NAB to establish $50 million innovation fund

Money will be used to deliver access to new technology

National Australia Bank (NAB) will establish a $50 million fund to deliver access to new technology and focus on mobile platforms, payments and data.

The ventures fund is designed to deliver access to new technologies that could be deployed into NAB and its customer offering and enhance the bank’s connection with emerging business models and technology such as mobile platforms.

According to NAB CEO Andrew Thorburn, banking around the world is undergoing a digital transformation and the ventures fund will ensure that NAB is able to embrace these changes.

The $50 million will be invested over three years in Australia and overseas.

NAB has also introduced a digital acceleration program which will help digital innovation to be developed quickly for bank staff and customers.

“It’s critical that we are able to act quickly and be nimble in bringing digital innovation to market,” said Thorburn.

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