Silicon Valley Bank Announces the Success and Continuing Expansion of Its Online Banking Service

Company News  | 

Santa Clara, CA -- August 27, 2001 -- Silicon Valley Bank (the "Bank"), a wholly owned subsidiary of Silicon Valley Bancshares, announced the success and continuing expansion of SVBeConnectTM, the Bank's online banking service. SVBeConnect offers Bank clients the convenience of secure access to account information anywhere they have access to the Internet.

"Almost half of all the Bank's corporate clients are currently using SVBeConnect," said Stephen Rogers, Silicon Valley Bank's Cash Management division manager.

In a recent online survey of SVBeConnect, clients reported they benefited from the service by having timely reporting of current day activity, simple transaction initiation, the use of standard browser-based navigation, a secure environment for access control and access to historical data for research and reporting.

SVBeConnect exceeds the Bank Administration Institute (BAI) Industry benchmark in several key dimensions: Usefulness of Information, Consistency of Performance and Speed of Navigation. Clients also ranked the site high based on its usefulness and consistency. Nearly 80 percent of SVBeConnect clients indicated they are pleased with the service.

"We are continuing to develop and deploy new products to meet our clients' needs," said Rogers. "The Bank's goal is to become an easier financial institution to do business with, by offering comprehensive electronic business solutions to our clients."

The Bank will continue to strengthen and enhance the growth of its online banking products based on clients' demands and expectations. SVBeConnect currently offers the following services to Bank clients worldwide:

  • Global account reporting
  • Internal transfers
  • Stop payments
  • Wire transfer

Products soon to be released include:

  • ACH transaction initiation
  • Foreign exchange
  • Investments

About Silicon Valley Bank
Silicon Valley Bank serves emerging growth and middle market companies in targeted niches, focusing on technology and life sciences, while also addressing other specific industries in which it can provide a higher level of service and better manage credit through specialization and focus.

The Bank operates throughout the Silicon Valley: Santa Clara, Palo Alto and Sand Hill, the center of the venture capital community in California. Other regional offices within California include: Irvine, Los Angeles, Napa Valley, San Diego, San Francisco, Santa Barbara, and Sonoma. Office locations outside of California include: Phoenix, Arizona; Boulder, Colorado; West Palm Beach, Florida; Atlanta, Georgia; Chicago, Illinois; Boston, Massachusetts; Minneapolis, Minnesota; Durham, North Carolina; Portland, Oregon; Philadelphia, Pennsylvania; Austin, Texas; Dallas, Texas; Northern Virginia; and Seattle, Washington.

SVB Contact: Andrea McGhee, (408) 654-3078, amcghee@svbank.com.

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