#Innovation / PNC Launches A Fintech Startup Inside The Bank

PNC has created a startup subsidiary company, numo, that functions as an internal startup, complete with a pre-negotiated equity split between PNC and numo employees…

The first development has been indi, a mobile phone-based bank account for gig workers. It offers tax calculations, tax savings goals and dynamic adjustments when users save ahead or fall behind. It also reminds them when quarterly taxes are due…

“How do you estimate your tax liability when you don’t have an employer doing it for you? We built a system with intelligence to estimate what you should set aside for taxes.”

While this sounds pretty basic, and begs the question of why banks have been so slow to innovate in areas as obvious as early access to paychecks and financial health coaching… banks are cautious because the stakes are so high.

A second app under development is a world away from the gig economy. — a service for companies which run portfolios of retail properties.

“Our team saw an opportunity to create an analytics platform to help them… We can use it to find interesting patterns, like a group who might shop at a mall 15 miles away. “

A third area of focus for numo is regulatory technology.

“… We saw opportunities for great software to fix inefficiencies through a platform that lets multiple people work on something simultaneously…”

“Inside the machine you get a phenomenally good view of problems. What we care about is does this create positive economic value for the bank. Part of our strategy has been that we don’t take huge bets. We try to make really smart small bets and scale them up as they become successful.”