Eastern Bank creates innovation laboratory to build new banking technologies

Eastern Bank has collaborated with former members of PerkStreet Financial to form a new laboratory that will use the bank's data to create new innovations for its use and on sale to other financial organisations.

Eastern Bank has collaborated with former members of PerkStreet Financial to form a new laboratory that will use the bank’s data to create new innovations for its use and on sale to other financial organisations.

Known as Eastern Labs, the entity will be managed by Dan O’Malley, PerkStreet’s former CEO whose financial services career began at Capital One where he co-founded the company’s payments division.

Furthermore, he will serve also join Eastern as executive vice president and chief digital officer.

John Magee, PerkStreet former vice president of analytics, has been named as the senior vice president and chief data scientist. PerkStreet former CFO, Laurence Stock, will become senior vice president of emerging technologies.

The Boston-based lender said that all these executives will manage a team of more than 80 current Eastern Bank staff who will join the Lab to ensure integration with the bank’s operations, technology, and data assets.

Eastern Bank CEO, Rich Holbrook, was quoted by bizjournals.com as saying, "Eastern recognises 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.

"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."

Apart from developing new technologies, the Eastern Labs is planning to team up with companies outside the bank to further develop modern and transformative technologies within financial services.