CommBank jumps into the innovation pool

Sarah Homewood
By Sarah Homewood | 16 October 2014

The Commonwealth Bank has opened an Innovation Lab in its Sydney offices with the aim to get its staff, business banking customers, entrepreneurs and startups all involved.

The 690 square metre Innovation Lab will act as an idea incubator and accelerator with a focus to developing products, services and solutions in collaboration with customers, partners, startups and industry experts.

Kelly Bayer Rosmarin, group executive, institutional banking and markets, Commonwealth Bank, said the Innovation Lab will bring teams together in a state-of-the-art facility to work on practical solutions for customers.

“The Lab will allow us to work collaboratively, to quickly incubate ideas and deliver capabilities that will ensure our customers can adapt their business models, seize opportunities and respond to the challenges of a changing landscape,” Bayer Rosmarin said.

David Whiteing, group executive, enterprise services and CIO, Commonwealth Bank, said innovation is not simply about technology, it’s about creating a culture inside the organisation where people are committed to finding new ways of helping customers.

“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,” Mr Whiteing said.

The launch of the Innovation Lab coincides with the roll-out of a program for Commonwealth Bank employees designed to uncover innovation and fresh ideas. The Unleashing Innovation program will allow employees to submit their innovative ideas to panel of senior executives with successful proposals moving into the Innovation Lab for incubation.

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