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NEWS : PRESS RELEASE
Eastern Bank Implements Virtual Strategy's Next-Generation e-Strategic Enterprise Management (e-SEM) Solution Boston -- June 19, 2001 -- Virtual Strategy, Inc., the first true e-Strategic Enterprise Management (e-SEM) solutions provider, today announced that Eastern Bank, a $5 billion full-service bank located in Boston, is implementing an advanced enterprise management solution using Virtual Strategy Version 2.0. "Eastern Bank is a customer focused, technologically advanced institution that will now have the ability to leverage dynamic, strategic information across their entire organization in real time," said David Bowman, Founder and Chief Executive Officer of Virtual Strategy. "Virtual Strategy's scenario management technology enables Eastern Bank's executives to visualize how different strategies, such as offering a new products or services, would benefit its business and customers." Lloyd Hamm, Executive Vice President and Chief Information Officer of Eastern Bank, said Virtual Strategy's solution further solidifies the bank's position as an innovative leader in the banking industry. "With Virtual Strategy's solution, managers will always have the latest information regarding the operations and profitability of their branches, products, customers, and accounts," Hamm said. "Executives can decide how to package new offerings while also monitoring enterprise-wide data concerning the organization as a whole to improve customer service and profitability. Virtual Strategy's solution reports up-to-date information across the entire organization, providing salability and capability where other solutions fall short. Our managers can now use that information to provide levels of enhanced customer service or to initiate programs, such as cross-selling or special promotions. This will benefit Eastern Bank's current customers and help us attract new business as well." Virtual Strategy's innovative technology allows for a complete enterprise model accessing data from numerous transaction systems to be assembled in months vs. years, gigabytes vs. terabytes, with real time data vs. latent data, individually personalized views vs. predetermined static views, and on Intel machines vs. a large-scale data bank. A corporation's resulting return on investment is substantially higher and cost savings are realized within months instead of years. "In less than a month, Virtual Strategy provided the bank with a next-generation solution that gathers information from different transactional systems and data warehouses to facilitate analysis, decision making, scenario management and proactive consideration of alternatives in real time. Virtual Strategy's solution is scalable across our entire enterprise, with a low cost of implementation and operation," said Hamm. About Eastern Bank Based in Boston, Eastern Bank is a $5 billion full-service banking company with offices in Eastern Massachusetts. Eastern Bank's lines of business include consumer banking, corporate lending, capital markets, small business banking, cash management, asset-based lending, equipment leasing, private banking, trust and investment management, mortgage banking, and consumer finance. For more information, contact: Joe Bartolotta, Public Relations Director, Eastern Bank, 781-596-4411, or e-mail j.bartolotta@easternbk.com. About Virtual Strategy, Inc. Virtual Strategy delivers e-Strategic Enterprise Management (e-SEM) solutions that enable senior executives to have a dynamic, personalized view of the entire enterprise combined with the ability to evaluate strategic alternatives. Virtual Strategy's proprietary microCube™ solution allows companies to immediately respond to customers, partners and investors by making accurate, real-time decisions concerning profitability, mergers and acquisitions, restructuring, and cutbacks, while leveraging the companies' existing investments in data warehousing and business intelligence. Virtual Strategy is located at: TechCTR@Boston, For more information, e-mail:
info@virtualstrategyonline.com,
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