Independent Banker - September 2023 - 67

Your money order has arrived
Inspired by a fateful food delivery, Primis Bank launched V1BE, a banking delivery service that serves both
individuals and businesses. By Mindy Charski
O
ne early morning in 2019, a
DoorDash driver rang Dennis
Zember's doorbell with a food delivery
for his son. The timing would prove to
be fortuitous.
Zember, president and CEO of
$3.8 billion-asset Primis Bank in
Glen Allen, Va., was on day 10 of
a frustrating wait for a debit card
to arrive from a large bank that
was practically down the street. A
question popped into his tired mind
after parting with the delivery driver:
" Why can't the bank do that with my
debit card? "
That inquiry would set in motion
the creation of a banking delivery
service app called V1BE. Today,
Primis customers can use V1BE to
summon drivers-at no extra cost-to
not only deliver debit cards but also
to handle services like picking up and
delivering money.
" Our CEO [Zember] is, in a way,
notorious for challenging us to push
the status quo, to not just accept
" This is something that really evidences
our company's desire and willingness to
go the extra mile and do what we got to
do to make it convenient and improve and
protect your financial future. "
-DENNIS ZEMBER, PRIMIS BANK
the way things have been because
that's how they've always been, "
says Teresa Rios, SVP at Primis and
director of V1BE. " The pain point
was convincing people [at the bank]
that this isn't out of the realm of
possibility. We can do it, and let's
figure out a way to get it done. "
The heart of V1BE
Name:
Primis Bank
Assets:
$3.8 billion
Location:
Glen Allen, Va.
V1BE is an acronym for Virtual
Interactive Banking Experience. The
" 1 " ties back to Primis, which means
" first " in Latin. The community bank
interviewed thousands of customers
to get feedback on the initial idea.
Primis launched the app in a testing
mode in August 2021 in a small
pocket of Richmond, Va. Adoption
has steadily grown ever since. Zember
says the pandemic " just made the
thesis even more relevant, " since the
pandemic closed down the whole
country a few months after the
fateful DoorDash delivery.
There were 5,400 V1BE
transactions in the first quarter of
2023-up about 350% from the first
quarter of 2022. And as of May 2023,
the service was receiving about 150
requests a day, with a total of 823
users. V1BE is now available in 306
zip codes in Virginia and southern
Maryland, which equates to about
80% of the bank's markets. V1BE's 12
drivers are typically able to service a
request in under an hour.
Meeting a variety of needs
The most popular feature that
individual customers use is " Bring
Me Money, " which is V1BE speak
for a withdrawal. Drivers collect a
signature and verify ID when they
deliver cash. Rios says that a customer
once put in a V1BE request from a
nail salon when she realized she didn't
have enough cash for a tip. Users can
independentbanker.org // 67
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Independent Banker - September 2023

Table of Contents for the Digital Edition of Independent Banker - September 2023

Contents
Independent Banker - September 2023 - Cover1
Independent Banker - September 2023 - Cover2
Independent Banker - September 2023 - Contents
Independent Banker - September 2023 - 2
Independent Banker - September 2023 - 3
Independent Banker - September 2023 - 4
Independent Banker - September 2023 - 5
Independent Banker - September 2023 - 6
Independent Banker - September 2023 - 7
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