Management Strategies

10:55 AM
Connect Directly
Facebook
Twitter
Google+
RSS
E-Mail
50%
50%

Commonwealth Bank of Australia Opens Innovation Lab

The facility will be located at Commonwealth Bank Place in Sydney.

Commonwealth Bank of Australia became the latest bank to open up an innovation lab, the Australian financial institution announced today.

According to the bank, the 690-square-meter lab will act as an "idea incubator and accelerator" focused on developing cutting-edge products, services, and solutions in collaboration with customers, partners, startups, and industry experts. It will be located at Commonwealth Bank Place in downtown Sydney.

The launch of the innovation lab coincides with the rollout of a program for Commonwealth Bank employees designed to uncover innovation and fresh ideas, the institution said. The "Unleashing Innovation" program, as it is known, is designed to allow employees to submit their innovative ideas to a panel of senior executives, with successful proposals moving into the innovation lab for incubation.

“The real value we expect from the Innovation Lab is twofold in being able to explore new ideas and make quicker decisions on which ones will work best for our customers, and being able to scale those ideas across CBA so all customers and employees can take advantage of the innovation,” said CIO David Whiteing in a prepared statement.

[See Also: Eastern Bank Pursues Culture of Innovation]

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
Byurcan
50%
50%
Byurcan,
User Rank: Author
10/17/2014 | 5:49:33 PM
Re: Step in the right direction
No one beats around the bush or hesitates at life in Australia...

 

https://www.youtube.com/watch?v=ef3beK367tA

 

 
Becca L
50%
50%
Becca L,
User Rank: Author
10/17/2014 | 5:01:05 PM
Step in the right direction
It's always great to see companies that have long upheld the conservative practices  of their industry taking a leap forward, opening the door for new ideas and fostering innovation. Bravo, Commonwealth. I look forward to seeing some cool proposals turned into cutting edge products.

Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Bank Systems & Technology
BS&T's 2014 Elite 8 executives are leading their banks to success, whether it involves leveraging the cloud, modernizing core systems, or transforming into digital enterprises.
Slideshows
Video
Bank Systems & Technology Radio
Archived Audio Interviews
Join Bank Systems & Technology Associate Editor Bryan Yurcan, and guests Karen Massey and Jerry Silva from IDC Financial Insights, for a conversation about the firm's 11th annual FinTech rankings.