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Bank Labs in Silicon Valley

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Overview of the banking innovation labs in Silicon Valley

Published in: Business
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Bank Labs in Silicon Valley

  1. 1. Banking Innovation in Silicon Valley
  2. 2. San Francisco design thinking San Francisco startup scouting Banking Innovation in Silicon Valley Capital One Labs The focus has been put on gaining a deeper understanding of customers and getting them to actively take part in the process of developing new products. So far, their most interesting work has been the Banking API and the acquisition of Level Money. In addition, they recently bought a San Francisco based design and user experience consultancy, Adaptive Path. Managing Director: James Patterson - Size: 100 employees, 250 employees by end of 2015 - Founded: 2010 SC Studios SC Studios has become Standard Chartered interface with Silicon Valley's community of technology innovators and venture capitalists. The facility identifies and develops ideas that could be useful to the bank. The Studios used to do a lot of prototyping but is now focusing mostly on startup scouting. Prototyping has been outsourced to another location where resources are more affordable. Managing Director: Todd Shofield - Size: 4 employees - Founded: 2010 startup partnerships prototyping
  3. 3. San Francisco Palo Alto financial Inclusion Banking Innovation in Silicon Valley Visa Lab The lab focus on partnerships and developing products with merchants, manufactures, app developers, and innovators. “Our responsibility in the lab is to be an omnichannel and to really be able to initiate or simulate any transaction [and] bring them all back to the same common place, which is how we process, how we communicate, how we secure and manage the transaction itself.” Managing Director: Matt Dill - Size: 30 employees - Founded: 2014 The Financial Innovation Lab The goal of the lab is to give researchers focused on financial inclusion, counselors who work with the underserved, and technologists an opportunity to work together to test and validate solutions to critical problems in the areas of savings and credit building. Managing Director: unknown - Size: unknown - Founded: 2014 digital commerce partnerships prototyping
  4. 4. San Francisco San Francisco startup accelerator Banking Innovation in Silicon Valley Axa Lab AXA Lab aims at connecting AXA with Silicon Valley’s tech players, detect latest trends, develop the Group’s digital culture and initiate pilot projects. Managing Director: Guillaume Cabrère - Size: 4 employees - Founded: 2014 Wells Fargo Labs In 2014, Wells Fargo launched a financial technology accelerator program that combines a cash investment (50 to 500K) for a minority stake with six months of coaching and collaboration. They are focusing on startups that create solutions for financial institutions and enterprise customers. In addition, the bank is prototyping products available on a “come out and play” public platform. Managing Director: Bipin Sahni - Size: unknown - Founded: 2014 education partnerships investments
  5. 5. Banking Innovation in Silicon Valley San Francisco San Francisco technology scouting Intuit Labs The lab is a tool to educate and empower employees about innovation. Intuit Labs has developed an innovation framework to foster creative thinking within the company. The team supports new ideas with brainstorming, prototyping and customer feedback. Managing Director: Hugh Molotsi - Size: 12 employees - Founded: unknown education prototyping Santander The primary focus is on identifying new business and technological trends affecting global financial institutions and the broader financial services industry. The innovation team helps build ventures and alliances with start-ups, third party solution providers, VC firms, thought leaders and key forums in the fintech space. Managing Director: Bradley Leimer - Size: 1 employee - Founded: 2014 startup scouting partnerships
  6. 6. Palo Alto San Francisco VC Banking Innovation in Silicon Valley Citi Ventures Citi Ventures is Citi's global corporate venturing arm, chartered to collaborate with internal and external partners to conceive, partner, launch, and scale new ventures that have the potential to disrupt and transform the financial services industry, drive client success, and generate new value for Citi. Managing Director: Debbie Brackeen - Size: 13 employees - Founded: unknown BBVA Ventures Our mission at BBVA Ventures is to look for strategic opportunities that can support the bank’s innovation agenda. We are naturally interested in financial technologies, like mobile payment or alternative lending, as well as some adjacent areas, such as big data or ecommerce. Major investments: Coinbase, Simple, Personal Capital Managing Director: Thomas Whiteaker - Size: 5 employees - Founded: 2011 investment partnerships
  7. 7. Palo Alto Banking Innovation in Silicon Valley Plug and Play FinTech Accelerator Plug and Play FinTech was founded in an effort to optimize the current transformation of financial services by empowering entrepreneurs through a process of introductions, mentorship and exclusive access to experienced investors and innovators. Main partners: Citi Ventures, USAA, Capital One. Managing Director: Scott Robinson - Size: unknown - Founded: 2015 startup accelerator American Express Ventures As the strategic investment group within American Express, we seek to invest in innovative startups in order to enhance our company's core capabilities and accelerate our efforts in digital commerce and financial inclusion. Across the globe, we strive to foster meaningful relationships with startups in our portfolio and beyond. Focus: Digital Commerce; Financial Inclusion, Core Capabilities Managing Director: Harshul Sanghi - Size: 4 employees - Founded: 2011 investment Palo Alto
  8. 8. Palo Alto Banking Innovation in Silicon Valley Innovation Center The opening of the facility is part of the company's plans to use emerging and disruptive technologies such as Cloud Computing, Big Data and the Internet of Things to gain new business insights, develop inventive, operational and technological capabilities, and identify potential new ventures that anticipate and cater to emerging client needs. Managing Director: Michael Gardner - Size: unknown - Founded: 2014 prototyping partnerships technology scouting
  9. 9. Next steps Want to know more? Cyril Dorsaz - Head of Innovation, swissnex San Francisco email: cyril@swissnexsf.org cell: + 1 206 327 3776 Get in touch

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