ENABLING EDITION SUMMER 2014

002/

Welcome to the Summer 2014 edition of Community CAN - a hub of knowledge, news and personal stories, specifically designed for our not-for-profit and community customers. Communities are at the core of our vision.

COMMUNITY CAN

State-of-the-art Innovation Lab launch

Economic update: A world in transition

What makes a social enterprise work?

One of Australia’s leading social enterprises, the Flagstaff Group, shares its insights on the key ingredients of a successful social enterprise.

Congratulations, and welcome to the Board...

Not-for-Profit Sector Banking

002/ PAGE 3

It’s this belief that compelled us to create Community CAN – a forum for sharing and celebrating the collective achievements of our community-based customers and furthering insights and knowledge.

Your feedback on Community CAN is really important to us – this newsletter is for you and so we would love to hear the topics you’d like to see covered and your ideas on what we should include in the next edition – please send your thoughts to rowena.hawksley@cba.com.au with the subject ‘Community CAN’.

I hope you enjoy this second edition of Community CAN. Our entire national Not-for-Profit Sector team wishes you all the very best for the holiday season and we look forward to working with you and supporting you throughout 2015.

VANESSA NOLAN-WOODSGeneral Manager, Education and Not-for-Profit Sector Banking, Commonwealth Bank

Q&A

ON BOARD ECONOMIC UPDATE

THE VALUE OF TECHNOLOGY

As 2014 draws to a close we’re very pleased to bring you the second edition of Community CAN, the newsletter designed for our not-for-profit and community customers.

Vanessa Nolan-Woods

General Manager, Education and Not-for-Profit Sector Banking

Meet your banker: We sit down with our very own Yvette Flynn.

/ Page 05

An overview of Board member responsibilities

/ Page 12

Our economy is in transition. Find out what this means for you.

/ Page 14

Introducing Qkr! – simplifying life for parents, carers and schools.

/ Page 16

Dr Shelley Logan, Senior Inventioligist at Inventium, shares with us her thoughts on the three stages of innovation and the most effective ways to drive innovation in not-for-profit and community-based organisations.

INNOVATION LAB LAUNCHWHAT MAKES

A SOCIAL ENTERPRISE WORK?

At CommBank innovating to make a tangible difference has been part of our DNA for decades.

This October, we launched the CommBank Innovation Lab, a state-of-the-art facility in the heart of Sydney’s CBD.

/ Page 04

One of Australia’s leading social enterprises, the Flagstaff Group, shares its insights on the key ingredients of a successful social enterprise.

/ Page 06

SUMMER 2014Enabling:

Q&A

Involving customers in the innovation process.../ Page 11

WELCOME TO COMMUNITY CAN.

INTRODUCING COMMUNITY CAN

We believe in earning your loyalty by developing genuine, long-lasting partnerships with Australian communities through facilitating information exchange, excelling in customer service and leading the way in technology and innovation.

002/ PAGE 4 002/ PAGE 5

The Innovation Lab acts as an ideas incubator and accelerator focused on developing cutting-edge products, services and solutions in collaboration with customers, partners, start-ups and industry experts.

Customers have always been at the heart of everything we do and our innovation lab is no different. We enact this by putting the power of data into the hands of our customers, empowering them to make informed decisions to help improve the performance of their organisations.

For example, with CommBank’s access to the numbers behind more than 40% of all transactions in Australia, our analytics wall has an interactive screen (pictured) which exhibits aggregated consumer spending habits, demographic and geographic trends.

At the Lab, advice is hands on and our customers can learn how best to integrate new generation financial technology into their organisations, capture market advantage and help to ensure a sustainable financial future. Through collaboration, fresh ideas, innovation and our commitment to the latest technologies we’re proud to play our part in bringing communities and our community partners’ goals to life.

YVETTE FLYNN

YVETTE FLYNN RELATIONSHIP EXECUTIVE, NOT-FOR-PROFIT & SCHOOLSAs Relationship Executive, Yvette specialises in looking after transactional banking, debt funding and investment requirements for Not-for-Profits and Independent Schools. We asked her how she helps her clients face their challenges and achieve their goals.

What do you consider is a critical part of your role when engaging with clients?

I see myself as my clients’ Advocate within CommBank. It’s my job to ensure that we’re providing them with the best opportunities to ensure they can manage their challenges and achieve their goals. I work with a great team of people and there are a number of experts on whom I can call to help assist my customers.

What do you see as the key challenges facing the Not-for-Profit sector?

There are a few; staying relevant in the community, ensuring their brand is current and engages with the community. NDIS brings numerous challenges through competition, collection of debtors and the cost of up-skilling staff to manage the changes. Talent retention is an increasing issue within the not-for-profit sector with competing wages in the commercial arena as well as Government poaching of not-for-profit staff.

If you could give one general tip to your clients, what would it be?

Review your online donation platforms, as with the introduction of compulsory pin numbers for card present transactions from 1 August, fraud organisations will be moving their focus from credit cards to online fraud. Two simple ways to assist the reduction of fraud on your website: one, look to have a minimum donation amount of $10; and two, request donors’ full first name, not just an initial. Also consider looking at a fraud scrubbing solution such as Redworld.

What inspires you?

I have always been inspired by great teachers; in fact I aspired to be a Home Economics teacher. Today I am inspired by the Schools and the Not-for-Profits that I work with - seeing their passion for what they are trying to achieve and to see the impact they have on their communities is just incredible

Where can you be found most weekends?

As the mother of a sports-mad teenager, I am either freezing on the rugby field or spending a long time in the sun at the cricket oval!

Who would your ultimate dinner party guests be?

Having recently watched The Iron Lady, I think Margaret Thatcher would have a story or two to share; Michael Hutchence as I always loved his music; and Dick Smith who I think is an inspiring philanthropist.

Q&AAUTHENTIC: MEET YOUR BANKER

At CommBank, innovation has been part of our DNA for decades.This October, we launched the CommBank Innovation Lab, a state-of-the-art facility in the heart of Sydney’s CBD.

CommBank launchesINNOVATION LAB

LEARN MORE ABOUT THE LAB

If you would like to know more about the Lab or pay a visit please get in touch via our website:

www.commbank.com.au/innovationlab

INNOVATIVE: ADVANCES

002/ PAGE 6 002/ PAGE 7

AUTHENTIC:

SNAPSHOT: Flagstaff Group

Unlike many disability enterprises and not-for-profit organisations across Australia, which can be heavily reliant on government support and funding, Flagstaff has attained a true point of differentiation. It is 85% self-sustainable through its commercial operations and just 15% dependent on government funding.

What makes a social enterprise work?Roy Rogers, CEO of one of Australia’s leading social enterprises, the Flagstaff Group, shares his insights on the key ingredients of a successful social enterprise.

Located in the Illawarra and Shoalhaven, the Flagstaff Group exists to provide meaningful employment for people with a disability. Since its origins as a ‘sheltered workshop’ in 1966, Flagstaff has grown from strength to strength, to become one of Australia’s largest disability enterprises. It now employs around 340 members of staff, 278 of whom are people with a disability.

Flagstaff: a snapshotFlagstaff is made of many business divisions.

They include:

– Print and Mail

– Fine Foods – producing 70,000 frozen meals a month

– Commercial Laundry

– Recycling – for paper, cardboard and security shredding services

– Engineering – manufacturing and assembling industrial metal tags

– Café and Corporate Catering

– Coffee – the Illawarra’s largest coffee-roasting facility offering contract commercial and retail coffee roasting and packaging.

Read on >>

002/ PAGE 8 002/ PAGE 9

We asked Roy Rogers, CEO of the Flagstaff Group, what the core things are that make his organisation thrive.

Here’s what he said:

For Flagstaff, there are three objectives that underpin everything we do: ensuring financial sustainability, promoting our brand and image, and becoming a first-choice employer.

Here are ten steps to help you achieve the same.

1. THINK COMMERCIALLYA strong commercial focus is a core component to achieving these three things. As an organisation that exists to support and enrich the lives of people with a disability, the fundamental principles of a for-profit business must be applied to the social enterprise in order for it to flourish and benefit the people it seeks to support.

Our strong commercial focus enables the organisation to achieve its overall social purpose and essentially gives the organisation the flexibility and control to make its own decisions.

2.

EMPLOY COMPETITIVELYTo attain this commerciality, Flagstaff focused on ensuring we have qualified business people in key positions. Primarily, we’ve hired individuals with Management, Operations, Marketing and Human Resource qualifications and an interest in welfare – not the other way around. We’ve also built a Board with the experience to complement our organisation.

3. KNOW YOUR CUSTOMERS To become commercially sustainable over time, we’ve had to focus on the needs of our customers – and develop products and services that people can purchase from us. In doing this, Flagstaff has tried to move away from processing work to look at ways we can be paid for quality services and products. Understanding our customers and clearly defining our market has been inherent to our success.

4.

QUESTION OPPORTUNITIES When coming up with innovative ideas, it can be just as important to say no to an opportunity that doesn’t fit well. Ask yourself – does this opportunity complement your current organisation’s goals? Does it offer a welcome variety, and open up the potential for different types of people to participate in your organisation?

The long-term sustainability of the organisation has to be considered at all times. Diversifying can even out the ups and downs of the market place; quite often when one Flagstaff industry or business is doing well, another is facing a time of turbulence or change.

5.

STRATEGISE, ALWAYSLike any business, a strategy to promote and sell your products or service is crucial. Flagstaff has a strong Sales and Marketing plan that involves Public Relations, Sales activity, Networking and Events, utilisation of Digital & Social Media channels and, most importantly, a strong and consistent brand and image. Our branding is closely linked with our integrity and credibility, our commercial partners and our staff. Ask yourself – how will we position the brand? What is our point of difference? Who needs to hear this message?

6.

LEVERAGE YOUR PARTNERSWe strongly believe in the benefits of leveraging skills and working with other organisations with a similar ethos. That’s why we actively work alongside other community providers and disability enterprises. Flagstaff utilises these providers as our own suppliers and has hundreds of not-for-profits as customers. Strategically, it makes sense to work with the people who have a heart for social impact because they understand what you are trying to achieve.

7.

REMAIN FLEXIBLEWe know that the onset of future challenges, such as the National Disability Insurance Scheme (NDIS), will create an even stronger competitive environment – one in which our employees will be given more choice. But if an organisation has a clear goal, leverages industry networks and alliances, and utilises a system of referral between each other, it will be better equipped to deal with the changing environment.

8.

INVEST IN YOUR EMPLOYEESAt Flagstaff we pose an overriding question to every new proposition that comes across our path, and that question leads directly back to the organisation’s purpose: will it create further employment opportunities for our people with a disability?

The opportunity to reduce barriers that our employees face in finding employment is the driving force behind all decisions that Flagstaff makes for new business ventures.

We constantly consider how it will enable people with a disability to grow and develop. People remark that we can only do what we do because our employees are high functioning. If this is the case, it’s because we’ve taken the time to develop their skills, enhance their confidence and abilities through qualifications, provide – where required – unique training programs, support and performance management and offer opportunities for job enhancement through the introduction of modern machinery and equipment.

9.

EMBRACE ADVANCEMENTSWe don’t shy away from advances in technology, we embrace it and encourage our employees to utilise it. Depending on the division, automation and machinery have built our capacity to service more clients, led to more employment opportunities, and provided a chance for our employees to grow.

10.

BELIEVE YOU CAN SUCCEEDLastly, the final ingredient of any successful social enterprise is attitude and self-belief! Through training, patience and encouragement, people can surprise themselves by doing things they never thought possible. And, at an organisational level, having employees who share this attitude will ultimately drive your success.

SNAPSHOT: Flagstaff Group1966 YEAR ESTABLISHED

340 MEMBERS OF STAFF

278 STAFF WITH A DISABILITY

85% SELF- SUSTAINABLE

15%

GOVERNMENT FUNDED

002/ PAGE 10 002/ PAGE 11

Discover the three stages of innovation...

1.UNCOVERING OPPORTUNITIESUnfortunately, the stronger our assumptions around customer needs, the less likely we are to seek out what our customers truly want or require. I regularly see organisations holding very strong viewpoints on what they think their customers value and the problems that should be fixed, without actually asking them. An implication of this is that the organisation may not be focusing on the most beneficial opportunity in the first place.

2. GENERATING IDEASOnce you understand the specific challenge or problem you need to solve, involving customers in the idea generation process can be a great way to collect a diverse range of ideas. Next time you are running a formal idea generation session with a specific problem in mind, invite some customers into the session to suggest ideas with you shoulder-to-shoulder.

3. EXPERIMENTING WITH IDEASOnce you have shortlisted your ideas, it is crucial that you test these directly with customers well before you throw a whole lot of money and time into idea development. Identify and test the biggest leaps of faith for why you think each idea will be successful and measure actual customer behaviour. Your results will help you collect learnings to inform whether you should iterate or pivot.

Is your NFP organisation involving customers in these three crucial stages of the innovation process? Dr Shelley Logan, Senior Inventiologist at Inventium, shares her thoughts on the most effective ways to drive innovation in not-for-profit and community-based organisations.

Involving customers at the three points above not only makes sure you don’t create something that no-one wants or will use, but also that you don’t waste your precious and scarce resources developing something that wasn’t the most beneficial thing to focus on in the first place.

If you have any questions about involving customers at any of these three points feel free to drop me a line at shelley@inventium.com.au.

There are three important areas where customer involvement will dramatically improve the success of your innovations:

As a not-for-profit, you are likely to have many different customers and I use this term in its broadest sense.

Customer could refer to your members, supporters, donors, beneficiaries, the community, government and partner organisations. Once you know the area on which you’d like to focus your innovation effort, the next important step is to identify your customer and get them involved in your innovation process.

So often I speak with organisations that say that they are doing a pretty good job at including customers in their innovation efforts. After delving deeper it becomes apparent that customers only become directly involved when there is a tangible

product or service to test. The reason for involving customers at this late stage? To validate an idea that the NFP has already invested a whole heap of time, energy and money into.

There are obvious problems with this; customers are often inclined towards agreeability (particularly when a good cause is involved); NFP organisations can sometimes pay more attention to information which validates rather than challenges the idea at this late stage; and when negative feedback occurs it becomes more difficult to acknowledge and adapt the idea after so much emotional energy and investment has already been made.

Instead, NFP organisations should involve customers much earlier in the innovation chain.

INNOVATIVE: OPPORTUNITIES

Placing customers at the heart of innovation efforts is absolutely critical for organisations.

002/ PAGE 12 002/ PAGE 13

CONGRATULATIONS!Here are some useful tips to help support you on your journey.

You’ve been nominated to join a Board.

Keeping you and your board safe What is directors’ and officers’ liability insurance?

Some boards take out directors’ and officers’ liability insurance. This provides protection for board members who could be sued individually for acts of negligence by the board. It’s important that you find out what sort of insurance is provided for you as a board member, the level of cover, and whether or not you will continue to be covered after you have left the board.

What is professional indemnity?

Professional indemnity insurance covers individuals against claims for breach of “professional duty”. This may arise out of any negligent act, error or omission committed – or alleged to have been committed – by the insured person in the conduct of his/her professional activities. Again, find out if you need this sort of cover and if your board will provide it.

What is fidelity (fraud) insurance? Fidelity insurance provides cover for your organisation against the misappropriation of funds by employees or committee members. The need for such insurance is generally weighed up against the cost, the size of the budget and the level of risk.

This information was provided by our peak body, Our Community, which works in close partnership with the Not-For-Profit Sector Banking team to extend our range of capability-building tools and programs for our not-for-profit customers. For more information, and to access any of the Our Community help sheets, go to www.ourcommunity.com.au

What are my financial obligations?When you join a board you accept the obligation to look after your organisation’s finances. In some cases, a board’s financial responsibilities may be quite extensive. For example, the board may be responsible for overseeing a large organisation with debts, income and staff. In other cases – a small, community-group board, say, that doesn’t perform many, or any, financial transactions – these responsibilities might be simple or non-existent.

Any board that oversees a budget, no matter how small, needs to have a good understanding of its financial duties and take them very seriously. If you have any doubts about your roles and obligations, it’s always a good idea to seek legal or financial advice.

What levels of financial competence are required?Although board members are not generally required to have particular qualifications to be appointed, the law does impose standards of financial competence. This is particularly relevant to the laws of insolvent trading.

The board is expected to understand well enough the affairs of the organisation or facilities it governs to reach a well-informed opinion of its financial capacity. It must also be sufficiently up-to-date with the organisation’s dealings so it can respond properly to the organisation’s changing financial capacity. Naturally, this requires some familiarity with financial reports.

Every year, most boards will prepare a financial report. The preparation of such reports is not always simple and many boards seek professional help.

Generally, these reports will include:

– A review of the year’s operations and details of any important changes;

– Information regarding the organisation’s primary activities;

– Details of any circumstances that have affected, or could affect, the organisation’s operations or likely developments in future years;

– Names of board members and the period for which each has filled their position;

– Information regarding board members’ fees;

– All earnings from the organisation and related organisations;

– Information regarding the solvency of the organisation, including income and expenditure.

Different or additional reporting requirements may exist for your particular board, depending on the law or rules under which it operates.

Make sure your board is financially preparedIt is worth noting that individual board members are not required by law to attend to the financial affairs of the organisation personally. However, they must ensure that they engage people who are competent enough to handle the requirements of the specific situation. It’s not sufficient to appoint someone qualified only to do basic accounting where only the resources of a large accounting firm could cope with the task at hand.

You should also know enough about financial matters to understand the workings of the budgets and accounts. If you don’t know what words like ‘revenue’, ‘assets’ and ‘income’ mean, then you’ll need to do a lot more homework before taking on any board role that requires overseeing a budget.

ENABLING: BOARD MEMBER RESPONSIBILITIES

002/ PAGE 14 002/ PAGE 15

The US economy has ended Quantitative Easing (effectively the printing of money) and now the Federal Reserve is debating when interest rates will start rising. China is transitioning from a manufacturing and export-led economy to one driven by the services sector and household spending.

And here in Australia, a boom in mining investment has ended but home construction is taking its place as a key driver of economic activity.

So what? Well, as a result, monetary authorities in China, the US and Australia need to be certain any rate moves are truly justified. In Australia this suggests interest rates will be held lower for longer.

While Glenn Stevens, the Reserve Bank Governor, has acknowledged that there are “pockets of potential over-exuberance” amongst housing investors, his aim is not to restrain construction activity, rather to “stretch out the upswing.” His view is that housing investors are playing a valuable role in building new homes and apartments, therefore lifting the supply of dwellings necessary to house our growing population. In turn the extra supply of homes will push down the cost of housing and improve affordability.

A world in TRANSITION

Strength of householdsAs the value of property, superannuation holdings and the sharemarket rise, the ensuing sense of “wealth” is increasing consumers’ comfort around spending. Australian households have been slowly loosening the “purse strings” after a period of conservatism following the Global Financial Crisis. Levels of savings remain higher than the pre-GFC years, but households are clearly feeling a little more comfortable.

Up until recently, consumer sentiment had been soft with households confronted by many issues – Geopolitical, Federal Government Budget measures, Ebola, job fears. However, over the past few months, sentiment has been slowly rising and if this continues, household spending will continue to improve.

‘Animal Spirits’Stevens believes that “the ‘animal spirits’ evident in the housing market would be welcome in some other sectors of the economy.” For the economy to successfully transition from mining-led growth, greater non-mining investment will be required. And this doesn’t mean just home building but investment in other sectors like manufacturing and service.

Increasing customersThe Australian population is growing at a solid annual pace of around 1.7 per cent, buoyed by healthy levels of migration and a gentle uptrend in natural growth (births less deaths). The ageing of Australians is a big issue for the coming decades, as those 65 years and over exceed those below 14 years. Implications and practical plans for service provision and associated job roles need to be discussed now, and not a decade’s time.

Costs of Running NFPs Labour costs account for around half of the running costs in the not for profits sector. Wages are currently growing at the slowest pace in over 15 years. The soft labour market (unemployment rising) has enabled business to slow their pace of labour costs. However, education and health organisations continue to see wage growth above the national average.

Going forward, we do not foresee any major deterioration in the labour market and as the economy regains its growth pace, labour demand will rise, and with it, a modest increase in wages growth.

Government FundingThe Federal Government is looking to address ‘structural deficits’ by reducing government expenditure. Growth of health expenditure over the past decade has exceeded other government sectors and the overall pace of the economy. Some argue that this is primarily due to the ageing population but there’s significant evidence that a greater contributor has been an increase in demand and consumption of health services. Australia has one of the most efficient health systems in the world (life expectancy versus per capita spending) but the question remains: do we have a funding structure to sustain this?

What does all this mean?Interest rates are poised to stay lower for longer. The economy is in transition and the Reserve Bank has its doubts on how it will play out. Certainly the Reserve Bank Governor has concerns that non-mining businesses are not doing enough in focussing on available growth opportunities. Eventually companies will embrace both their strong balance sheets and merger and acquisition opportunities. And this M&A activity will affect sharemarket activity and prices.

Home building is certainly growing strongly, and the Reserve Bank wants to further the expansion, but it also has to find ways to keep over-exuberance in check. With interest rates poised to stay low, the current environment is highly attractive for non-profit companies exploring property development opportunities.

When economies are in transition, uncertainty and caution tend to dominate and it seems that every major economy is in transition at present. CommSec’s Chief Economist Craig James and Director of Institutional Banking and Markets, Bruno Bellon, join forces to explain what this means for Australia’s not-for-profits.

Australia has one of the most efficient health systems in the world (life expectancy versus per capita spending) but the question remains: Do we have a funding structure to sustain this?

ENABLING: ECONOMIC UPDATE

Craig James Chief Economist, Commonwealth Bank

Bruno Bellon Director of Institutional Banking and Markets, Commonwealth Bank

002/ PAGE 16

Here’s how it was done:

Schools are some of the few places where many transactions are still carried out in cash. CommBank together with MasterCard™, recently spotted an opportunity to develop Qkr!, (pronounced ‘quicker’), a mobile app designed specifically for Australian schools, that parents can use to pay school fees, buy uniforms, order school lunches and much more. Schools benefit from secure payments, reduced cash handling, rich reporting and same-day settlement.

The Qkr! app, a global first technology, is now being used by thousands of schools, carers and parents throughout Australia and the feedback so far has been overwhelmingly positive. It’s gratifying to see just how beneficial it can be to innovate to make a tangible difference.

Define the challengeWhile teachers use smart boards and the internet and our children use laptops and tablets, parents and carers often pay for excursions with envelopes of cash. We may still write lunch orders on brown paper bags and fill them with coins while our children must remember to hand them in. In fact sometimes school seems to be the only place left where we still have to deal in cash.

Inside the school, staff members then need to handle the cash and

manage the administrative accounting headaches it causes. Someone then needs to reconcile the accounts, follow up the pupils, provide reports to teachers and remove large volumes of cash from the school grounds.

It’s time-consuming for teachers, administration staff and for parents and it’s not just schools where these less efficient processes are still being used. Many community organisations and charities manage their finances in similar ways. There was clearly a need for a more efficient process.

Understand your market In response to this challenge, Commonwealth Bank and MasterCard worked together to develop a technology-led, automated solution to benefit parents, carers and schools. From initial concept through to launch we sought feedback to refine and improve the final product and the results are proving that innovation has worked to meet the challenge.

“It’s changed the way we operate on so many levels,” says Marcelle van Maanen, Principal of Mentone Primary School. “And it’s spread like wildfire amongst the parents. You only need a few happy parents who think ‘oh wow, this is so much better’ for everyone to want it.”

Cheree Jowzy, a parent from Mentone Primary agrees: “I ordered all my school

uniforms this year using Qkr! and paid the school fees with it as well.”

One of the clear benefits of Qkr! is how it addresses wastage and increases accuracy. These findings can be replicated for most organisations with more than one department and multiple staff, particularly when wanting to attract volunteers.

For example, Qkr! is used to place school canteen orders, and both parents and staff have noticed the difference. “We get a summary of what’s been ordered, which makes it more accurate and we have less wastage,” says parent and canteen volunteer Ana Brocas-Reti.

Innovation is not just the purview of the corporate sector. It is just as relevant, perhaps even more so, to not-for-profits and community organisations. All organisations need to constantly review their current processes and consider how technology could play a role in increasing efficiencies, helping transform them for a long-term sustainable future. As Deborah Patterson, Principal of Mill Park Heights Primary School has said, “You have to keep yourself open and adapt to the technologies that are happening within society”.

For more information go to: www.commbank.com.au/qkr

Not-for-Profit Sector Banking

Things you should know before you can: MasterCard, the MasterCard brand mark and Qkr! are registered trademarks of MasterCard International Incorporated. This document has been prepared without taking into account the objectives, financial situation or needs of any particular individual. For this reason, any individual should, before acting on the information in this report, consider the appropriateness of the information, having regard to the individual’s objectives, financial and taxation situation or needs of any particular individual and, if necessary, seek appropriate professional advice. Commonwealth Bank of Australia ABN 48 123 123 124. AFSL and Australasian Credit Licence 234945.

Innovation provides practical solutions to challenges. The starting point is to define the challenge faced by the people you’re trying to help. CommBank recently innovated with MasterCard™ to create Qkr! helping thousands of schools, carers and parents.

TANGIBLE BENEFITS OF INNOVATION

INNOVATIVE: TECH UPDATE

Email NotforProfitSectorBanking@cba.com.au

Visit commbank.com.au/notforprofitsectorbanking