Umpqua Bank parent Umpqua Holdings has set up a new subsidiary for developing and testing new disruptive technologies that could significantly affect banking experience.
The new venture, dubbed Pivotus Ventures, will be based in Silicon Valley, California.
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Pivotus will use a collaborative model to bring together global leaders in areas such as financial services, data analytics and user design to develop and test new platforms.
Umpqua Bank will serve as the real-time test environment to determine the scalability of the new platforms.
Umpqua Holdings president and CEO Ray Davis commented: "Like all industries, banking must evolve quickly to adapt to changing consumer behaviors and technologies. In collaboration with like-minded organizations, Pivotus will be focused on creating new digital models that accelerate growth, add accretive revenue and enhance the customer experience across all channels.
"By bringing together the expertise of companies nationally and internationally, Pivotus will be uniquely positioned to develop and scale industry-changing innovation quickly and effectively."
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