|By Business Wire||
|November 30, 2016 09:02 AM EST|
The Bancorp, Inc. (NASDAQ: TBBK) today announced the creation of a new, fully dedicated fintech innovation studio: Cube8–Where powerful ideas incubate.
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Set apart from the daily business operations of The Bancorp, Cube8 is a space where The Bancorp will explore unconventional–even radical–ideas in financial technologies to inspire changes or new opportunities that could enhance the organization’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,” said Damian Kozlowski, CEO and President. “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.”
Some innovations will be proprietary, while others will be worked on in conjunction with other leading fintech companies. Cube8’s initial focus will be on digital lending, digital payments, mobile payments, and blockchain technologies. The team will also work to achieve efficiencies in the Anti-Money Laundering/Bank Secrecy Act ecosystem, big data, and artificial intelligence technologies.
The Cube8 team will be led by Pete Chiccino, Chief Innovation Officer, and based in West Chester, Pa.
“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,” said Chiccino. “I am excited at the opportunity to lead this initiative to help define the future of The Bancorp.”
About The Bancorp
With operations in the US and Europe, The Bancorp, Inc. (NASDAQ: TBBK) is dedicated to serving the unique needs of non-bank financial service companies, ranging from entrepreneurial start-ups to those on the Fortune 500. The company’s primary subsidiary, The Bancorp Bank (Member FDIC, Equal Housing Lender), has been repeatedly recognized in the payments industry as the Top Issuer of Prepaid Cards (U.S.), a top merchant sponsor bank, and a top ACH originator. Specialized lending distinctions include National Preferred SBA Lender, a leading provider of securities-backed lines of credit, and one of the few bank-owned commercial leasing groups in the nation. For more information, please visit www.thebancorp.com.
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