Nedbank launches Innovation Lab

The new offering will allow Nedbank staff to unleash their creativity and entrepreneurial spirit to experiment with new technologies, trial their business ideas, and initiate product concepts. The Innovation Lab, which has been in the pipeline since 2011 has recently been launched to employees, and to date 1 500 staff members have used the facility.

Mike Brown, CEO of Nedbank said innovation is a key component of Nedbank's strategy to be Africa's most admired bank, and this requires that they innovate at every level in the organisation. "Continuous innovation is a cornerstone of building any long term sustainable business - every day we have to focus on how we can improve what we do for our clients and our bank."

A simple objective

"We are thrilled to have such a tangible mark of our progress which we hope will inspire and stimulate our staff," added Fred Swanepoel, CIO at Nedbank. "The objective was simple: for Nedbank and GT to be synonymous with innovation and first-to-market. By collaborating across Group Technology and Nedbank, and continuously improving processes, the goal was to find ways to land ideas sooner, better and faster. A strategy of co-creation between the business, GT and our clients was developed so that we could identify, develop and execute innovative opportunities. At Nedbank, we understand that innovation needs to touch a broad spectrum of areas, from the customer experience to products, processes, technology and marketing."

The inaugural Innovation Lab in Sandton, Johannesburg, is likened to an innovation sandbox, or a creativity pen. The creative environment will birth innovative ideas that are vital in identifying new ways of doing and growing business. Nedbank doesn't believe that innovation keeps office and employees are encouraged to use it at their leisure. It will showcase innovation from across the Nedbank Group as well as their partners, vendors and suppliers. Once all technical glitches have been addressed and GT is confident enough to run the Innovation Lab smoothly, labs will be rolled out across the country.

Cutting-edge technology

The presentation room which forms part of the lab creates a favourable environment in a space that nurtures creativity and breakthrough thinking. It offers cutting-edge technology and equipment such as SmartBoards, Wi-Fi connectivity, whispering glass applications and broadcasting platforms like Microsoft Lync.

"The initiative came about when GT took the bold step of engaging with around 500 staff members in five technology workshops. As a result, we identified three top focus areas to improve our execution and deliver on strategy, the key being innovation and creativity. The launch of the Innovation Lab exhibits Nedbank's vision to unify business and technology. The Nedbank Group recognises that an innovative, values-driven corporate culture is an essential cornerstone of sustainability. The Innovation Lab forms part of the Fostering Innovation initiative. It also reinforces Nedbank's commitment to create an empowering environment in which employees have the freedom to contribute to a culture that encourages growth, values alignment, innovation and a shared vision for the future," concluded Swanepoel.