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Industry observers note how quickly Thoma Bravo LLC made a profit on a company it just acquired in August, and call the purchase a coup for NCR that could help it satisfy a technical need among banks: better consistency among channels.
December 3 -
NCR has been working to become a "hardware-enabled, software-driven business" for eight years. With its purchase of online and mobile banking vendor Digital Insight and transaction switching and fraud detection software company Alaric Systems, it's taken a big step forward.
December 2 -
NCR Corp. (NCR) has agreed to purchase Menlo, Calif.-based Digital Insight Corporation for $1.65 billion. The deal follows Intuit's sale of the mobile and online banking unit to private equity firm Thoma Bravo LLC in July.
December 2 -
Intuit Inc. said Monday it has agreed to sell its online and mobile banking division for about $1 billion in cash to Thoma Bravo LLC, a private equity firm.
July 1 -
mBank shows how banks worldwide can overhaul their online banking platforms to meet customers' rising expectations. The Polish bank offers video tellers and embedded personal financial management tools, among other features.
September 27 -
Wintrust Financial, a community bank holding company in Illinois, is piloting an app that lets customers pre-order cash at ATMs.
July 2
As NCR Corp. proceeds with the tech
The integration work will begin with NCR conversing with its new customers and identifying their tech needs to inform the 2014 roadmap.
There are
The plan to radically expand NCR's reach into more digital delivery categories has been years in the making. Now, it's a matter of execution. The company views the new talent it has acquired as a coup to help deliver its transformation vision. "People are part of what we buy for," Heyman says. "This is about addition.
"People are the biggest asset long-term.... We want them to love the new home they got."
The company also gained hundreds of new customers. Digital Insight alone gives NCR 1,000 financial institutions with 12 million online banking customers.
To be sure, NCR already offers online and mobile banking - but it accounts for a "fairly small" amount of the business to date, he says.
Among the merits gained by its Digital Insight purchase, Heyman highlights: talent, infrastructure that works with legacy products and recently rearchitected software that can now accommodate a wider range of bank customers' demands.
Both purchases plunge NCR deeper into the software category and open up the company to more revenue possibilities. The company said the acquisitions will increase NCR's available market by $5 billion. And NCR says it is now better positioned to deliver omnichannel technology bank customers demand.
"We needed to change to help our customers," says Heyman. "This is an industry in transition."
The industry's transformation into a digital age comes at a time when banks are struggling with legacy technology issues, compliance burdens and low interest rates - to name a few friction points.
"The name of the game is customer loyalty and efficiency," says Heyman.
