The last days were tough waiting for a firm info about what will happen with our deposits with Silicon Valley Bank. Yet, with a chance SVB will be here to stay in a new form, we will keep them as part of our core financial strategy.
Silicon Valley Bank (SVB) was and hopefully is a leading provider of financial services to the technology and innovation sector, having served startups and venture capitalists for decades. However, the last days, the bank has experienced the worst that can happen to any bank. They failed. Despite these issues, we have decided to stick with SVB after eight years of banking with them, and we want to share why.
First and foremost, SVB has provided us with exceptional service throughout our partnership. They have been responsive, reliable, and proactive in their support of our business. From the initial onboarding process to ongoing banking services, we have never experienced anything less than top-notch customer service. They have also been very accommodating in meeting our specific needs and tailoring solutions to our unique circumstances.
Additionally, SVB's expertise in the technology and innovation sector is unparalleled. As a technology-focused company, we appreciate the fact that SVB understands the challenges and opportunities that come with this industry. They have been able to provide us with valuable insights and connections that have helped us grow our business. This level of expertise is not easily found in other banks, and it is one of the main reasons why we chose to work with SVB in the first place.
While SVB has experienced they worst setback possible recently, we believe that the right steps are being taken to address these issues and improve their operations. We believe their new Interim CEO has the right plan to keep the lights on and find the right future for SVB. But this will only work with deposits in place.
We have of course taken steps to diversify our finances. While our US based operations relied solely on SVB, we know have a Dual Bank Strategy to be independent from such issues. And of course there is hope that his is an exemption and not the next banking crisis.
And of course our clients and services matter the most, so our strategy going forward is to make sure our operations are not relying on a single provider (as we do with our technology for years).
In conclusion, we have decided to stick with Silicon Valley Bank after their recent setbacks because of their exceptional service, expertise in the technology and innovation sector, commitment to improvement, and the strong relationship we have built with them over the years.