NAB streamlines process for fintech collaboration
(31 May 2019 – Australia) National Australia Bank, along with Canada’s CIBC and Israel’s Bank Leumi, has launch a joint global online portal giving fintech’s a direct line for submitting proposals.
The new portal is designed to streamline the partnership process for fintechs by providing clear visibility of the customer problems facing banks and a channel for submitting proposals to the right people in the organisation.
Interested firms visit the portal, pick one of the problem areas identified by the partners - e.g. providing value added services to SME customers - and then choose which of the bank(s) they want to pitch to before outlining a proposal.
The platform, currently up as a pilot, is part of an "innovation alliance" formed in 2016 that sees the three banks share strategies for improving client services in the digital age. The banks say that by working with partners on different continents they can comfortably share proprietary information and co-develop products and services.
Jonathan Davey, EGM, digital and innovation, NAB, says: "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.
"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."