KeyCorp acquires data analytics company AQN Strategies
Financial terms of the deal were not disclosed.
AQN is a self-proclaimed leader in business advisory services for payments, consumer loans and small business who has advised nearly 50 companies over the past five years.
“Founded in 2016, AQN’s highly experienced operators have worked with banks and fintechs across the industry to deliver value-based strategies by combining rigorous data and analytics capabilities with expertise across all industries. the credit and payments value chain, ”the Cleveland parent company said. KeyBank in its ad. “This acquisition aligns with Key’s relationship strategy and underscores the bank’s continued commitment to using data-driven approaches that allow simultaneous expansion of customer reach while maintaining a rigorous focus on the discipline of risk.”
Along with the closing of the transaction, AQN founder Ben Sabloff has been appointed Key’s chief analyst, where he will lead customer-centric analytics strategies across the bank.
“I am delighted to welcome Ben Sabloff and the AQN team to Key. Having worked with them for the past two years as a consultant at Key, I am delighted to combine Key’s unique platform and AQN’s in-depth analytical expertise, ”said Ken Gavrity, Director of Key responsible for payments and analysis, in a press release. “The dynamic nature of our industry and the vast amounts of data available from our growing digital environment require a relentless focus on ideas and experimentation to drive customer value and create great customer experiences. Ben has created a world-class team, and we look forward to his influence and leadership as we continue our digital and analytics transformation. ”
Indeed, the acquisition is in line with similar fintech-related companies that Key has formed in the past, which have broadly strengthened various areas of the business.
Laurel Road, which has been used as a student loan refinancing platform for medical professionals, is particularly beneficial for Key. President and key CEO Chris Gorman noted during an earnings call in January that the company is rolling out a national affinity digital bank focused on physicians, dentists and other healthcare workers, which is a service based on the Laurel Road platform. This digital bank will continue to serve the same healthcare niche, but will offer additional services including mortgages, personal loans and deposit collection.