NCR Partners Sensibill to Develop Digital Banking Solution
NCR Corporation NCR recently entered into a partnership with digital receipt and data provider, Sensibill, to develop a solution for bank customers to store, organize and manage their receipts.
The NCR Digital Banking solution runs on AI-driven data pulling and smart receipt capture technologies, which aid in improving financial management. Sensibill’s technology itemizes and categorizes receipt data. This gives insights to NCR's banks into customers' purchase behavior.
Moreover, customers will be able to instantly get purchase information from their bank’s mobile app. These receipts are then stored and can be retrieved or exported as required.
With the easy expense report management and tracking that comes with the solution, small firms can also maximize tax deductions and audit-proof their business.
How NCR’s POS Business Stands to Benefit
The partnership will be mutually beneficial for both the companies. Sensibill’s receipt technology will further enhance NCR’s point-of-sale (POS) business. On the other hand, access to NCR’s customers will help Sensibill grow as a preferred digital receipt and data provider for banks.
In the last reported quarter, NCR suffered a slight decline in the POS business due to lower orders year over year. However, the company is focusing on boosting this profit-rich business, and this is showing significant results.
Recently, NCR announced that a family-owned chain of supermarkets — Northgate González Markets — which serves communities in Southern California, has chosen NCR Emerald, the next generation POS enterprise software.
Further Efforts to Boost POS Business
Despite last quarter’s setbacks, demand for NCR’s POS solution in banking, retail and hospitality industries remains strong as it facilitates the automation of bill payment and accounting. Changing customer preference toward cashless transactions, along with rising demand for additional payment options is boosting demand for POS systems.
The company’s Digital Banking Solution is receiving positive feedback from customers on its new features. During the first quarter of 2019, it signed seven new digital banking customers.
In Digital First Restaurant, NCR recently launched its subscription model for Aloha POS solution, and received positive customer feedback.
Last month, NCR announced the buyout of Denver-based BEC— a provider of hospitality POS technology to expand its hospitality business.
NCR had strengthened its position in the POS market through the acquisition of Radiant Systems in August 2011. According to Acumen Research and Consulting, the global market size for POS terminals will reach $107.5 billion by 2026, witnessing a CAGR of 8% from 2018 to 2026. The cloud segment is expected to expand at the highest CAGR over the forecast period. A report from Global Market Insights states that the retail segment led the market in 2018, and is likely to maintain its dominance.
Thus, NCR with its varied offerings of POS terminals and solutions should be able to capitalize on these growth opportunities.
NCR Corporation Revenue (TTM)
Zacks Rank & Stocks to Consider
NCR currently has a Zacks Rank #3 (Hold). Few better-ranked stocks in the broader Computer and Technology sector are Infineon Technologies IFNNY, j2 Global, Inc. JCOM and Cirrus Logic, Inc. CRUS, eachsporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth rate for Infineon, j2 and Cirrus is projected to be 3.40%, 8% and 15%, respectively.
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