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Fidelity National Information Services FIS and Cadence bank CADE has signed an agreement to move the basic on-premises banking platform from CADE to a solution hosted by FIS as the bank ramps up its modernization efforts.
FIS’s cloud-based hosted solution includes its pioneering Service Level Agreement (SLA) for service troubles, a large team of talented staff, and strong security and support features. The move from Cadence to the FIS hosted solution will help CADE gain operational skills and scale its services to grow the business. The adoption will put CADE in a better position to meet the future needs of its target consumers.
As Cadence moves towards digital transformation, FIS’s hosted solution provides it with the disposition to emanate innovative technologies faster than its previous efforts. This will allow Cadence to meet the changing business needs and the transfiguration strategy.
Andrew Beatty, Head of Corporate Banking at FIS, said: “FIS’s hosted core platform not only gives Cadence the capabilities and flexibility it needs in this fiercely competitive marketplace, but also gives them the ability to provide advanced services to their customers. “
James D. “Dan†Rollins III, President and CEO of Cadence, said, “Cadence is committed to serving our customers where they are, and it’s important to note that their expectations are changing faster than ever before. Transition to FIS ‘The core hosted banking solution will provide the efficiency and stability we need while allowing us to focus on growing our business and improving the banking experience for our customers. â€
The adoption of cloud technology for basic banking has been revolutionizing the banking industry for quite some time, especially in the dynamic era of financial technology. Cadence’s move to a private cloud solution hosted by FIS will adapt to the current trend in providing basic banking services. This will help CADEl reduce its total cost of ownership (TCO) and provide increased data security and agility in its operations.
Fidelity shares have lost 30% in the past six months, while Cadence shares have fallen 5%. Both stocks are currently Zacks Rank # 3 (Hold). You can see The full list of Zacks # 1 Rank (Strong Buy) stocks today here.
Image source: Zacks Investment Research
Actions to consider
Some better ranked actions in the banking space are Shore Bancshares SHBI and Southern First Bancshares SFST. Currently, SHBI sports a Zacks Rank # 1, while SFST carries a Zacks Rank # 2 (Buy).
Shore Bancshares shares have jumped 39.3% over the past year, while Southern First shares have gained 74.6%.
Over the past 30 days, Zacks ‘consensus estimate for Shore Bancshares’ current year earnings has been revised up 21.7%, while Southern First’s has moved 9 , 1% to the north.
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Fidelity National Information Services, Inc. (FIS): Free Stock Analysis Report
Shore Bancshares Inc (SHBI): Free Stock Analysis Report
Southern First Bancshares, Inc. (SFST): Free Stock Analysis Report
Cadence Bank (CADE): Free Stock Analysis Report
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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