This is Digital, Episode 38: How Silicon Valley Bank Balances Innovation & Value

We tackle the innovative world of Silicon Valley Bank. From the constantly adapting services to meet the unique demands of tech companies in today’s fast-paced environment to their acquisition by First Citizens Bank. Milton Santiago helps us answer the question: How do you bridge the gap between cutting-edge technology and traditional banking?

Q&A

Silicon Valley Bank has always created services to meet the unique needs and challenges of tech companies, especially in times of rapid technological advancements. What opportunities and what challenges does that tailored approach bring? 

The client base that we serve is one that really focuses on transformational experiences that really improve everyone’s life in various areas. They come in different shapes and forms when it comes to maturity and their needs for banking, for example. One thing that is really constant is that their focus is on experience. They’re looking for the best possible experience because this is what people do. This segment really focuses on transforming how we do our business.  

For them, they’re engineers or scientists. They’re the people that really are focusing on disrupting and changing the way we do things for the better. Banking is not where their focus is. So our job and opportunity is to demystify the banking aspect of what they do, make their lives easier so they don’t have to focus so much on the financials, but still give them the visibility in their financials so they know they have a tomorrow to continue running their business.  

We talk a lot at West Monroe about this idea of what's a fad and what's a fundamental. As you think about new technologies that are rapidly emerging, being launched, how do you think about what's flash in the pan versus what's here to stay? 

Regardless of the technology, regardless of the opportunity, regardless of what you hear or what’s happening, the focus needs to be on your client. SVB’s North Star, and what has helped our organization succeed and create experiences that are valued and reward how our clients do business with us, has been really focusing on our clients. Everyone is different. Something that works for a large, super-regional bank is not going to work for a community bank or a global bank. You have to first reset and ask yourselves: Who is your client? What are their needs? What problems do they need solved? And then evaluate what you have.  

Something that I'm really curious about: As a leader at Silicon Valley Bank, how do you balance the importance of innovation knowing that you have a customer set with high expectations? How do you balance innovation and being cost effective? 

I think that’s a challenge that all organizations face, and we’re no stranger to that. We really look at data, analytics, and client feedback. We also survey our relationship sales organizations. We spend an enormous amount of time also with our call center, understanding the calls that are coming in—even to the point where it’s not uncommon to sit down and just listen to calls.  

As we think about our organizational goals and where we want to invest, it goes back to, once again, having multiple areas of feedback and then aligning our investments and how we’re going to solve those specific needs through those opportunities that we’ve identified. 

What does digital mean to you? 

What digital means to me is to be able to experience—and I’m using the word experience, not transact—much faster, but also deeper, than you do in an analog world.