National Australia Bank (NAB) has said that it will double its investment into NAB Labs, its innovation hub.

The investment will be used to support the hub’s initiatives in areas such as experimentation, incubation and human centred design.

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Also, the bank announced plan to increase NAB Labs workforce by 70 per cent in 2018. It plans to hire 35 new people, taking the team to 85 employees.

This investment is part of the bank’s $4.5bn investment to strengthen its technology and digital initiatives over the next three years.

NAB chief operating officer Antony Cahill, who established NAB Labs three years ago, said that the innovation hub continued to play an important role in exploring and creating new and leading customer experiences.

“We have a clear plan; we are investing in our platforms, services and products to deliver faster, simpler and seamless experiences for our customers,” Cahill added.

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“We are bringing the age of digital to our customers and to do that, we need to continue to attract the best talent and invest in our resources to deliver those new experiences our customers are expecting from us.

“NAB Labs and our venture capital fund, NAB Ventures, play an extremely important role, looking closely at emerging trends and new technologies for opportunities where we can create strategic partnerships that deliver new and exciting experiences for our customers.”

“The increased investment will include extra resources for our incubator program to support the scaling of initiatives such as the recently launched HICAPS Go app, developed in partnership with start-up Medipass Solutions, as well as to increase our new experiment numbers.”