KPMG mLabs is an immersive program co-designed with the mutuals to promote and accelerate innovation by identifying and developing commercial solutions to business challenges in collaboration with fintech startups.

KPMG mLabs is the brainchild of KPMG Australia, and follows the successful Energise accelerator run for the energy and natural resources sector last year. It has been designed to help mutual banks and credit unions and their members gain access to leading fintech innovators. It also provides a unique opportunity for fintech ventures to work with a number of like-minded mutuals in one program.

The program will be initially utilised by seven Australian mutual banks and credit unions: Beyond Bank, CUA, Greater Bank, Heritage, IMB Bank, Police Bank, and Teachers Mutual Bank.

James Mabbott, Head of KPMG Innovate, commented: “As a hybrid of startup accelerator and corporate innovation program, KPMG mLabs draws upon our experience delivering the Energise energy and natural resources startup accelerator, and the elevate61 program which connects Australian enterprise tech startups to US markets.”

“The KPMG Mutuals Review 2015 noted that mutuals are well placed to implement new technologies and ideas and to collaborate with fintech startups. KPMG mLabs is designed to catalyse this process. It will be a platform for collaboration and a safe space for experimentation – and help bring some exciting new services to life for mutual banks and credit unions and their customers.”

KPMG mLabs incorporates best practices from design thinking, startup incubators, lean methodologies and corporate innovation labs. Over the course of the accelerator, the seven mutuals will work closely with 14 fintech startups to ideate new solutions, test assumptions and co-create and prototype products and services.