NAB to double investment in NAB Labs
NAB has revealed plans to more than double its investment in its innovation hub NAB Labs, as well as increase the NAB Labs workforce by 70% in 2018.
The company will make the renewed investment as part of its $4.5 billion commitment towards accelerating its technology and digital priorities strategy.
NAB established NAB Labs nearly three years ago to develop technologies to improve the customer experience. With the new investment the company plans to add an additional 35 team members to increase the NAB Labs dedicated workforce to 85 employees.
“We will look inside and outside our organisation for the very best people with the right skills and experience, who are creative thinkers, embrace agile working and challenge the status quo, to fill these roles,” NAB Labs COO Antony Cahill said.
“The increased investment will [also] include extra resources for our incubator program to support the scaling of initiatives such as the recently launched HICAPS Go app, developed in partnership with start-up Medipass Solutions, as well as to increase our new experiment number.”
He said two of NAB Labs’ digital solutions are seeing strong adoption, with 30% of new small business loans coming through its QuickBiz Loan service and its Look Who’s Charging feature for tracking credit card transactions over its mobile banking app having been used more than 1 million times since it launched in August.
Global IT spending has been tipped to reach US$3.7 trillion in 2018, according to Gartner.
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