Celent Names Silicon Valley Bank Leader in Cash Management

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Apr 02, 2024, 08:00 ET

SVB Go Receives 2024 Model Bank Award for Reinventing Cash Management

SAN FRANCISCO , April 2, 2024 /PRNewswire/ -- Silicon Valley Bank (SVB), a division of First Citizens Bank, today announced that SVB Go, its new online banking platform, has been recognized as a leading cash management solution by Celent, a global research and advisory firm for the financial services industry.

SVB Go was awarded the 2024 Model Bank award specifically for creating an innovative solution that enables its high-growth clients to bank at the pace that they run their businesses.

"The Model Bank Awards recognize how banks creatively apply technology to change the face of banking," said Colin Kerr, Principal Analyst at Celent. "Corporate clients in all market segments now expect a more personalized banking experience. Silicon Valley Bank has reinvented cash management by tailoring unique customer experiences for each stage of a client company's growth."

SVB Go was custom built as a simple and secure way to manage cash flow, issue cross-border and international payments, build custom reports in real-time and mitigate risk proactively, via an intuitive digital banking platform. The platform has been rolled out to tens of thousands of SVB clients to date and is expected to reach all clients by the end of 2024, simplifying and streamlining how they conduct day-to-day treasury management.

"Silicon Valley Bank is committed to providing, and investing in, digital solutions, products and services our clients need to scale and grow their businesses," said Gagan Kanjlia, Chief Product Officer of Silicon Valley Bank. "SVB Go was designed to meet the unique needs of our startup, founder and corporate clients. We took the concept of cash management and modernized it for this digital era. This recognition from Celent is a testament that we remain a leader in delivering unmatched customized solutions to support innovation economy companies end-to-end."

Celent's annual award program recognizes financial institutions as 'model banks' for their outstanding technology initiatives. Winning initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence. SVB was selected from more than 140 submissions from banks and credit unions worldwide, including many of the top 10-15 North American banks, as well as major financial institutions from Europe, Asia, the Middle East, and Latin America.

About Silicon Valley Bank

Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of some of the world's most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB's parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA ), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com

SOURCE Silicon Valley Bank