– Bank Named CIO Awards Canada Winner
by IDC and CIO –
LONDON,
ON, Sept. 26, 2024 /PRNewswire/
- VersaBank has been named a CIO Awards Canada winner by IDC
Canada and CIO. VersaBank CIO, Wooi
Koay received the award at a CIO Awards Canada gala dinner
hosted at The National Club in Toronto on September
25, 2024.
CIO Awards Canada recognized VersaBank for its Capital Adequacy
Requirement (CAR) project. Canada's banking regulator requires banks to
set aside capital amounts for different loan types – known as
capital adequacy requirements (CAR) – and the regulator changes
these requirements periodically. Banks must respond promptly when
requirements are changed.
For this project, VersaBank moved the core CAR logic into a
serverless function in the cloud, which resulted in ultra-fast
computing and without impairing any of the demands on the
bank's Asset Management System (AMS). The AMS is used to
record and track assets (e.g., loans) to judiciously allocate their
capital to generate the highest return on common equity.
"We're delighted to be recognized for our continuing
technological innovation, which is the very core of VersaBank's
model as a cloud-based, branchless, business-to-business bank,
providing high value-add digital banking solutions to address the
unmet needs of our partners throughout North America," said David Taylor, Founder, President and Chief
Executive Officer, VersaBank. "Our proprietary banking software
underlies our tremendous success and growth to date in Canada, which we look forward to replicating
with our recent entry into the United
States, as our cloud-based systems enable us to operate
incredibly efficiently on both sides of the border.
VersaBank's CIO, Wooi Koay,
has played an integral role in our technological leadership,
working to develop some of the banking industry's most innovative
solutions and enabling us to continuously remain on the leading
edge of digital financial technology."
Mr. Koay has shown a remarkable ability to translate the vision
for new technology solutions, products and services envisioned by
VersaBank management, including Founder David Taylor, and translate them into
reality.
"We're excited to celebrate CIO Awards Canada 2024, which
honours Canadian IT organizations for projects driving digital
business growth through technology innovation and demonstrating
business value. We wish to congratulate this years' winners as
their projects were very inspiring and a true testament of the
highly skilled and innovative workforce here in Canada," said Lars
Goransson, Managing Director, Canada, IDC (International Data
Corporation).
Every year, CIO recognizes the tech world's most innovative
organizations and accomplished leaders. 2024 will be the third year
for this popular awards program, where CIO Awards Canada have
recognized innovative Canadian tech projects and teams.
About IDC
International Data Corporation (IDC) is the premier global
provider of market intelligence, advisory services, and events for
the information technology, telecommunications, and consumer
technology markets. With more than 1,300 analysts worldwide, IDC
offers global, regional, and local expertise on technology, IT
benchmarking and sourcing, and industry opportunities and trends in
over 110 countries. IDC's analysis and insight helps IT
professionals, business executives, and the investment community to
make fact-based technology decisions and to achieve their key
business objectives. Founded in 1964, IDC is a wholly owned
subsidiary of International Data Group (IDG), the world's leading
tech media, data, and marketing services company. To learn more
about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC
and LinkedIn. Subscribe to the IDC Blog for industry news and
insights. To learn more about IDC Canada, please visit
www.idc.com/ca or follow us on LinkedIn.
About CIO
CIO focuses on attracting the highest concentration of
enterprise CIOs and business technology executives with
unparalleled peer insight and expertise on business strategy,
innovation, and leadership. As organizations grow with digital
transformation, CIO provides its readers with key insights on
career development, including certifications, hiring practices and
skills development. The award-winning CIO portfolio provides
business technology leaders with analysis and insight on
information technology trends and a keen understanding of IT's role
in achieving business goals. CIO is published by Foundry (formerly
IDG Communications, Inc.) Company information is available at
http://www.foundryco.com Follow CIO on Twitter: @CIOonline &
@CIOevents Follow CIO on LinkedIn Follow CIO on Facebook.
About the CIO Awards Canada
The CIO Awards for Canada
celebrate Canadian organizations and the teams within them that are
using IT in innovative ways to deliver business value, whether by
creating competitive advantage, optimizing business processes,
enabling growth, or improving relationships with customers. The
award is an acknowledged mark of enterprise excellence and a source
of pride for all winning organizations.
About VersaBank
VersaBank is a North American bank (federally chartered in
Canada and the US) with a
difference. VersaBank has a branchless, digital,
business-to-business model based on its proprietary
state-of-the-art technology that enables it to profitably address
underserved segments of the banking industry in a significantly
risk mitigated manner. Because VersaBank obtains substantially all
of its deposits and undertakes the majority of its lending
electronically through financial intermediary partners, it benefits
from significant operating leverage that drives efficiency and
return on common equity. In August
2024, VersaBank launched its unique Receivable Purchase
Program (RPP) funding solution for point-of-sale finance companies,
which has been highly successful in Canada for nearly 15 years, to the underserved
multi-trillion-dollar US market. VersaBank also owns
Washington, DC-based DRT Cyber
Inc., a North America leader in
the provision of cyber security services to address the rapidly
growing volume of cyber threats challenging financial institutions,
multi-national corporations and government entities.
VersaBank's Common Shares trade on the Toronto Stock Exchange
("TSX") and Nasdaq under the symbol VBNK. Its Series 1 Preferred
Shares trade on the TSX under the symbol VBNK.PR.A.
Visit our website at: www.versabank.com
Follow VersaBank on Facebook, Instagram, LinkedIn and
X.
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SOURCE VersaBank