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At #sydcitytalk this question was posed: "is it possible for a large enterprise to 'pivot'?

There is a great startup scene in sydney with great business ideas, but while small start-ups are well known for their ability to move quickly, is the "big-end of town" able to learn the art of the pivot?


CBA thinks so, as it unveils a move from banking provider to trusted technology partner with the launch of netbank vault – in the bank's words, "a virtual online safe deposit box".

Congrats go to 22 year old industrial design student Andrew Dane who picked up $10,000 for the idea after the bank opened its ears to customers using IdeaBank. As CBA CMO Andy Lark (@kiwilark) explained to press yesterday in its technology update, the Ideabank platform was built on the salesforce.com platform.

We've talked about this before on this blog – we think this is a great example of the new way in which organisations collaborate with their customers: socially and in a responsive and transparent way.

Moreover, this is the true art of the pivot – to socially crowd-source an idea from customers and deploy it into market – all within 6 months from "go-to-woah". One can imagine a small start-up doing that but it is rare that you can see a huge brand the size of CBA achieve it. This is the modern Social Enterprise in action.

In fact the bank has become quite adept at deploying great innovative offerings for its customers in line with its new tagline #CAN, which is more than a cool integrated marketing campaign, as we hear from CBA's Facebook site its an organisational committment to find ways to help customers acheive their goals and ambitions.

 

For more on this, come hear CBA share the banks social enterprise vision at Cloudforce June 14, register here: .