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Commonwealth banks on bright ideas

The Commonweath Bank Group has launched IdeaBank, a site and online community it hopes will generate new ideas that will help shape the future of banking.

Groupthink

Launched to coincide with CommBank’s centenary, IdeaBank is the first initiative of its kind in Australia. The site is open to bank customers and anyone interested in contributing new ideas. 

Users can submit suggestions on ways banking can improve, which the IdeaBank community then discusses and promote or demote. The most popular suggestions are sent to the bank for consideration.

To sweeten the deal, CommBank will award $10,000 to the person who comes up with most popular idea.

Keeping ahead of the curve

IdeaBank is the latest in a series of initiatives the bank has launched as it seeks to establish itself as an innovator in the digital space. CommBank recently announced it is doubling its digital and media advertising spend in 2012, and will soon release Kaching, its mobile payment app.

CommBank plans to extend IdeaBank in 2012 to include more categories across its range of services.

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