NEWS : PRESS
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
About Virtual Strategy,
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
Virtual Strategy is located at:
236 Huntington Ave. Suite 316,
Boston, MA 02115.
For more information, e-mail:
call: 617-262-3308, or visit the Web site at www.virtual-strategy-inc.com.