MVB Bank receives the BAI Global Innovation Award
Fintech Onboarding Enhancements Get MVB a prominent award
FAIRMONT, W.Va., December 23, 2022–(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 to improve the onboarding experience for new Fintech customers 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 sector. MVB was selected for Innovation in the Commercial Banking Onboarding Experience category based on originality and impact for the entry “Innovation: Onboarding Fintechs Better, Faster, Stronger…The Victor (ad)Vantage.”
“We found that getting through the onboarding process for our Fintech clients took a lot of time. There were several critical components to this process, each requiring 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 different components into a single solution, saving our team and our customers time and trouble.”
“MVB and Victor have invested time, energy and dollars in our commitment to incubate innovation,” said Angela Lucas, MVB Chief Risk Officer. “Because of that, we’ve seen onboarding processing times improve by 100% or more over what we saw before this initiative, while maintaining our high standards of regulatory compliance.”
The BAI Global Innovation Awards, now in their 12th yearth year, is the financial industry’s leading innovation award. It celebrates organizational achievements, bold solutions, powerful new technologies and improving the lives of employees, customers and communities.
“Innovation is a significant driver of the impact that successful financial services companies have on their clients and communities. The industry continues to bring powerful new approaches and solutions to better meet clients’ needs in new and different ways,” said Debbie Bianucci, President and CEO. by 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.”
Full results of this year’s winners are available at https://www.bai.org/news/bai-honors-10-companies-and-10-rising-star-leaders-as-winners-in-the-2022-bai – global-innovation-prizes/.
About MVB Financial Corp.
MVB Financial Corp. (“MVB Financial” or “MVB”), the innovative financial holding company of MVB Bank, Inc., is listed 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 customers in the Mid-Atlantic region, as well as to Fintech, payments and gaming customers 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 part of the MVB Bank, Inc. (“MVB Bank”) family (collectively ” MVB”). Victor provides banking technology solutions that facilitate Bank-Fintech partnerships. Victor APIs help Fintech companies embed financial solutions into their apps, and Vantage tools help banks manage Fintech program risk and compliance at scale. For more information, visit https://victorfi.com/.
About BAI
BAI is a non-profit, independent organization that delivers the financial services industry’s most actionable insights, helping executives 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 the clarity and confidence to drive 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 in this press release that are intended in this press release pursuant to Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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 are subject to risks and uncertainties. Forward-looking statements include, without limitation, information about possible or assumed future results of the operations of the Company and its subsidiaries. Forward-looking statements can be identified by the use of words such as “may,” “could,” “should,” “will,” “will,” “plan,” “believe,” “estimate,” “expect,” “”anticipate,” “intends”, “continues” or the negative of these terms or similar expressions. Note that many factors could affect the future financial results of the Company and its subsidiaries, both individually and in the aggregate, and could cause these results to differ materially from those expressed in forward-looking statements. Accordingly, no reliance should be placed on any forward-looking statements. These factors include, but are not limited to: market, economic, operational, liquidity and credit risks; 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; the length and severity n of the COVID-19 pandemic and its impact on the Company’s operations and financial condition; changes in economic, business and political conditions; changes in demand for loan products and deposit flows; operational risks and risk management failures; and government regulation and oversight. Additional factors that could 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.
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