In 2019, Bank ABC set up the 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 was inaugurated in November 2019.
ABC Labs (or the Lab) is dedicated to encouraging business ideation and fostering a culture of creativity and innovation across the Group. It has attracted ‘best-in-breed’ industry talent and harbours an environment that facilitates collaboration, experimentation and development of new business models, markets, processes, and solutions.
The dedicated enterprise innovation function is focused on building digital capabilities to solve customer pain points and deliver effortless experiences, shifting business models and supporting the digital optimisation and transformation of the Bank. It also endeavours to capture innovation opportunities, embed innovation management in the culture and increase employee engagement in the innovation process.