Published September 21, 2016 | View complete press releases list |
Date: September 21, 2016
Categories: Australia, Innovation, technology
Keywords: NAB, National Australia Bank, FinTech, Bank Leumi, Canadian Imperial Bank Of Commerce, Startups
National Australia Bank (NAB) has signed agreements with two leading global financial institutions – Israel’s Bank Leumi and the Canadian Imperial Bank of Commerce (CIBC) – to form an international banking innovation alliance.
The alliance will enable the sharing of information, innovation strategies and open up networks with start-up partners, with the potential for the group to co-develop products and services to enhance customer experiences.
NAB Executive General Manager NAB Labs Jonathan Davey, who is currently in Tel Aviv meeting with the alliance leads from Bank Leumi and CIBC, said the network opened up many opportunities for NAB to access first-class international innovation initiatives and insights.
“Our customers want us to do things differently and strategic partnerships like this allow us to access ideas, talent and capabilities of like-minded organisations, in this case the opportunity to tap into two leading international banks, to help us gain world-class insights from global leaders to benefit our customers,” Mr Davey said.
“We want to bring the best solutions from around the world to our customers and this alliance helps us to do that. We see this as an opportunity to jointly develop solutions to problems that are common to our respective customers, leveraging the diverse capabilities that we each bring to the table.
“We’re competing in a rapidly changing world. Everyday new fintechs are challenging the status-quo; we have to not just keep up, but also find ways to get in front. By combining global knowledge and insights we hope to be able to accelerate learning and the development of solutions for our customers.
“We’re excited to be working with CIBC and have already partnered with them in using Ripple’s blockchain technology to complete international payments transfers between our banks as a proof of concept. We believe that the technology has the potential to not only deliver real time international payments, but also improved security and efficiency of our payments systems, so this is an important piece of work.
“Bank Leumi is recognised as the most innovative bank in Israel and is the bank of choice for Israel’s world leading start-up ecosystem. We believe that our alliance with Bank Leumi will enable us to access leading Israeli technologies, in particular access to leading cyber security and data analytics capabilities.
“Like NAB, Bank Leumi is the largest SME business bank in its market so we also see a natural alignment there to work on more innovative solutions to our respective small and medium business customers,” Mr Davey said.
Bank Leumi First Executive Vice President, Group CTIO and COO, Dan Yerushalmi said: “It’s common knowledge that Israel is the ‘Start-Up Nation’ and a hotbed of innovation. Bank Leumi is a key player in both the local and global innovation arena and I am strongly convinced that this alliance will enable us to mutually share innovation strategies and to enhance our respective customer experience. We find this open dialogue and knowledge sharing to be of great value and see the alliance as the beginning of a wider collaboration with NAB and CIBC in future programs.”
CIBC, Executive Vice President and Chief Commercial Officer, Stephen Forbes said: “We are excited to partner with NAB and Bank Leumi, two highly respected banks that share our commitment to client-focused innovation. We have created a culture of collaboration among teams to drive innovation inside our bank, and formed important external partnerships with innovation hubs and fintechs to help us build the bank of the future for our clients. This alliance further strengthens our leadership position in innovation, and broadens our access to global insights and talent in this fast-moving space.”
Re-disseminated by The Asian Banker
National Australia Bank (NAB) has signed agreements with two leading global financial institutions – Israel’s Bank Leumi and the Canadian Imperial Bank of Commerce (CIBC) – to form an international banking innovation alliance.
The alliance will enable the sharing of information, innovation strategies and open up networks with start-up partners, with the potential for the group to co-develop products and services to enhance customer experiences.
NAB Executive General Manager NAB Labs Jonathan Davey, who is currently in Tel Aviv meeting with the alliance leads from Bank Leumi and CIBC, said the network opened up many opportunities for NAB to access first-class international innovation initiatives and insights.
“Our customers want us to do things differently and strategic partnerships like this allow us to access ideas, talent and capabilities of like-minded organisations, in this case the opportunity to tap into two leading international banks, to help us gain world-class insights from global leaders to benefit our customers,” Mr Davey said.
“We want to bring the best solutions from around the world to our customers and this alliance helps us to do that. We see this as an opportunity to jointly develop solutions to problems that are common to our respective customers, leveraging the diverse capabilities that we each bring to the table.
“We’re competing in a rapidly changing world. Everyday new fintechs are challenging the status-quo; we have to not just keep up, but also find ways to get in front. By combining global knowledge and insights we hope to be able to accelerate learning and the development of solutions for our customers.
“We’re excited to be working with CIBC and have already partnered with them in using Ripple’s blockchain technology to complete international payments transfers between our banks as a proof of concept. We believe that the technology has the potential to not only deliver real time international payments, but also improved security and efficiency of our payments systems, so this is an important piece of work.
“Bank Leumi is recognised as the most innovative bank in Israel and is the bank of choice for Israel’s world leading start-up ecosystem. We believe that our alliance with Bank Leumi will enable us to access leading Israeli technologies, in particular access to leading cyber security and data analytics capabilities.
“Like NAB, Bank Leumi is the largest SME business bank in its market so we also see a natural alignment there to work on more innovative solutions to our respective small and medium business customers,” Mr Davey said.
Bank Leumi First Executive Vice President, Group CTIO and COO, Dan Yerushalmi said: “It’s common knowledge that Israel is the ‘Start-Up Nation’ and a hotbed of innovation. Bank Leumi is a key player in both the local and global innovation arena and I am strongly convinced that this alliance will enable us to mutually share innovation strategies and to enhance our respective customer experience. We find this open dialogue and knowledge sharing to be of great value and see the alliance as the beginning of a wider collaboration with NAB and CIBC in future programs.”
CIBC, Executive Vice President and Chief Commercial Officer, Stephen Forbes said: “We are excited to partner with NAB and Bank Leumi, two highly respected banks that share our commitment to client-focused innovation. We have created a culture of collaboration among teams to drive innovation inside our bank, and formed important external partnerships with innovation hubs and fintechs to help us build the bank of the future for our clients. This alliance further strengthens our leadership position in innovation, and broadens our access to global insights and talent in this fast-moving space.”
Re-disseminated by The Asian Banker
