Valley National Bank breathes life into its new innovation platform through a new partnership to allow regional and community banks to better access and leverage the benefits of digital.
In recognition of the growing necessity to service customers with access to the best digital banking tools, New Jersey-headquartered Valley National Bank, a principal subsidiary of Valley National Bancorp, is launching a new innovation platform aimed at accelerating and enhancing its collaboration with fintech companies to meet the needs of Valley’s customers in a rapidly evolving digital environment.
The rising customer demand for financial products and services is becoming a firm trend within the industry. Led by fast-moving advancements in technology, customers now expect a wide range of product options as a default.
With this, the cost of inaction among financial institutions has significantly increased and comes at the hefty price of major reputational damage to the offending party.
Understanding this environment, Valley’s newly-released 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 innovation platform is powered by the technology of the UK-based fintech NayaOne, which is the largest integrated fintech marketplace in the UK and Europe. Its 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.
In addition, the NayaOne platform is already integrated with the products and services of hundreds of fintech companies through a simple and intuitive onboarding process. The platform celebrated reaching the milestone of 100 fintechs on its platform in April of last year.
NayaOne 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,” comments Stuart Cook, the bank’s chief innovation officer.
“Valley is committed to inventing on behalf of our customers while supporting an amazing network of fintech partners,” continues Cook.
“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 the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with approximately $57billion in assets.
The bank operates numerous branch locations across New Jersey, New York, Florida and Alabama, and is, above all, committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs.