financial institutions level the playing field. We know megabanks are using this information to drive many of their most profitable strategies. IQR’s deep understanding of data analysis will help our clients better understand how their customers behave, what they most value, and ultimately, which products and services have the best chances of earning loyal customers.”

According to Jeff Russell, TMG senior advisor, IQR’s expertise will help financial institutions better prepare for the future demands of consumers, particularly where payments are concerned.

“The analysts at IQR have a proven track record of supplying strategic solutions to difficult business problems, particularly those posed by a rapidly changing payments marketplace,” said Russell. “From EMV readiness to integration with mobile wallets, credit unions and community banks are facing a great number of decisions about the future of their payments offering. Understanding how their consumers prefer to transact is a crucial component to making those tough decisions.”

Launch of an initial product prototype is planned for later this year. This product will provide data on cardholder behaviors, such as credit cardholder engagement and activation rates, providing an overall credit card portfolio health score. In addition, the product will offer tools for peer comparison so credit unions and community banks can understand how their credit card portfolios are performing as compared to similar institutions. A comparable product is planned for analysis of debit card portfolios, as well.

“Among our strong suits, the ability to model different business scenarios and identify the needs of their customers is of great value to community-based financial institutions,” said Rahul Nawab, founder of IQR Consulting. “We help credit unions and community banks understand how they ought to react to a series of likely ‘what-ifs.’ And with TMG’s perspective, that modeling will only become more accurate and helpful in developing new revenue streams for financial institutions.”

Nawab added the partnership with TMG will increase IQR’s footprint in the community financial institution marketplace, a strategic objective within the company’s overall growth plan.

About IQR Consulting
IQR Consulting is a leader in portfolio and financial analytics, reporting, statistical modeling and campaign management. The analysts at IQR are experts in the use of segmentation as a means for highly targeted marketing. With accurate and actionable insights and analysis, IQR helps credit unions, banks and casinos leverage data assets to increase profitability and to better compete against larger institutions. For more information, visit www.iqrdataanalytics.com.

About TMG
The Members Group (TMG) is dedicated to creating customized, technology-driven card processing and payment solutions for credit unions and community-based financial institutions across North America. Innovations in fraud management, loyalty programs, alternative payment systems and analytic reporting, and the competitive advantages they create, have helped TMG forge a new standard in offering cutting-edge credit, debit, ATM, prepaid card products and a P2P payment solution. For more information, visit www.themembersgroup.com.