PwC Shutters DeNovo, Its ‘Fintech Insights’ Platform

The global professional services company PwC announced via email it will shutter its DeNovo platform, which delivered insights and analysis on fintech startups, at the end of June.

The email reads, in part:

At the end of June we will retire DeNovo in its current form. Going forward, we are shifting our resources to specific projects focused on the adoption of digital and emerging technologies and we will continue to publish our insights on the digital transformation of financial services.

Please continue to follow PwC’s thought leadership by subscribing to FS Digital Solutions. As always, we will work toward our fundamental goal of solving important problems by helping our clients thrive during this period of profound change.

It is not clear how much in common the FS Digital Solutions service will have with DeNovo, which launched in May 2016 to cover banking services, capital markets, investment & wealth management, insurance, and transaction & processing services. PwC, which has its global headquarters in London, described the DeNovo service in this way on its site:

A platform you can use to search for insights and thought leadership on startup companies, emerging technologies and trends, help inform you as you determine the impact of innovation on your business, follow the topics that interest you, and create labels to keep notes on the topics you are researching.

The move comes despite a bullish outlook for fintech collaboration with established financial institutions, according to a PwC report covering fintech in 2017. The report states that “82% of incumbents expect to increase fintech partnerships in the next three to five years.”

An employee at 11:FS, which offers the DeNovo rival Pulse, noted that its service is “growing at an astronomical rate globally.” Ross Methven, 11:FS co-founder and head of research, noted that desire for data of this kind is especially strong. “We have been inundated with inquiries from all around the world, almost all word of mouth,” he told Bank Innovation in an emailed statement.

Bank Innovation has reached out to PwC for additional comment on DeNovo.

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