Thursday, 30 May 2019 10:52

NAB joins Bank Leumi, CIBC to launch online innovation portal

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NAB joins Bank Leumi, CIBC to launch online innovation portal Image Stuart Miles at FreeDigitalPhotos.net

National Australia Bank, Bank Leumi of Israel and US financial services group CIBC have launched a global online portal aimed at driving client-focused innovation by facilitating collaboration between the banks and financial technology firms.

The three organisations say that through the digital platform — Global Alliance Fintech Link — fintechs can submit creative technology solutions in response to a wide range of opportunities identified by the banks, and on receiving the proposals, the banks will consult directly with the technology firms.

They also say the portal — initially launched as a pilot — offers start-ups around the world easy access to the global banking marketplace by enabling direct collaboration with three financial institutions on three continents and opens the door for companies to provide technology solutions to key areas where banks want to enhance customer experiences.

Launch of the portal stems from Bank Leumi, CIBC and National Australia Bank’s strategic alliance formed in September 2016 and the companies say the new initiative is “not only designed to simplify global cooperation but to offer fintechs access to potential partners that could help scale their business”.

“It also offers the opportunity to bring these world class companies into a global technology and banking ecosystem.”

“In big and complex banks like NAB, CIBC and Bank Leumi, it can be a challenge for fintechs with good ideas to find the right path to the right people, where their concepts can be appropriately considered,” said Jonathan Davey, executive general manager, Digital and Innovation, National Australia Bank.

“This new platform provides a simple and easy process for fintechs to help connect them into the bank where we can connect that idea to the right people who may be interested in what they have to offer and how we might be able to work together, no matter where they are based.”

Tamar Yassur, FEVP and chief digital officer, Bank Leumi, said the partnership “shows that Bank Leumi, National Australia Bank and CIBC are leaders not just in thought but also in action when it comes to seeding international efforts to spur better value propositions”.

“We’re confident this new platform will help spark international innovation and creativity to enhance customer services in banking across the globe.”

“Transformative innovation is key to meeting the ever-evolving needs of clients, and this new platform gives us the opportunity to identify new and emerging technologies that will drive solutions as we build a relationship focused bank for a modern world,” said Greg Elcich, vice-president, Enterprise Innovation & Wealth Digital at CIBC.

“We’re delighted to partner with National Australia Bank and Bank Leumi on this portal to help stimulate further creativity and growth in the global fintech industry.” 

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