Wayne-based Valley Bank on Monday announced the launch of a new innovation platform that will accelerate and enhance its collaboration with fintech companies, which will allow it to more easily meet the needs of its customers in a rapidly evolving digital environment.
Advancements in technology are raising customer expectations for financial products and services, and with customers now having more options than ever to choose from, the cost of inaction has substantially increased for financial institutions.
Understanding this environment, Valley said its innovation platform, powered by NayaOne, is designed to embrace technological change, and enable the company to continue to transform its operations and deliver best-in-class customer experiences through partnerships with fintech companies.
The platform is already integrated with the products and services of hundreds of fintech companies through a simple and intuitive onboarding process. It also provides a set of tools to create and apply synthetic data, allowing Valley and its fintech partners to test-drive new solutions at pace within a safe, structured and separate sandbox environment.
“This platform shows how regional and community banks can access and leverage fintech products and services to meet and even exceed customer expectations through partnerships,” Stuart Cook, chief innovation officer for Valley Bank, said. “Valley is committed to inventing on behalf of our customers, while supporting an amazing network of fintech partners. With this launch, we are deploying a more efficient design-and-test process, which will ultimately help us reduce the time-to-market to deliver new solutions.”