The private labeled financial and banking solutions provider for non-banking entities, Bancorp has forayed into blockchain technology. In order to create new-age financial technology solutions for its customers, the company has announced the launch of Cube8 Innovation Lab.
Cube8 will be a fintech innovation and development studio dedicated to exploring and implementing unconventional and radical ideas in financial technology. The company, in a recent press release, has stated that the goal of Cube8 is to create new opportunities for Bancorp. The technology developed by Cube8 will be absorbed by the parent, Bancorp to further strengthen its existing business strategies and operational efficiencies. This will also potentially create additional revenue streams.
Cube8 Innovation Lab will initially focus on digital lending, digital payments, blockchain and mobile payments applications. The press release also states the possibility of the lab working along with other companies along the same lines to realize the full potential of applications under development.
In a statement, the Chief Innovation Officer of Bancorp, Pete Chiccino says,
“Cube8 is the next logical step for The Bancorp with respect to innovations. While the Bancorp has always invested in innovation within out various business lines, we are now making it a dedicated priority for the overall organization.”
In addition to blockchain and financial technology, Cube8 labs will also focus on the regulatory aspects of banking and financial services. It has announced that the innovation studio will be working on improving the efficiency in implementation and compliance of requirements surrounding the AML, KYC, and Bank Secrecy Act.
The Bancorp has been actively involved in promoting advancements in fintech sector. It has been a partner in various industry events in the past. The increased interest in fintech comes at the time when the banking sector is increasingly working in collaboration with fintech startups and other companies to improve their existing infrastructure.