Financial technology company Envestnet has announced the launch of a new solution to help banks mitigate the risk of a so-called “SVB scenario”. The SVB scenario, or “single-vendor banking”, is a situation where a bank relies on a single vendor for all its core banking services. This can be a risky situation, as it leaves the bank vulnerable to service disruptions, outages, and other issues that could have a negative impact on its operations.
Envestnet’s new solution is designed to help banks reduce their risk by providing them with an alternative to relying on a single vendor for all their core banking services. The solution will allow banks to access multiple vendors for their core banking services, giving them more flexibility and control over their operations. This will help them reduce the risk of service disruptions and outages, as well as provide them with more options when it comes to selecting vendors.
The solution also includes a suite of tools that will help banks manage their vendor relationships more effectively. These tools will allow banks to track vendor performance, monitor vendor compliance, and ensure that vendors are meeting their contractual obligations. This will help banks ensure that they are getting the best service possible from their vendors, and that they are not putting their operations at risk due to vendor issues.
Envestnet’s solution is an important step forward in helping banks mitigate the risk of the SVB scenario. By providing banks with access to multiple vendors and tools to manage their vendor relationships, the solution will help banks reduce the risk of service disruptions and outages, as well as provide them with more options when it comes to selecting vendors. This will help banks ensure that they are getting the best service possible from their vendors, and that they are not putting their operations at risk due to vendor issues.
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- Source: Plato Data Intelligence: PlatoAiStream