Commbank Investing in Innovation from Within

Commonwealth Bank are prioritising internal innovation, rather than splurging money on outside technology.

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Every year, companies create big budgets for technology and innovations to buy from those that thought ahead. Instead of reacting to changes in the technology market, shouldn’t the biggest organisations be the ones driving it?

Commonwealth Bank agrees, as they announced the winners of their 5th annual ‘CommBank Intrapreneur” competition, where employees from around the world share their ideas with the company.

Tiziana Bianco, General Manager of Innovation Labs at CBA believes that the competition reinforces the notion that every employee must be curious and inquisitive when working. Rather than accepting their roles, Bianco says everyone should understand the needs of their customers and seek to help them however possible.

“The democratisation of innovation is how we future fit our organisation. We need every employee to be curious, to understand customer needs and develop creative confidence. The culture of innovation that Intrapreneur champions touches all areas of our business and all employees,” she said.

There was a great variety of issues that entrants tried to tackle such as social impact and science literary for kids, and the solutions were just as creative. Technology like artificial intelligence, virtual reality and blockchain were all used in proposals to solve some of Commonwealth Bank’s greatest ordeals.

CBA believe that the internal innovation competition reflects a larger societal shift as innovation transitions to a “people-owned responsibility” rather than one person or one department tasked with generating new ideas.

To add to this, CBA emphasised that they are taking this generational shift seriously and are looking at helping employees and customers wherever possible.

“In a shift that sees innovation moving to ‘people-owned’ responsibility, the crowd sourcing of ideas within leading companies is a hot topic, and something the Commonwealth Bank has heavily invested in,” they said in a statement.

The two joint winners for the competition pitched a new idea on how to reconnect small businesses with their customers and how to prepare Australians for the future in the digital age.

They will get the opportunity to continue developing their idea in a ‘sprint session’ in Commonwealth Bank’s own innovations labs.