In the year 2019, Bank ABC set up a Group Innovation Function, to accelerate the Bank’s digital transformation and foster a more agile work culture. A space in the Head Office called “ABC Labs” with associated services and capabilities has been built to facilitate ideation and innovation across the Group and was inaugurated in November 2019.
Bank ABC’s corporate innovation lab or ABC Labs is dedicated to encouraging business ideation and foster a culture of innovation in the Group. It harbours an environment that facilitates collaboration, experimentation and development of new business models, markets, processes and solutions.
The dedicated enterprise innovation function is aimed to support the digital optimisation and transformation of the Bank in an increasingly digital world and shifting business models. In the longer term, it endeavours to capture innovation opportunities, embed innovation management in the culture and increase employee engagement in innovation process.
An open physical and virtual space for internal teams to get together and collaborate in developing new business ideas
Facilitate interaction between internal and external teams like Fintechs, Clients, Partners, etc. for activities such ideation, problem-solving and design sprints.
Act as a centre for all the innovations being evaluated/deployed in the Group i.e. a central location for proof of concepts testing and demos to internal clients, external clients, partners, regulators, etc.
Host events related to innovation such as talks, workshops, exhibitions, innovation challenges, hackathons, etc.
Incubate teams working on innovative initiatives.
