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Valley Bank Digitally Transforms Financial Systems with SAP and EY

August 13, 2020, 09:10 AM
Filed Under: Banking

SAP SE announced that Valley National Bank (Valley Bank) has chosen SAP S/4HANA® Cloud to power its digital transformation journey and obtain more meaningful business insights.

EY, a global leader in assurance, tax, transaction and consulting services, will help implement the solution —which will replace Valley Bank’s previous financial systems. The combination of EY teams’ industry and business acumen with SAP’s advanced technology solutions will help Valley Bank become an intelligent enterprise, gaining the agility needed to thrive in the finance industry.

Valley Bank is a regional bank and principal subsidiary of Valley National Bancorp (NASDAQ: VLY) headquartered in New York, N.Y., with approximately $42 billion in assets and 200 branch locations in New Jersey, New York, Florida and Alabama. The financial institution, offering both retail and commercial banking services, chose SAP S/4HANA Cloud to eliminate the current extensive manual workflow processes and reconciliations. With stable architecture, high integration and predelivered best practices, SAP S/4HANA Cloud will allow Valley Bank to make data-driven decisions based on meaningful insights, rather than spend time on manual processes.

“We provide personalized service and custom solutions so our customers can make smarter, safer and more convenient money-management choices,” said Valley Bank’s SEVP and CFO, Mike Hagedorn. “Making this journey to digitally transform our financial systems enables us to better deliver on this goal. With SAP S/4HANA Cloud, we’re able to achieve more, faster, which will be critical to keep pace with our customers’ expectations.”

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