Silicon Valley Bank is Re-Animated, Announces New Digital Banking Services

Silicon Valley Bank became emblematic of the problems with the banking industry. As the US Federal Reserve increased benchmark rates at an unprecedented speed, SVB did not adjust rapidly enough and found a huge hole in its balance sheet. Debt securities have an inverse relationship to interest rates. Months prior, everything looked great but as assets declined in value, things started to turn upside down. Eventually, SVB failed but was taken over by First Citizen Bank.

Today, SVB is announcing some new bells and whistles, including expense management features, embedded finance solutions, and “real-time onboarding.” The new and improved platform is showcasing these new features at Money20/20 this week in Las Vegas. SVB will be showcasing “SVB Go,” the online banking platform.

SVB says it is improving its digital banking services, which has already been rolled out to “tens of thousands” of clients.”

In 2024, SVB expects to launch Real-Time Payments (RTP) via its API Banking service for marketplace sellers and gig workers.

Gagan Kanjlia, Chief Product Officer of Silicon Valley Bank, issued the following statement:

“Our clients need the ability to move quickly to grow their businesses, which underlies our continued investments in the tech-forward financial solutions that will help them meet their ambitious goals. Joining forces with First Citizens has enabled us to accelerate our solution roadmap.”

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