National Australia Bank plans to more than double its investment into its innovation hub, NAB Labs, and ramp the workforce by 70 percent in 2018. However traditional banking job prospects at the lender look bleak.
The announcement comes as part of National Australia Bank (NAB’s) record $4.5 billion investment into the bank with a heavy focus on technology and digital priorities over the next three years.
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.
Digital in Jobs out
Last month the bank announced plans to hire as many as 600 technology specialists, however on the other side of the new strategy the bank plans to shed up to 6000 jobs over the next three years, as it transitions into the digital era.
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. According to Cahill the bank will look for creative thinkers who embrace agile working and challenge the status quo, to fill the new roles.
