Innovation and Strategy – Finance
2:50 PM CORPORATE VENTURING: Westpac’s Three Model Approach to Enhance Internal Innovation Capabilities
Westpac is operating three different models for driving new thinking into a 200 year old organisation. This stemmed from the CEO’s comments that the bank needed to act more like a start up to face the challenges of market disruption.
Westpac has created ‘The Garage’ as a lab, ‘The Hive’ for hackathons and internal events and ‘Westpac Reinventures’ to invest in local start-ups.
- Cutting through organisational complexity and delinking
- Keeping the link between ideation and delivery intact
- ‘Act outside the box’