London’s VersaBank Earns Award for Innovating Key Banking Process with Cloud Tech

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London’s VersaBank Earns Award for Innovating Key Banking Process with Cloud Tech

The tech-forward VersaBank this week celebrated its position as a winner at this year’s third-annual CIO Awards Canada powered by IDC.

The CIO Awards for Canada celebrate organizations 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 Awards recognized VersaBank for its Capital Adequacy Requirement project. For this project, VersaBank moved core logic into a server-free function in the cloud, which resulted in faster financial computing without impairing any of the demands on the bank’s Asset Management Systems, which is is used to record and track assets to allocate capital to generate maximum 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,” stated David Taylor, Founder and Chief Executive Officer of 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,” Taylor continued.

VersaBank’s chief information officer, Wooi Koay, received the award at a CIO Awards Canada gala dinner hosted at The National Club in Toronto on September 25. The winners were originally revealed in late July.

“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,” Taylor said.

Formerly known as the Pacific & Western Bank of Canada, VersaBank was founded as a trust company in Saskatchewan in 1980 before moving its headquarters to Ontario. The company recently acquired Stearns Bank Holdingford for roughly $19M to expand into the U.S.

“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,” stated Lars Goransson, Managing Director of Canada for IDC.

International Data Corporation is a global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets.

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