Tech Intelligence Bulletin (HG Insights) – Valley National Bank (Valley Bank) has selected EY and SAP to drive 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 SAP S/4HANA Cloud 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 headquartered in New York, 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 pre-delivered 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.
Keeping pace with customer expectations
“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.”
The combination of EY’s industry and business acumen and business transformation capabilities with SAP’s advanced technology solutions is helping many organizations gain the intelligence and agility needed to thrive in this era of extraordinary change.
An intelligent transformation approach can help build a strong business case for S/4HANA migration and for a wider business digital transformation. According to EY, once the SAP S/4HANA transformation is complete, companies will be poised for further innovation, better performance and competitive advantage.
Benefits of SAP S/4HANA implemented by EY
- Increase migration speed: The use of data mining, analytics, intelligent automation and machine learning reduce typical S/4HANA migration time by at least half.
- Accelerate return on investment: Resources are allocated more effectively over a substantially shorter migration timeline with differentiated spending on areas that will drive the most value.
- Reduce risk: The comprehensiveness and non-disruptive impact of automated testing can substantially de-risk migration. When using robotics to test, they can scale as needed. Testing can run continually without disrupting the business. Tools can automatically extract and organize data and bots can execute every transaction, which enables people to focus on identifying root causes.
- Provide a better experience: By accelerating the migration’s speed to value and freeing resources to focus on those areas of highest priority and value, organizations can be confident that the journey to S/4HANA will be more predictable, controlled and manageable.