National discussion on innovation is focusing too much on technology start-ups and new products like contact-fee payments – and too little on how to drive incremental operating improvements in larger companies, a banking chief has said.

Adam Bennett, head of business banking at the Commonwealth Bank, told an Australian Institute of Company Directors meeting late last week that “not all innovation is about technology, fintech start-ups and new-to-world products and services … most innovation is about doing the things we already do – just better.”

“This means incremental improvements to internal processes, having the right structure, enhancing products and services step by step, and getting the marketing right: boring, but essential,” Bennett said.