Cleveland-based retail bank Key has agreed to take over AQN Strategies, an analytics-driven consultancy focused on the financial services sector.
Financial terms of the transaction were not revealed.
The deal is in line with the bank’s commitment to use data-driven approaches that facilitate an expansion of customer reach as well as support risk discipline.
AQN founder and managing partner Ben Sabloff noted: “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.”
As part of the deal, Sabloff and the AQN team will join Key. Sabloff will serve as Key’s head of analytics and will spearhead customer-focused analytics strategies across the bank in the new role.
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AQN focuses on offering value-based strategies to banks and fintechs. It does this by integrating data and analytics capabilities with expertise across the credit and payments value chain.
The firm has offered consulting services across nearly 50 institutions since its inception in 2016.
Key head of Payments & Analytics Ken Gavrity said: “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.
“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.”
At the end of last year, Key managed around $170.3bn in assets.
Trading under the name KeyBank National Association, the firm serves individuals and businesses in 15 states through more than 1,000 branches and around 1,400 ATMs.
Through this network, it offers a range of services including deposit, lending, cash management, and investment.
Under the KeyBanc Capital Markets name, it offers corporate and investment banking products to middle market firms in selected industries across the US.
Back in 2019, KeyBank National Association acquired Laurel Road Bank’s digital lending business.
In 2017, KeyCorp snapped up personal software platform HelloWallet from investment research firm Morningstar.