Eastern Bank establishes unit to focus upon digital technology and data analytics
Forms strategic partnership with former PerkStreet Financial leadership team
BOSTON, April 28, 2014 – Eastern Bank, a full-service commercial bank headquartered in Boston, today announced that it has established a strategic partnership with former members of the leadership team of PerkStreet Financial, a Boston-based online banking start-up that grew to process $1 billion in annual volume through its banking platform. With this team, Eastern is creating Eastern Labs (http://labs.easternbank.com), whose mission will be to use the digital and data assets of the company to build a broader platform for innovation in financial services.
Dan O’Malley, PerkStreet’s former CEO whose financial services career began at Capital One where he co-founded the company’s payments division, will head Eastern Labs and join Eastern as Executive Vice President & Chief Digital Officer. John Magee, PerkStreet’s former Vice President of Analytics, will be Senior Vice President & Chief Data Scientist. Laurence Stock, PerkStreet’s former CFO, will become Senior Vice President of Emerging Technologies. In addition, a diverse group of over 80 current Eastern Bank employees will join Eastern Labs to facilitate further integration with the bank’s operations and leverage significant investments being made in technology, data and innovation.
“Eastern recognizes that the industry is going through dramatic changes and increased investments in technology and data analytics can create exciting opportunities to better serve our customers,” said Eastern Bank Chairman & CEO Rich Holbrook. “We are excited to partner with Dan and his team because of their expertise in these areas and their proven ability to create a culture of innovation within financial services.”
Eastern Labs will build new technologies for use both within and outside of Eastern Bank. Core to these technologies will be the hundreds of millions of pieces of digital data created every year within Eastern. “Banks generate incredibly powerful data, with each piece an expression of what a customer wants their money to do,” said O’Malley. “Combined with the new ways technology allows us to engage with customers, there are incredible opportunities to pursue, with Eastern’s nearly 200 years of history as the platform.” In addition to building technology, Eastern Labs will identify and partner with companies outside the bank to further develop disruptive and transformative technologies within financial services.
About Eastern Bank
Founded in 1818 and based in Boston, Eastern Bank is the largest and oldest mutual bank in the country, with $8.7 billion in assets and more than 90 branches serving communities from the Merrimack Valley to Cape Cod. Eastern Bank offers banking, investments and insurance all under one roof, and prides itself on working harder to understand its customers’ needs so it can deliver these services in a committed and personal way. Eastern Bank, which includes Eastern Bank Wealth Management and Eastern Insurance, is a recognized leader in corporate social responsibility and for its advocacy on behalf of a number of social justice causes. For more information, visit www.easternbank.com, www.facebook.com/easternbank or www.twitter.com/easternbank.
For more information, contact: Andrew Ravens, Public Relations, Eastern Bank, 781-598-8528, or e-mail Andrew Ravens.