PNC has gone beyond the normal by creating a tech startup Numo that exists within its ecosystem. Will the new trend be a unique mix of partnerships between finance and technology or just a hybrid?
National Banking Network PNC just went one step further into the future. The wizzes at one of the largest banking networks in the United States have decided to create a software start-up in-house, dubbed Numo, that functions just like a startup.
The software development startup called Numo functions independently of PNC and its various subsidiaries. They have their staffing, run things as they see fit and even post their profit. In addition, they actually handle all the software needs of the whole banking network.
PNC has been known to create unique solutions that may not make sense at first but always comes out as being right in the end. It seems like they see the big picture, hold onto it and follow it.
In terms of the holdings, employees hold positions alongside PNC. This, of course, is indicative of the corporate culture of both PNC and Numo. Giving power back to the employees in terms of equity is
They must have something going on under the hood over there.
Wait, What Exactly Do They Do at Numo?
Well, the guys at Numo actually think up ideas no one else is willing has thought about. At least not yet. They then figure out how best to make it work within a functional context. Of course, the process of software development especially working in and around geeks comes with its issues from time to time.
Just like with Indi – the first development of the team, which is a mobile phone-based app that tracks estimated taxes for those who work in the gig economy. They got it off the ground and it worked!
So, the guys at Numo think of ways to make peoples lives easier.
Is This the Death of Traditional Banking?
For a variety of reasons, many people have gone over the bridge to say that this is the end of traditional banking systems. While this may be the ultimate case as human beings evolve in terms of banking and finance, for now though, hybrid situations like this are springing all over the place.
PNC also went further and adopted Ripple Labs Inc. Ripplenet which will be used for their cross-border payments and settlement systems. While it may not look like much, this adoption puts wind in the sails of the continuous fusion that is taking place between technology and banking. This means that within the next decade or so, most banks will be fintech hybrids.
So, What is the BIG Picture?
PNC is moving in a direction which is changing the way finance is handled. The adoption of technology towards special use-case scenarios shows just how far the egg-heads at PNC management are willing to go. It is NOT about tech. It is about PEOPLE.
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