Saturday, March 11, 2023

Silicon Valley Bank Fails After Run on Deposits - The New York Times

One of the most prominent lenders in the world of technology start-ups, struggling under the weight of ill-fated decisions and panicked customers, collapsed on Friday, forcing the federal government to step in.

The Federal Deposit Insurance Corporation said on Friday that it would take over Silicon Valley Bank, a 40-year-old institution based in Santa Clara, Calif. The bank's failure is the second-largest in U.S. history, and the largest since the financial crisis of 2008.

Date: 2023-03-10T17:00:15.000Z
Twitter: @nytimes
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Most of Silicon Valley Bank's Deposits Were Uninsured | Time

S ilicon Valley Bank was aptly named: It held the funds of hundreds of U.S. tech companies and was a crucial player in the valley’s economy. But on Friday, it became the second largest bank failure in U.S. history after a rapid run on its deposits.

But more than 85% of the bank’s deposits were uninsured, according to estimates in a recent regulatory filing. That’s because FDIC deposit insurance is meant for everyday bank customers and maxes out at $250,000.

Publisher: Time
Date: 2023-03-10T23:38:07.000Z
Twitter: @TIME
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Silicon Valley Bank customers scramble to meet payroll, pay bills

Publisher: CNBC
Date: 2023-03-10T22:09:03 0000
Author: https www facebook com CNBC
Twitter: @CNBC
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4 Principles for Improving Customers’ Digital Experience

Companies, despite exploding technological power, are failing to keep up with rising customer standards. Customer service technology should build a customer dialogue and foster deeper relationships, just as the best human customer service representatives do.

Customer expectations are outpacing technological innovation. We can all think of instances where companies, despite exploding technological power, are failing to keep up with rising customer standards.

Publisher: Harvard Business Review
Date: 2023-03-10T13:15:06Z
Twitter: @harvardbiz
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Don't Hang Up on Your Customers | Inc.com

IT NEVER CEASES to amaze me how the same companies that gladly fork over vast sums of money to marketing agencies to " build their brands " then go to such extraordinary lengths to undermine them.

And, because I shared my positive experience with more than a few people, the brand got itself an unpaid ambassador. Thank you, Kohler. That's how word-of-mouth works, and it's very effective.

Publisher: Inc.com
Date: 2023-03-10 05:30:00
Author: Carey Smith
Twitter: @Inc
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