Peapack Private Bank & Trust
A Look at Excellence
Modules | Account Opening, KYC, EDD & Annual Reviews
Founded in 1921, Peapack-Gladstone Bank is a commercial bank that provides innovative wealth management, investment banking, commercial and retail solutions, to businesses and consumers. Peapack Private, the Bank’s wealth management division, offers comprehensive financial, tax, fiduciary and investment advice and solutions, to individuals, families, privately held businesses, family offices and not-for-profit organizations, which help them to establish, maintain and expand their legacy. Together, Peapack-Gladstone Bank and Peapack Private offer an unparalleled commitment to client service. Visit www.pgbank.com and www.peapackprivate.com for more information.
A Partnership with Vikar
Partnering with Vikar, as exemplified by Peapack-Gladstone Bank's implementation, offers a transformative approach to banking operations through its One Vikar solution, which automates and streamlines manual processes like account opening and KYC across retail, commercial, and wealth management. This enterprise-level platform provides a unified digital experience for both employees and customers, fostering enhanced collaboration among business units by offering a common interface and shared access to client information, thereby eliminating silos and enabling seamless cross-selling opportunities. Vikar's unique straight-through digital processing and holistic integration with core banking systems ensure efficiency, intuitive usability, and reduced training needs, ultimately revolutionizing how banks conduct business.
"As the Chief Risk Officer and Head of Compliance at Peapack Private Bank & Trust, I am thrilled to support our exceptional partner, Vikar Technologies. Their innovative solutions have been instrumental in developing our automated KYC program that significantly enhanced our client onboarding process and secured a means to our growth over the past few years. This collaboration has not only streamlined our operations but also ensured compliance with regulatory standards, allowing us to serve our clients more efficiently and securely. We look forward to continuing this successful partnership and exploring new avenues for growth and innovation together."
This solution efficiently handles a range of critical processes, including Prospect KYC, Account Opening, KYC, EDD (Enhanced Due Diligence), and Annual Reviews. It supports diverse account types such as retail (checking, saving, money market, CDs), personal, commercial, and wealth accounts across individuals, businesses, and trusts. Seamlessly integrating with key systems like JH SilverLake, Synergy, Yellow Hammer, TruStage, Effectiv, Thomson Clear, Panama Papers, ChexSystems, DocuSign, and SSO, the solution has demonstrated significant results, with over 6,200 retail accounts opened in 16 months and over 14,000 processes completed across KYC, Prospect KYC, EDD, and Account Opening.