Axxiome, an SAP partner specializing in core banking, will implement the SAP solutions for increased efficiency as the bank begins to digitalize core tasks such as deposits, loans and customer account management.
Valley National Bank also will use SAP HANA software to boost real-time analytics and transform the complete channel experience using Axxiome Digital hosted by DXC.
“The combination of Axxiome Digital and SAP for Banking solutions serves as the cornerstone in Valley National Bank’s digital transformation journey,” Axxiome CEO Michael Mauk said. “The solution architecture developed allows Valley National Bank to extract the best of SAP’s superior technology while presenting a compelling and viable option for other small and midsized banks in the United States.”
Valley National Bank chose SAP for Banking solutions and SAP S/4HANA to create a fully integrated financial system that provides real-time banking, easy and flexible configuration capabilities, and a 360-degree view of the customer. The real-time insights enabled by SAP for Banking solutions, combined with Axxiome Digital as an intelligent digitalization platform, will allow the bank to become flexible and nimble. In addition, Valley National Bank plans to concurrently move all its systems into a single-tenant managed cloud.
“Like many financial institutions, Valley National Bank found itself outgrowing the legacy software it had come to rely on for critical business functions,” said Falk Rieker, SAP global vice president and head of Banking. “The banking and finance industry is rapidly transforming, and organizations wishing to become leaders must embrace a digital core to truly become intelligent enterprises. SAP is proud to partner with Valley National Bank on its digital journey to not only improve its own business but also positively influence the ecosystem of other community banks in the United States.”
The SAP for Banking solution portfolio streamlines core processes with a comprehensive collection of integrated technologies applicable to omnichannel customer engagement, transactional banking, payments, finance and risk management, human resources and procurement. It is the direct result of the company’s more than 40 years of industry knowledge and a spirit of cocreation with banks in pushing cutting-edge technologies to the forefront of financial services.
“In order to provide customers with a modern financial experience, banks must evolve the way they do business to include a digital-first approach,” Valley National Bank President and CEO Brad Scrivner said. “Valley National Bank understands this reality, and we are excited to partner with SAP and Axxiome through this digitalization process. Their collective expertise will allow us to dramatically improve the way we currently engage with customers, automate everyday job functions and create new processes to position ourselves as a leader in the U.S. financial market.”