National Australia Bank (NAB) has launched a $50m fund to further accelerate the bank’s focus on customer-led innovation.
The NAB Ventures fund will enable NAB to access ideas and capabilities from around the world through entering into partnerships, alliances and making investments in innovative companies.
The fund aims to deliver accelerated access to new capability, technology, intellectual property, and businesses that could be deployed into NAB and its customer offering and enhance NAB’s insight into and connection with emerging business models and technology.
Key areas of focus include mobile platforms, payments and data and analytics.
The bank has also introduced a Digital Acceleration Program to enable digital innovation to be developed and put in the hands of customers and bankers quickly.
NAB Ventures will be part of NAB Labs, a dedicated innovation capability designed to build a culture of innovation and customer-led design within NAB.
The $50 million will be deployed over 3 years and will be invested both in Australia and overseas.