In the early 1990s, when the branchless bank was still a dream for North American financial service providers, VersaBank (TSX: VB) decided to change this and build one. Canada’s first digital-only bank was banking reimagined by engineers, unimpeded by legacy infrastructure and legacy thinking.
But for VersaBank, the true potential of virtual banking wasn’t just more efficiency, it was more choice. Now, the company is a Schedule I, Canadian chartered bank. They are licensed to operate across Canada and are a member of the Canada Deposit Insurance Corporation and the Canada Mortgage and Housing Corporation.
In this interview, Omar Khafagy, CFA, client success specialist at TMX Group, speaks with David Taylor, CEO of VersaBank, about the company’s structure as a digital bank, the risks that financial institutions face and how the company is mitigating them, and their opportunities for growth in the coming years.