Valley Bank is looking to move all its operations to the cloud by 2026 to achieve efficiency and scalability. 

The $61 billion, Morristown, N.J.-based bank has between 75% and 80% of its operations on the cloud already, Chief Operations Officer Russ Barrett told Bank Automation News.

Snowflake is Valley’s primary data hub provider, Barrett said. 

The bank is moving to the cloud “to have an optimized infrastructure and not necessarily to move to the cloud for the sake of moving to the cloud,” Barrett said. 

The bank is investing in data infrastructure and technology for scalability and to make operations more flexible when markets shift, Chief Executive Ira Robbins said during the bank’s fourth-quarter earnings call on Jan. 25. 

“The proactive evolution of our technology infrastructure is a less tangible, but equally significant, achievement for our organization,” Robbins said.  

Q4 earnings

 Valley Bank also prioritized its overall investment in technology in Q4, when its total noninterest expense increased 21% year over year to $340 million, with technology, furniture and equipment expenses accounting for $44.4 million of that total cost. 

The bank is looking to technology to improve its digital channels for deposits as customer demand shifts toward digital, Robbins said during the call. Only 65% of the bank’s 2023 deposits came through its branches, down 27 percentage points from 2017, Robbins said.

Digital adoption is growing across the industry, as Bank of America, JPMorgan Chase and Wells Fargo all saw increased digital usership in Q4.  

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