Valley National Bank, a principal subsidiary of Valley National Bancorp (NASDAQ: VLY), announced the launch of “a new innovation platform which will accelerate and enhance its collaboration with fintech companies to meet the needs of Valley’s 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’s innovation platform 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.”
Powered by NayaOne, 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.”
Stuart Cook, Chief Innovation Officer for Valley Bank, said:
“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. 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.”
As noted in the update, NayaOne claims it is “a leading financial technology company focused on bringing financial institutions and the fintech ecosystem together to accelerate digital transformation and innovation in the financial services industry.”
NayaOne’s platform “provides a single point of access to the latest fintech innovations and data, enabling financial institutions to stay ahead of the competition in a rapidly changing digital landscape.”