MONTEBELLO, N.Y., Oct. 23, 2019 (GLOBE NEWSWIRE) -- Sterling National Bank (NYSE: STL) today announced a significant step forward in its ongoing strategy of driving positive operating leverage through entry into a new strategic relationship with Deloitte to implement the Advanced Digital Technology Program. This new program is designed to accelerate Sterling’s commitment to deploy leading technologies in the delivery of products and services to clients, middle and back office operations and IT infrastructure.
The Advanced Digital Technology Program will provide a foundation for continued future growth through a low-cost, highly scalable operating platform, efficient and agile deployment of new and enhanced services, and by advancing Sterling’s digital banking capabilities for commercial and consumer clients. Consistent with Sterling’s operating model, this program will be self-funded through direct cost savings and the continued rationalization of Sterling’s physical distribution channels and back office operations.
In the initial phase of the program, Sterling and Deloitte will focus on four key areas of opportunity:
- Migration to a cloud-based technology infrastructure that is designed to substantially improve data processing capabilities and information security.
- Deployment of robotics and automation technologies to streamline bank operations.
- Enhanced digital banking applications to expand self-service capabilities and speed to market for new banking products and services.
- Deployment of AI-enabled virtual, Digital Assistants to significantly enhance customer service experiences across multiple channels.
Today’s announcement follows the successful implementation of a number of transformational initiatives Sterling has taken to generate positive operative leverage – including:
- Launch of a digital bank; providing a channel for low all-in cost deposit generation.
- Implementation of robotics process automations across a number of back-office processes.
- Augmentation of Sterling’s team-based delivery model with digital enhancements.
- Continued rationalization of Sterling’s financial center network.
“The banking sector continues to see tremendous advances in digital customer engagement and automation technologies which has created many opportunities for our industry. Our Advanced Digital Technology Program is a key element of Sterling’s strategic vision to grow and expand the services we provide to our commercial and consumer client base through digital channels, and to further establish an efficient operating platform that can support our long-term growth,” said Jack Kopnisky, President and CEO of Sterling National Bank. “We are pleased to grow our relationship with Deloitte to accelerate the implementation of these key technologies.”
Sterling’s relationship with Deloitte also includes co-investment in discovery exercises to incubate new opportunities for revenue generation, efficiencies or enhanced digital capabilities. Deloitte’s robust innovation ecosystem provides services and industry insights to accelerate Sterling’s transformation journey. Deloitte will support Sterling in implementing and operating its cloud infrastructure; service desk; new computing capabilities; and digital platforms transformation, including advanced conversational AI capability.
“Deloitte has provided a broad set of industry and transformational capabilities to advise, implement and operate key programs for Sterling as part of the Advanced Digital Technology Program. We are pleased to continue supporting Sterling in their innovation journey,” said Brian Johnston, Principal, Deloitte Consulting LLP, and Financial Services Leader.
About Sterling National Bank Sterling Bancorp, of which the principal subsidiary is Sterling National Bank, specializes in the delivery of financial services and solutions for small to mid-size businesses and consumers within the communities we serve through a distinctive team-based delivery approach utilizing highly experienced, fully dedicated relationship managers. Sterling National Bank offers a complete line of commercial, business, and consumer banking products and services. For more information, visit www.snb.com.
About DeloitteDeloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 5,000 private and middle market companies. the industry sectors that drive and shape today’s marketplace — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthy society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to of member firms spans more than 150 countries and territories. Learn how Deloitte’s more than 312,000 people worldwide make an impact that matters at www.deloitte.com.
Forward-Looking Statements This release may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may concern Sterling's current expectations about its future results, plans, operations and prospects and are subject to numerous assumptions, risks and uncertainties, including inflation; the effects of, and changes in, trade; changes in asset quality and credit risk; introduction, withdrawal, success and timing of business initiatives; capital management activities; customer disintermediation; and the success of Sterling at managing these risks. Other factors that could cause Sterling's actual results to differ from those indicated in forward-looking statements are included in the "Risk Factors" section of Sterling's securities filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and Sterling specifically disclaims any obligation to update these statements in the future.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.
STERLING NATIONAL BANK:
Luis Massiani Chief Financial Officer845-369-8272Sterling Bancorp