Yahoo Finance KeyCorp (KEY) Boosts Digital Capabilities, Buys AQN Strategies
KeyCorp KEY has acquired data analytics-driven consultancy firm, AQN Strategies LLC. The acquisition is part of KeyCorp’s efforts to employ data-driven approaches, which will help it in expanding its customer reach.
AQN’s founder and managing partner, Ben Sabloff, has been named the head of analytics at KeyCorp. Sabloff is now responsible for leading the bank’s customer-focused analytics strategies.
Ken Gavrity, the head of Payments & Analytics at KeyCorp, stated, “I am pleased to welcome Ben Sabloff and the AQN team to Key. Having worked with them over the past two years as a consultant to Key, I am excited to combine Key's unique platform and AQN's deep analytics expertise.”
Gavrity added, “The dynamic nature of our industry and the vast amounts of data available from our increasing digital environment require a relentless focus on insights and experimentation to drive customer value and create great customer experiences.”
Sabloff said, “We're very excited to join Key. We look forward to bringing our experience and our data-driven approach to drive strategies that will enable Key's targeted scale strategy across its vast customer base. I'm confident that our people and capabilities are a natural complement to the bank's strengths and strategy.”
KeyCorp remains well positioned for both organic and inorganic growth. Supported by a solid balance sheet position, the company has been engaged in many strategic acquisitions over the past few years.
In 2019, KeyCorp acquired Laurel Road Bank’s digital lending operation. The company had acquired Cain Brothers and HelloWallet in 2017 and First Niagara the year before. KeyCorp’s inorganic expansion initiatives are expected to keep enhancing its profitability and market share.
Over the past six months, shares of the company have gained 60.2% compared with 40.6% growth recorded by the industry.
Currently, KeyCorp sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Of late, consolidation within the finance sector has been on the rise.
Last month, M&T Bank Corporation MTB agreed to acquire People’s United Financial Inc. PBCT in an all-stock merger deal worth $7.6 billion.
Also, recently, Morgan Stanley MS completed the stock-cash deal to acquire Eaton Vance.
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