As part of an international banking alliance, Bank Leumi of Israel (TASE: LUMI), CIBC and National Australia Bank (ASX: NAB) today introduced Global Alliance Fintech Link, a global online portal developed to help drive client-focused innovation by facilitating collaboration between the banks and financial technology firms (fintechs).
Through the digital platform, fintechs can submit creative technology solutions in response to a wide range of opportunities identified by the banks. Upon receiving the proposals, the banks will consult directly with the technology firms.
Global Alliance Fintech Link offers startups around the world easy access to the global banking marketplace by enabling direct collaboration with three financial institutions on three continents. The portal opens the door for companies to provide technology solutions to key areas where banks want to enhance customer experiences.
Stemming from Bank Leumi, CIBC and National Australia Bank's strategic alliance formed in September 2016, the initiative is not only designed to simplify global cooperation but to offer fintechs access to potential partners that could help scale their business. It also offers the opportunity to bring these world class companies into a global technology and banking ecosystem.
The platform has been initially launched as a pilot and will evolve as additional challenges are added to the site.
Quotes:
"This partnership shows that Bank Leumi, National Australia Bank and CIBC are leaders not just in thought but also in action when it comes to seeding international efforts to spur better value propositions" said Tamar Yassur, FEVP and Chief Digital Officer, Bank Leumi. "We're confident this new platform will help spark international innovation and creativity to enhance customer services in banking across the globe."
"Transformative innovation is key to meeting the ever-evolving needs of clients, and this new platform gives us the opportunity to identify new and emerging technologies that will drive solutions as we build a relationship focused bank for a modern world," said Greg Elcich, VP Enterprise Innovation & Wealth Digital at CIBC. "We're delighted to partner with National Australia Bank and Bank Leumi on this portal to help stimulate further creativity and growth in the global fintech industry."
"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," said Jonathan Davey, EGM Digital and Innovation, National Australia Bank. "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."
For further information: visit www.globalfintechlink.com
About Bank Leumi:
Bank Leumi, established in 1902, is one of the leading and largest financial corporations in Israel, providing comprehensive banking services and commanding an approximate 30% domestic market share.
Leumi is leading the way for innovation in Israeli Banking, with a wide range of innovative digital banking servicesbased on cutting-edge technology. In 2017 Leumi launched Israel's first standalone fully-mobile Bank – 'Pepper', built on a hybrid cloud model and software-defined data center. Since its launch Pepper has drawn international attention and was awarded the '2018 Innovator Award' by Dell Technologies (April, 2018).
About CIBC
CIBC is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world.
About National Australia Bank:
National Australia Bank is one of Australia's 'Big Four' banks and is Australia's largest business bank. It has more than 33,000 employees, serving 9 million customers across Australia and New Zealand.
NAB is at the forefront of innovation with an internationally renowned innovation hub, NAB Labs, which is focused on shaping the future of banking through customer-led innovation. Through strategic investments in start-ups, via venture capital arm NAB Ventures, as well as collaborating with fintechs, accelerators and technology companies, NAB aims to deliver market-leading value propositions that bene?t its customers.
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