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

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.