NAB will more than double its investment into its innovation hub, NAB Labs, as well as increasing the NAB Labs workforce by 70 per cent in 2018.

Almost three years on since NAB Labs was established, Chief Operating Officer Antony Cahill said the innovation hub continued to play an important role in exploring and creating new and leading customer experiences.

“We have a clear plan; we are investing in our platforms, services and products to deliver faster, simpler and seamless experiences for our customers,” Cahill said.

“We are bringing the age of digital to our customers and to do that, we need to continue to attract the best talent and invest in our resources to deliver those new experiences our customers are expecting from us.”

The announcement will see NAB Labs boosted by an additional 35 new team members in 2018, taking the team to 85 dedicated employees.

“The increased investment will include extra resources for our incubator program to support the scaling of initiatives such as the recently launched Hicaps Go app, developed in partnership with start-up Medipass Solutions, as well as to increase our new experiment numbers,” Cahill said.

The added investment will support NAB Labs’ initiatives in areas such as experimentation, incubation and human centred design. On top of the 85 dedicated employees, the NAB Labs team can swell to around 150 people at any given time pending the number of experiments underway, the bank said.

“We will look inside and outside our organisation for the very best people with the right skills and experience, who are creative thinkers, embrace agile working and challenge the status quo, to fill these roles,” Cahill said.

The announcement comes as part of NAB’s record $4.5 billion investment into the bank to accelerate the strategy with a heavy focus on technology and digital priorities over the next three years.

Last month NAB announced it would hire a further 600 technology specialists in the areas of software engineering, data, architecture and security.

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