VersaBank President and CEO David Taylor was one of four individuals recognized for innovation excellence by the 2018 BIG Innovation Awards, presented by the Business Intelligence Group, and announced on Feb. 7, 2018. A total of 55 organizations and people were recognized for bringing new ideas.
Taylor won an individual innovation award for successfully envisioning and executing on the creation of a branchless, digital bank that leverages the power of custom-designed software to create tailored solutions specific to client needs.
“I’m honoured that the Business Intelligence Group and its judges recognized our efforts,” says David Taylor, President and CEO of VersaBank. “We have invested in highly skilled, experienced people and in advanced computing technologies to create unique and innovative banking products that are making a real difference in the lives of our customers.”
Today, VersaBank is a growing, publicly traded, high-margin, low-leveraged branchless chartered bank with tremendous growth potential. When Taylor launched a branchless, digital bank back in 1993, it was a unique vision and model that was ahead of its time. Taylor had to educate customers, regulators, others in the banking industry, and partners about this new approach.
One of the first niche markets Taylor’s VersaBank targeted was the geographically remote Canadian Arctic, financing public sector projects such as hospitals, schools, pipelines which presented little risk because they came with government guarantees. This was a classic under-served niche market and under Taylor’s leadership, the Bank provided much needed services for Canada’s Indigenous peoples..
In addition, Taylor’s VersaBank developed customized web-based banking packages for the insolvency industry, provided back-end funding for the fintech industry and point-of-sale financiers so that people can lease their hot water heaters, have cosmetic surgery or lease equipment for their retail or business operations. This provides fintechs with the ‘fuel’ required to keep financing their customers.
In January 2018, VersaBank announced that it is developing a Blockchain-based vault initiative to securely store digital property. In essence, it will be a digital safety deposit box, known as the VersaVault, where customers can easily, safely and privately store their digital valuables, including crypto currencies, with the security and trust that comes with a Canadian chartered bank. There has been considerable interest in this announcement.
“This year’s winners show the diversity of innovation and its impact on the economy, our cultures and the world as a whole,” said Maria Jimenez, chief operating officer of the Business Intelligence Group. “We are thrilled to be honoring David Taylor as he is leading by example and making real progress on improving the daily lives of so many.”