Commonwealth Bank of Australia (ASX: CBA) is continuing on its path of technological innovation.
If you own CBA shares, here’s the latest tech move from the big 4 bank.
What tech hub is CommBank moving into?
CBA reported that it is opening a Technology Hub at the Entrepreneur and Innovation Centre in Adelaide’s Lot Fourteen development.
The bank said the new hub will see it grow its technology workforce and partner with education and industry. CommBank expects to hire as many as 150 tech specialists over the next 5 years, including software engineers, data scientists and cyber security specialists.
Commenting on the development, Brendan Hopper, CIO for Technology at CBA said:
We want to be involved in providing amazing opportunities for career development and innovation – both for new entrants to the technology sector through our graduate, intern and technology associates programs – and also via reskilling opportunities for people who are already in the ever-changing technology sector.
The bank said the focus will be on artificial intelligence, data and cyber security.
It noted that the pandemic has altered the way people view their work, saying many tech workers don’t want to spend every day in an office, yet they do want to remain connected with colleagues.
Enter the new Technology Hub where CBA’s workforce can gather as required to drive technological innovation for the bank.
“Keeping employees connected in person is in some cases a major factor of innovation, learning, collaboration and passion,” Hopper said. “Lot Fourteen has the ingredients to be a major centre for technological innovation, collaboration and helping Australia advance towards becoming a more digital economy,” he added.
Adelaide’s Entrepreneur and Innovation Centre is scheduled to open in 2024.
How have CBA shares been performing?
CBA shares are up 1.2% in morning trade today, leaving the share price down 2.7% in the new year.
By comparison the S&P/ASX 200 Index (ASX: XJO) is up 0.2% today and down 4.8% year-to-date.
The post Own CBA (ASX:CBA) shares? Here’s the bank’s next big tech move appeared first on The Motley Fool Australia.
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