The Australian Business Award for Business Innovation recognises organisations that execute business initiatives which demonstrate innovative solutions for new and existing business needs.

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The Commonwealth Bank is a provider of integrated financial services including retail banking, premium banking, business banking, institutional banking, funds management, superannuation, insurance, investment and share broking products and services. CommBank has created a culture that encourages and fosters new ideas and collaboration with clients, partners and start-ups across all industries. By heavily investing in core capabilities and education of staff, they have embedded a culture of innovative thinking across every level of the organisation.

With customer expectations constantly changing, CommBank recognises the importance of innovating across their entire business model. That means challenging the status quo and constantly examining how they can do things differently across their products, services, brand, channels, processes, and resources. The CommBank Innovation Lab is a living space where staff and customers collaborate to rapidly explore ideas, test concepts and develop solutions. The Lab’s technology includes user testing tools, enabling CommBank to test products and solutions with their clients at every step of the development process. Clients are able to interact with the products and solutions and make an informed decision on what will best serve their needs before implementation. The Lab also provides hands on advice on how to best integrate this new generation of financial technology into their own businesses, to capture market advantage and ensure they remain competitive.

Innovation also plays a part in aligning with CommBank’s Group vision to support communities. They engage in various partnerships with local and international academic institutions and other entities in the innovation ecosystem. In addition, they are building an opportunity for innovation to occur at an industry level in Australia, by committing $10 million in funding to help Australian-based researchers in their quest to build a silicon-based quantum computer.

Innovation is an important part of how CommBank deliver on their vision to excel at securing and enhancing the financial wellbeing of people, businesses and communities. CommBank is being recognised for a Business Innovation award in the Australian Business Awards 2016.

The Australian Business Awards are the regional chapter of an integrated, hierarchical leadership program conducted on a national and international level. Eligible organisations from each region are invited to participate in the international chapter of the program at The World Business Awards. Conducted annually and currently in the second year of its international launch, The World Business Awards seeks to engage with the world’s business, innovation and technology leaders through a global recognition and knowledge building initiative that is underpinned by the program’s established framework. The program engages with organisations worldwide to benchmark the full spectrum of their products, services and initiatives and to review their business performance. The cycle culminates in the recognition and celebration of organisations that implement world-class business initiatives and industry leading products and services on a prominent and far-reaching scale. All entries must be entered in the regional chapter where the organisation is based.

Organisational participation includes private companies, publicly listed companies, multinational subsidiaries, not-for-profit organisations, non-government organisations, educational institutions, franchise systems, partnerships, government departments, government agencies, local government and statutory bodies operating in Australia.

Initiatives can include but are not limited to projects, programs, processes, systems, technologies, developments, ventures and undertakings.

Entries are assessed utilising a robust and dynamic framework to ensure that the assessment process is pertinent and objective. The World Business Awards Framework (WBA Framework) is utilised as a structured model of assessment that enables the participating organisations to be benchmarked against world class performance standards. The Framework consists of specialised assessment modules pertaining to the evaluation criteria for each of the award categories. The criteria and sub-criteria provide a robust set of requirements that are used as the methodology for benchmarking and learning among the participating organisations.

Organisations that participate are provided with the unique opportunity to benchmark themselves against the top performers globally. The recipients are acknowledged for their achievements and recognised as the elite of their industry earning a place amongst a distinguished group by having their products, projects, initiatives, contributions and achievements recognised on a prominent and far-reaching scale. The program provides the ultimate platform for building knowledge, increasing brand awareness, equity, loyalty and retention through increased exposure, recognition and prestige. This establishes a valuable resource that can be used extensively to create opportunities for publicity, positive organisational profiling and heightened brand awareness within the respective industries both nationally and internationally.