Financial Services Project
To gain information about new digital products launched by financial services firms in 2018 and 2019; to understand the benchmarks on corporate innovation programs at large firms; and to find financial information Norwest Ventures.
DIGITAL PRODUCTS LAUNCHED IN 2018 & 2019
- No pre-compiled list or directory for all digital products or experiences launched by financial services firms in 2018 and 2019 exists. Compiling such a list would entail combing through every bank, insurance company, wealth manager and investment firm manually for any product launched, taking hundreds of hours of research.
- Zelle was launched in 2018 to challenge digital payment apps like PayPal and Venmo.
- Countless numbers of mobile apps were launched, and digital banks also featured heavily in 2018.
CORPORATE INNOVATION SPEND
- Proov's Corporate Innovation Spending Benchmark Report 2018 found that innovation spending is up.
- The insurance industry increased its innovation spend by 57% last year.
- PwC has a list of the top 1000 innovators in the world. Financial services companies do not feature heavily, for 3 US-based ones did make the list: BlackRock, LendingClub and SEI Investments.
- The innovation spend varied greatly among these 3 organizations, from 1.6% for BlackRock to 24.8% for Lending Club.
- BankRate found that big banks are generally increasing their budgets on innovation, but they are still lagging behind general innovations. This article has the technology spend for 5 major US banks.
NORWEST VENTURE PARTNERS REVENUE
- NVP has around $7.5 billion in capital.
- As a private firm, NVP has not released revenue information in the public domain.
- Owler speculates their current revenue is $80 million, but this is not confirmed.
- Reviewing dozens of press releases and news articles about NVP from recent years did not reveal any revenue figures.
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