Silvergate Bank Software Purchases and Digital Transformation Initiatives

Discover the latest software purchases and digital transformation initiatives being undertaken by Silvergate Bank and its business and technology executives. Each quarter our research team identifies on-prem and cloud applications that are being used by the 220 Silvergate Bank employees from the public (Press Releases, Customer References, Testimonials, Case Studies and Success Stories) and proprietary sources.

During our research, we have identified that Silvergate Bank has purchased the following applications: DotCMS for Content Management in 2021, IBM Cloud (formerly IBM Bluemix and IBM SoftLayer) for Application Hosting and Computing Services in 2021, Amazon EC2 for Application Hosting and Computing Services in 2020 and the related IT decision-makers and key stakeholders.

Our database provides customer insight and contextual information on which enterprise applications and software systems Silvergate Bank is running and its propensity to invest more and deepen its relationship with DotCMS , IBM , Amazon Web Services (AWS) or identify new suppliers as part of their overall Digital and IT transformation projects to stay competitive, fend off threats from disruptive forces, or comply with internal mandates to improve overall enterprise efficiency.

We have been analyzing Silvergate Bank revenues, which have grown to $20.0 millions in 2019, plus its IT budget and roadmap, cloud software purchases, aggregating massive amounts of data points that form the basis of our forecast assumptions for Silvergate Bank intention to invest in emerging technologies such as AI, Machine Learning, IoT, Blockchain, Autonomous Database or in cloud-based ERP, HCM, CRM, EPM, Procurement or Treasury applications.

About the Customer

Silvergate Bank is a wholly owned subsidiary of Silvergate Capital Corporation. Silvergate Bank is dedicated to providing the highest level of personal service to our customers. A commitment to customized banking solutions that satisfy both current and long-term needs is redefining the way our bank partners with companies and individuals. Privately held and headquartered in La Jolla, Calif., Silvergate Bank is a business-focused bank with nearly $1 billion in assets. It has operated in the San Diego area since 1988. 

Scope and Challenges

Regularly competes with much larger regional and global banks. Increasingly, its customers were demanding the digital capabilities that larger banks offered–namely, the ability to manage their routine and complex business transactions at any time, from any device. Challenged to convert to a modern core banking system and implement best-in-class business banking capabilities.

Outcome and Implications

Silvergate Bank has implemented a more modern technology environment, using FIS technology solutions, including a new core banking system, wanted to improve integration among products, lower operation costs and better compete with larger financial institutions. Focused on providing the highest level of personal service to customers, Silvergate implemented the new solutions from FIS to better equip the bank and its staff to meet the growing needs of customers. The FIS core banking suite allowed the bank to streamline many of its third-party systems, such as account opening and loan servicing, resulting in improved operational efficiency and cost-effectiveness. By consolidating a wide-range of third-party relationships into FIS solutions that work together and require less oversight, the bank has realized significant efficiency gains. Combined with the quality of FIS’ support teams, that gave bank leaders the confidence that FIS could best position them for a strong future.

Quotes

“At Silvergate Bank, we’re committed to providing customized banking solutions to our customers that satisfy their needs today and over the long-term, FIS was an exemplary partner throughout this conversion, advocating for our needs and making this the smoothest core conversion anyone here had ever experienced." said Alan Lane, CEO, Silvergate Bank.