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NAB's fintech "innovation fund" plans to invest $50 million over the next three years in mobile platforms, payments, and data analytics companies. The bank will follow in the footsteps of Westpac Banking Corp, which created its own seeded venture capital fund early in 2014. NAB hopes to stay ahead of the disruption curve by using the fund to enhance the bank's focus on its customers.
"We don't fear disruption," Mr Cahill said. "We need to embrace it and understand how do we give the best possible experience to our customers. Traditional models of banking are changing. There are new ideas and thinking identifying how the banking model can change."We aren't saying [disrupters] are the enemy. We are saying if we can find the right companies to work with, even though they might be approaching the banking model in a different way, if they present new, innovative solutions that give a better experience to customers then we will be talking to them."
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