Commonwealth Bank of Australia has launched an Innovation Lab in the heart of Sydney's Central Business District with a view to developing cutting-edge products, and services in collaboration with customers, partners, start-ups and industry experts.
The 690 square metre Innovation Lab is being billed by CBA as an 'idea incubator and accelerator'. With a central location in downtown Sydney, the Lab is intended to make it easier for customers, partners and start-ups to work alongside the bank in a collaborative environment.
David Whiteing, group executive, enterprise services and CIO, Commonwealth Bank, says: "Innovation only works when it is in close proximity with the business and Commonwealth Bank has deliberately ensured our Innovation Lab is not only in the heart of the Sydney CBD, but also the heart of our operations, close to our people and our customers."
The idea is to explore new ideas in an iterative fashion and make quicker decisions on the roll-out of new products across the bank, he says.
The launch of the Lab coincides with the introduction of a programme for Commonwealth Bank employees to pitch their ideas to a panel of senior executives, with successful proposals moving into the Innovation Lab for incubation.