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Valley National Bancorp VLY announced that the company will restructure the branches of its principal subsidiary Valley National Bank to offer mobile banking, internet banking and traditional banking services to the customers. Following the restructuring initiative, the branches of Valley National Bank will feature enhanced automation through advanced technology and equipment. The move is in line with the Bank’s strategy to enhance customer experience by offering more services at reduced operating costs.

In a release, Andrea Onorato, First Senior Vice President at Valley National Bank, said “Over the past five years we've seen an increasing demand for a digital and self-service banking experience. Since 2008, like most banks we have realized a decrease of in branch transaction volume. At the same time, our electronic payments have soared.  We are adapting to these emerging demands to engage more 'tech savvy' customers in today's banking industry.”

The restructuring initiative will commence in early 2014 and will continue upgrading technology at around 204 branches of the Bank in various phases. The Bank will deploy Interactive Video Teller Machines in the lobby area of the branches, which will be operational 24 hours a day and seven days a week. This will enable customers to connect remotely with banking staff via video conferencing facility and carry out high-end transactions, opt for a live one-to-one interaction with the staff and discuss other banking products at any time of the day.

Speaking of the restructuring initiative, Gerald H. Lipkin, Chairman, President and Chief Executive Officer at Valley National Bank, said “In order to remain a competitive financial institution, our traditional branch network needs to adapt. These restructuring efforts will help Valley modernize its branch presence while still providing the convenient and personalized service our customers expect from us.”

The initiative will also include installation of a full service ATM machine, where cash and checks can be deposited in the designated respective slots. The ATM will be equipped to count the money and display the total including the denomination of the bills deposited. In case of a check, the ATM will scan and display the image of the check confirming the receipt.

Additionally, the Bank will launch a new mobile banking app enabling tech savvy customers to carry out banking transactions remotely. Deposit accounts can be opened online through the upgraded and fully functional website of the bank. This initiative is expected to reduce the customer transaction time by nearly 50 percent while improving security and accuracy aspects of the daily banking transactions. In addition to all the technologically advanced facilities, the Bank will continue to provide conventional banking services at its regular branches.

Valley National Bank is amongst the leading commercial banks in New Jersey operating around 204 branches across 16 counties.