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MVB Financial Corp. (NASDAQ: MVBF) has won the 2022 BAI Global Innovation Award for its advancements in onboarding Fintech clients, enhancing efficiency by over 100%. The award recognizes MVB's initiative, “Innovation: Onboarding Fintechs Better, Faster, Stronger…The Victor (ad)Vantage,” developed in partnership with its subsidiary, Victor Technologies. This recognition highlights MVB's commitment to innovation in commercial banking, aiming to streamline processes while adhering to regulatory standards.
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Awarded the 2022 BAI Global Innovation Award for onboarding enhancements.
Improved onboarding turnaround times by over 100%.
Recognized for originality and impact in the financial services sector.
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Fintech Onboarding Enhancements Earn MVB a Prominent Award
FAIRMONT, W.Va.--(BUSINESS WIRE)--
MVB Bank, Inc., a wholly-owned subsidiary of MVB Financial Corp. (“MVB Financial”) (NASDAQ: MVBF) (collectively “MVB”), has been named a winner of the 2022 BAI Global Innovation Awards, receiving recognition for its strategic efforts in enhancing the onboarding experience for new Fintech clients through Victor Technologies, Inc. (“Victor”), a wholly-owned subsidiary of MVB Edge Ventures, Inc.
Among hundreds of nominees, 10 winners were ultimately selected by a panel of distinguished judges from around the world who are at the forefront of innovation in the financial services sector. MVB was selected for the Innovation in Commercial Banking Onboarding Experience category based on originality and impact for its entry “Innovation: Onboarding Fintechs Better, Faster, Stronger…The Victor (ad)Vantage.”
“We found that it took a substantial amount of time to make our way through the onboarding process for our Fintech clients. There were several critical components to this process, each of which required a different tool than the rest to be effective,” said Matt West, MVB Chief Strategy Officer. “We set out to build the technology that would combine the efforts of these various components into a single solution, saving our Team and our clients time and hassle.”
“MVB and Victor have invested time, energy and dollars into our commitment to incubating innovation,” said Angela Lucas, MVB Chief Risk Officer. “Because of that, we’ve seen onboarding turnaround times improve by 100% or more than what we saw prior to this initiative while preserving our high standard of regulatory compliance.”
The BAI Global Innovation Awards, now in its 12th year, is the financial services industry’s leading innovation honor. It celebrates organizational achievements, bold solutions, powerful new technologies and improving the lives of employees, clients and communities.
“Innovation is a significant driver of the impact that successful financial services companies have on their customers and communities. The industry continues to bring powerful new approaches and solutions to better meet customer needs in new and different ways,” said Debbie Bianucci, President and CEO of BAI. “The companies and individuals recognized this year were particularly creative and focused on addressing practical issues that made meaningful improvements for customers and employees.”
MVB Financial Corp. (“MVB Financial” or “MVB”), the innovative financial holding company of MVB Bank, Inc., is publicly traded on The Nasdaq Capital Market® under the ticker “MVBF.” Through its subsidiary, MVB Bank, Inc., (“MVB Bank”) and the bank’s subsidiaries, MVB provides services to individuals and corporate clients in the Mid-Atlantic region, as well as to Fintech, Payment and Gaming clients throughout the United States. For more information about MVB, please visit ir.mvbbanking.com.
About Victor Technologies, Inc.
Victor Technologies, Inc., (“Victor”) is a wholly owned subsidiary of MVB Edge Ventures, Inc., (“MVB Edge Ventures”) and a part of the MVB Bank, Inc. (“MVB Bank”) family (collectively “MVB”). Victor provides banking technology solutions that simplify Bank-Fintech partnerships. Victor APIs help Fintech companies embed financial solutions within their apps and its Vantage tools help banks manage Fintech program risk and compliance at scale. For more information, visit https://victorfi.com/.
About BAI
BAI is a nonprofit, independent organization that delivers the financial services industry’s most actionable insights, helping leaders make strategic business decisions with greater clarity and confidence. Since its inception, BAI’s mission has been to empower financial services leaders to make smart business decisions that drive positive change and move the industry forward. Through research, training, thought leadership and industry events, BAI works to provide leaders with the trusted information they need to lead with clarity and confidence to power a strong financial services industry. For more information about BAI, please visit https://www.bai.org.
Forward-looking Statements
MVB Financial Corp. has made forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, in this press release that are intended to be covered by the protections provided under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations about the future and subject to risks and uncertainties. Forward-looking statements include, without limitation, information concerning possible or assumed future results of operations of the Company and its subsidiaries. Forward-looking statements can be identified by the use of words such as “may,” “could,” “should,”, “would,” “will,” “plans,” “believes,” “estimates,” “expects,” “anticipates,” “intends,” “continues,” or the negative of those terms or similar expressions. Note that many factors could affect the future financial results of the Company and its subsidiaries, both individually and collectively, and could cause those results to differ materially from those expressed in forward-looking statements. Therefore, undue reliance should not be placed upon any forward-looking statements. Those factors include but are not limited to: market, economic, operational, liquidity, and credit risk; changes in market interest rates; inability to achieve anticipated synergies and successfully integrate recent mergers and acquisitions; inability to successfully execute business plans, including strategies related to investments in financial technology companies; competition; length and severity of the COVID-19 pandemic and its impact on the Company’s business and financial condition; changes in economic, business, and political conditions; changes in demand for loan products and deposit flow; operational risks and risk management failures; and government regulation and supervision. Additional factors that may cause actual results to differ materially from those described in the forward-looking statements can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as well as its other filings with the SEC, which are available on the SEC’s website at www.sec.gov. Except as required by law, the Company disclaims any obligation to update, revise, or correct any forward-looking statements.
