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CommBank and KPMG become partners in aged care innovation

An Australian first aged care innovation network designed to improve the lives of older Australians has announced the acquisition of a few big players to its team.

InnovAGEING, Australia’s first innovation network for the aged care industry has announced the Commonwealth Bank of Australia (CBA) and KPMG as its Foundation Partners (Source: LASA)

The Commonwealth Bank of Australia (CBA) and KPMG will join innovAGEING as Foundation Partners.

Principal Advisor for innovAGEING, Merlin Kong says the partnerships herald the start of the innovation network making its mark on a national scale.

“Today’s announcement is very significant for older Australians and will help drive the transformation of aged care in this country,” he says.

“This support from a major institutional bank and a global leading professional services firm provides the network with the solid platform we need to drive innovation and ultimately, deliver a better quality of life for the growing number of older Australians.”

The announcement comes following the Federal Government’s 2017 commitment to invest $400,000 over two years to support innovAGEING.

“It’s clear that organisations are now actively looking for innovative ways to provide quality care, improve their workforce and organisational structure, create new revenue channels and keep up with changing demand,” Mr Kong says.

He considers CBA a good fit for the network, due to the company’s deep understanding into the aged care industries financial landscape, already investing resources into design-thinking, data analytics, visual tracking, blockchain and even social robotics.

“The CBA is one of the first major Australian organisations to focus on consumer experience and how technology can contribute to this,” he says.

Mr Kong also describes KPMG is a “thought-leader” with a demonstrated commitment to making innovation happen.

“This partnership will not only align our network to KPMG’s world-class expertise and knowledge in ageing, but also their Innovation and Digital Services Division and KPMG Innovate.”

Both CBA and KPMG have expressed their delight in forming the partnership with innovAGEING.

“CommBank’s committment to the seniors’ living sector emcompasses efforts from improving awareness of financial abuse to supporting service providers to drive innovation and improve the wellbeing of seniors in our community,” CBA National Director for Healthcare and Aged Care, Sachin Kumar says.

KPMG Partner for Health, Ageing and Human Services, Nicki Doyle says “innovation is key” to staying competitive and delivering exceptional customer experiences in a rapidly changing market like aged care.

“It can be difficult to know where to start and many aged care providers struggle to embed innovation within their organisation,” she says.

“innovAGEING providers a platform for aged care services to start small, where staff are encouraged to share their ideas across the sector and access expertise from a range of fields to build on their ideas.”


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