U.S.-based full featured internet bank Bancorp, Inc. announced the creation of ‘Cube 8’, which is a new, fully dedicated fintech innovation studio where powerful ideas are incubated.
According to the official release, Cube 8 is a space where the company will explore unconventional and radical ideas in the fintech sector in order to inspire changes and new opportunities that enhance Bancorp’s business strategies, contribute to operational efficiency, and generate incremental revenue.
“The fintech space continues to evolve at a rapid rate, and we envision Cube8 being at the forefront of this movement. The Bancorp has robust systems and employee expertise that make our current services for clients’ best in class. There is no better time than now to focus our efforts on innovation to take our businesses to the next level,” Damian Kozlowski, CEO and President at Bancorp said.
The innovations will be worked on in union with other leading fintech companies, while few innovations will remain proprietary. The fintech innovation studio will focus initially on the digital lending, digital payments, blockchain technologies, mobile payments, among others.
The Cube 8 team will be led by Pete Chiccino, the company’s Chief Innovation Officer. The team will also be working to achieve efficiencies in the Anti-Money Laundering (AML) Act ecosystem, big data, and artificial intelligence, among others.
“With the singular focus of this group, we believe that we can take truly powerful and innovative ideas and turn them into business-driving and industry-leading services for The Bancorp. I am excited at the opportunity to lead this initiative to help define the future of The Bancorp,” Chiccino stated.
