WealthEngine Enhances SaaS Offerings With Data and Security Updates, Introduces Wealth-Based Market Potential Reports for Top US Metros

WealthEngine Enhances SaaS Offerings With Data and Security Updates, Introduces Wealth-Based Market Potential Reports for Top US Metros

September 28, 2020
Dawn Lastre

WealthEngine furthers its leadership in the wealth intelligence space and announced today the availability of its new Market Potential Reports for the top US metropolitan areas. These reports leverage the company’s regularly updated database on wealth insights with scores and ratings using publicly-available data for the entire adult population of the United States. These actionable insights provide nonprofits, higher educational institutions, financial firms, and high-end luxury marketers with a deeper understanding of opportunities to reach population segments based on estimated net worth, cash on hand, investable assets, business ownership, giving capacity and history, interests and passions, and propensity to invest, spend, and donate, and much more.

WealthEngine’s proprietary scores and insights incorporate 250 million profiles of the U.S. population from over 50 unique data sources, across thousands of attributes, which are now updated on a monthly basis in one comprehensive platform. These profiles are easily accessible, activated and aligned with API’s that can be embedded into any campaign workflow.

Rapid Market and Customer Segmentation

Clients can use WealthEngine’s Market Potential Reports to determine market size, segments to target, and go-to-market strategies. The metro-specific reports display hard-to-find metrics in clear, visual segments to help organizations identify expansion potential. When used in conjunction with WealthEngine’s continually expanding database and new product enhancements, clients can fast-track their path to finding and prioritizing prospects who have a high likelihood of becoming customers or donors. Sample use cases:

  • Identify millennials who show signs of emerging wealth
  • Spot potential liquidity events before they happen such as high net worth business owners based on age groupings
  • Model who is likely to inherit wealth like children of high net worth individuals
  • Find potential donors based on giving capacity, donation history, and interests
  • Pinpoint real estate investors such as people who own 3 or more local properties
  • Locate new investors based on cash-on-hand, stock holdings, and accredited investor status
  • Identify growing families in need of new financial products or bigger real estate
  • Nurture buyers of luxury goods based on spending patterns with insights such as aircraft or boat ownership

Market Potential Reports may be requested from WealthEngine’s website: https://info.wealthengine.com/market-potential-reports.

WealthEngine Data Platform and Security Enhancements

CEO and Executive Database Updates

WealthEngine released its newest SaaS platform update, version 9.4. This release refreshes WealthEngine’s rich database, which now boasts over 171 million philanthropic and charitable donation records with half a million records being added monthly. More so, this release updates 324,000 officers, directors, executives and CEO profiles to help clients reach wealthy upwardly-mobile prospects.

Clients use WealthEngine to gain wealth-related insights that help identify and segment their most promising opportunities, by uniquely scoring every individual. For nonprofits, identifying donors with a history of giving to related causes or who have had momentous “life events” is critical for their survival in a post-COVID fundraising environment. Identifying accredited investors with specific cash-on-hand or net worth tied to their real-estate property ownerships are also strong indicators of wealth. These insights often become the backbone that enables an organization to know more about their prospects and make informed decisions that propel client expansion.

“With in-person fundraising dramatically curtailed due to COVID, WealthEngine’s insights helped us target a select group for a virtual gala. We raised $25,000 in 60 minutes from 50 people,” said Mandi Fleiner, Director of Philanthropy & Communications, Northern Nevada HOPES.

Cloud Security Enhancements with SOC 2 Type II Certification

As part of WealthEngine’s ongoing activities in platform security, the company today also rolled out its latest security enhancement: multi-factor authentication (MFA). Using freely available authenticator apps, clients can now have an extra layer of security to login to their account, in addition to their username and password.

The additional protection layer is a unique code that a user enters after typing in their password. This code changes every 60-seconds and is available via numerous authenticator apps that can be installed on their mobile device. Using MFA significantly reduces the risk of an unauthorized party accessing a client’s account.

Another component of WealthEngine’s security offerings include end-to-end encryption of client files transmitted for processing. For years, WealthEngine has enabled secure file transfer protocol for encrypted file transmissions. This secure process encrypts both the transmission channel and the file, often referred to in security circles as the payload. After a secure key exchange with WealthEngine, clients can encrypt files before sending them over WealthEngine’s encrypted file submission network, essentially creating a dual-encrypted transfer of data from clients to WealthEngine.

Improved User Experience, Performance and Scalability

Finding accurate information quickly is now easier with improvements to WealthEngine’s user experience. The newly designed tagging, filtering and sorting features provide an easy way to segment donors or clients. When combined with industry’s only Donor Pyramid Modeler, available to nonprofits within WealthEngine’s platform, it creates an automated way to segment current and future donors and prospects.

“WealthEngine’s consistent and customer-first innovation cycles enable us to deliver on one major release every quarter,” says Elizabeth Schiffmann, Vice President of Product Management at the company. “This ability to quickly respond to the evolving needs of data-driven customers is transforming how fundraising and marketing are executed. I’m pleased with our attentive focus on security in this release by adding MFA. Our clients benefit from our leadership in providing innovative solutions that offer data security and leverage machine-learning for predictive analytics.”

Millions Of Identities Enriched and Continuously Updated

WealthEngine’s Open API provides access to WealthEngine’s proprietary wealth intelligence database using any donor management (DMS) or customer relationship management (CRM) system. The company supports over 30 different CRM/DMS systems through its connectors that are available for all licensed users of their platform.

WealthEngine continues to pioneer the industry’s most comprehensive set of wealth indicators that data hub consisting the entire US population. A data platform for advancing social good through its innovative Wealth Data Hub that is a comprehensive, publicly sourced data that is compliant with current regulatory statutes.

“Once you have your foundational data, then the layering of platforms like WealthEngine and their WealthScore™ tool becomes even more critical because now you know how to reach your customers, you know what their WealthScore™ is, and you can make your data so much more powerful. WealthScore™ is an important indicator of someone’s buying potential. It allows you to find the right customers,” said Michelle Tilton, Vice President of Marketing for Infutor.

The company also released its newest version of its Salesforce Connector of the Appexchange, which provides bidirectional updates of new data and modeled scores continuously. This includes WealthEngine’s proprietary WealthScore,™ a single number between 1-100 that takes into account a prospect’s net worth, capacity, propensity, affinity and intent, to help organizations prioritize their top prospects easily. All WealthEngine clients will receive a new link to install the updated version of this connector.

2020 WE Prosper – 3rd Annual Customer and Partner Summit

The company announced it’s third annual WE Prosper Summit, a two-day event held virtually this year on Wednesday, October 14 and Thursday, October 15, 2020. The WE Prosper Summit is a gathering of thought leaders from global causes and brands that will feature key industry speakers including: Rohit Bhargava, Founder & Chief Trend Curator of Non-Obvious Company, David Raab, Founder of CDP Institute, Amir Pasic, Dean of the IUPUI Lilly Family School of Philanthropy, Tom Ahern, President of Ahern Communications, Ink, and Dave Chase, Owner of Chase Solutions Inc.

The theme of this year’s WE Prosper Summit is Growing the Pyramid. Thought leaders, experts, partners and clients will discuss the latest trends they’re seeing and best practices in raising more, while spending less considering the current climate. To register for WE Prosper Summit 2020 you can visit https://weprospersummit.com/.

WealthEngine also announced the beta availability of its industry’s first mobile app, which will allow national searches and scores at the fingertips of fundraisers and marketers. This app will support both Apple iPhone and Android(r) users and be available to all customers in October 2020.

About WealthEngine

WealthEngine is the industry’s premier wealth intelligence software-as-a-service provider. The company has been supporting more than 3,000 marquee customers for over two decades. The company enables industry-leading higher education, healthcare systems, advocacy, financial services, and high-end luxury brands and hospitality organizations in capturing and retaining tens of billions of dollars. Fueled by its proprietary wealth and lifestyle signals, WealthEngine customers measurably improve their personalization and effectiveness across fundraising, capital campaigns, marketing, segmentation and overall engagement with their audience.

Rooted in machine learning, with a cloud-native architecture, the WealthEngine 9.x platform boasts an entirely new user experience to provide wealth, demographic and lifestyle signals that come together to formulate powerful scores, WealthScores™ available in real-time. Underpinned by the company’s SmartAction™ technology, it pinpoints, predicts and helps personalize engagement with potential prospects. WealthEngine’s platform is the most convenient way to continually sense and respond to changing motivations for their audience to connect, invest, buy or donate.

WealthEngine is an active participant in Pledge 1%, regularly giving back to the community it serves through time, product and donations. Based in Bethesda, Maryland, the company has sales offices throughout the US and a wealth research and analytics team in India. Learn more at http://www.wealthengine.com.