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NCR Inks Deal to Enhance OnPath FCU's Digital Banking Experience

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NCR Corporation recently announced a partnership with OnPath Federal Credit Union, to provide the NCR DI platform to enhance the digital banking experience for the latter’s members and consumers. Notably, the partnership will help NCR extend its reach to OnPath’s 64,000+ members.

The NCR DI platform boasts of strong marketing capabilities that will allow OnPath to make more relevant, personalized and timely offers and enhance customer and member engagement. By leveraging NCR’s platform, OnPath will be able to boost operational efficiencies by delivering stronger consumer and business banking on a single platform.

The era of rapid digital transformation across industries has increased the importance of digital engagement to strengthen customer loyalty, retention and growth, increase profitability, and fortify the competitive position.

Partnerships & Acquisitions to Strengthen Banking Business

The company’s Digital Banking Solution is witnessing solid momentum. In the last reported quarter, NCR’s Digital banking’s registered users grew 12% year over year. Moreover, the company’s services are implemented by 650 banks and credit unions.

Earlier this month, NCR was selected to provide its digital banking expertise to Redstone Federal Credit Union.

Further, in December last year, NCR’s Digital First Banking platform, including its Channel Services Platform and NCR D3 Digital Banking solutions, was selected by Wintrust Financial Corporation (WTFC - Free Report) .

Again, in October last year, First Horizon Bank migrated its clients to the NCR D3 platform to enhance their digital banking experience. The bank is also using the NCR D3 platform to help small businesses better manage their financial health.

Moreover, NCR has made a few acquisitions to advance its Banking business. On Feb 8, NCR acquired customer account opening and onboarding solutions provider, Terafina, to expand its Digital First Banking platform.

Further, in January this year, the company acquired Cardtronics to drive the acceleration of the NCR-as-a-service strategy. Cardtronics’ strong debit network is expected to further expand NCR’s payments platform and help it connect to retail and bank customers, thereby aiding customer acquisition.

NCR significantly benefits from the ongoing digital transformation across the banking industry, which has accelerated due to the global pandemic. This has increased demand for digital banking solutions across banks and financial institutions.

Zacks Rank & Stocks to Consider

NCR currently carries a Zacks Rank #3 (Hold).

A few better-ranked stocks in the broader technology sector are Skyworks Solutions (SWKS - Free Report) and Ubiquiti Inc. (UI - Free Report) , each sporting a Zacks Rank #1 (Strong Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The long-term earnings growth rate for Skyworks Solutions and Ubiquiti are currently pegged at 18.98% and 32.94%, respectively.

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