by Jennifer O'Brien

NAB hatches global online portal to foster fintech and bank ties

May 30, 2019
Artificial IntelligenceBig DataCloud Computing

National Australia Bank (NAB), in concert with Bank Leumi of Israel and the Canadian Imperial Bank of Commerce (CIBC), has launched a global online portal that fosters innovation and collaboration between fintechs and the three banks.

Dubbed the Global Alliance Fintech Link, the portal offers startups access to the global banking marketplace by enabling direct collaboration with the three financial institutions.

“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 NAB EGM digital and innovation, Jonathan Davey, in a statement.

“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.”

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.

According to the banks, the portal opens the door for companies to provide technology solutions to key areas where banks want to enhance customer experiences.

“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 CIBC VP enterprise innovation and wealth digital, Greg Elcich, in a statement.

“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.”

The platform has been initially launched as a pilot and will evolve as additional challenges are added to the site.