Fintech Vendor Merger & Alliances Stir Up Summer
Summer begins with several significant fintech announcements impacting credit unions.
There were a number of financial technology vendor announcements occurring around the Independence Day rush affecting online and mobile banking, cyberresiliency, vendor management, and commercial lending pricing and profitability.
Atlanta-based NCR Corp., a provider of digital banking solutions, announced the acquisition of Omaha, Neb.-based D3 Technology, Inc., a provider of online and mobile banking for the large financial institution market. Adding D3 expands NCR Digital Banking into new market segments, including U.S. large financial institutions and over time, international banks.
“D3 has a well-earned reputation for innovation and product excellence and delivers one of the most advanced digital platforms for large banks,” Michael D. Hayford, president/CEO, NCR, said. “NCR’s digital-first banking solutions help financial institutions connect with consumers whenever, wherever, and this acquisition helps NCR provide banks of all sizes with an exceptional digital experience.”
D3’s customer-focused solutions have become a leading digital platform for large financial institutions. Mark Vipond, CEO for D3, stated, “NCR is a great fit for D3 and the timing is right for us to combine forces to create a powerful digital transformation platform for large financial institutions. This transaction enables us to capitalize on new market opportunities and bring top-tier capabilities to our mutual and future clients.”
NCR said the expansion of its digital banking solution portfolio means that in addition to delivering one of the industry’s strongest solutions in the cloud for the community financial institution market, it can now provide a leading on-premise solution built for the needs of larger financial institutions.
Financial terms of the transaction undisclosed.
Atlanta-based, Porter Keadle Moore, accounting and advisory firm, announced AI focused fintech, DataSeers, selected PKM to conduct its cyberresiliency and vendor management analysis for SOC 2 reporting.
To proactively meet its financial institution customers’ stringent evaluation of third-party providers, DataSeers said it recognized the need for transparent, independent reporting on its internal security protocols, to include secure management of client data and strict adherence to internal procedures and controls. DataSeers selected PKM based on the firm’s proven expertise in working with both financial institutions and fintechs alike.
Specializing in the banking and payments sectors, DataSeers helps financial institutions of all sizes sort and “see” through the convoluted nature of their data, allowing them to make smarter decisions for their customers, employees, and stakeholders.
“We were drawn to PKM as they are truly a relationship-oriented firm, and the team has been instrumental to us as we navigate the regulatory and operational complexities of today’s financial services marketplace,” Adwait Joshi, Chief Seer and founder of DataSeers said. “With a deep understanding of the perspectives of financial institutions and the companies that serve them, PKM represents an ideal advisory partner that can scale with us as we continue to grow.”
“Today’s banks and credit unions are becoming increasingly selective when evaluating possible fintech partners, especially those with access to their transaction and/or customer data,” Mike Morris, Partner with Porter Keadle Moore, said. “Financial institutions face tremendous regulatory and compliance pressures and that extends to organizations like DataSeers as well, making it imperative that they clearly demonstrate a dedication to providing secure internal security procedures and controls while offering rigorous protection for the data in their care.”
Austin, Texas-based Q2 Holdings, Inc. a provider of digital transformation solutions for banking and lending, announced its partnership with PrecisionLender, a provider of applied banking insights for commercial financial institutions, to build deep customer relationships, increase profitability and strengthen their technology ecosystems.
PrecisionLender’s pricing and profitability software empowers in-the-moment insights and coaching, so they can structure, price and negotiate deals. Andi, PrecisionLender’s virtual insights analyst, works with relationship managers, observing their actions, gathering data and delivering timely, contextual recommendations.
“Q2 is continuing to focus on its commercial customer experience in digital lending, first with the acquisition of Cloud Lending Solutions and now with this latest partnership,” Jonathan Price, senior vice president of corporate and business development for Q2 said. “With the power of PrecisionLender’s pricing and profitability solutions, FIs can quickly offer improved commercial loan pricing and structure—helping them drive more low-risk loan, deposit and treasury services volume.”
Greg Demas, senior vice president of community and regional banking at PrecisionLender, said. “PrecisionLender opens up a whole new world of market insights, best practices and real-time coaching tailored to the strategic objectives of the bank and the specific needs of the individual banker. We’re thrilled to partner with Q2 to accelerate the delivery of PrecisionLender to banks and credit unions across the country.”