CANSTAR announces Innovation Excellence award winners

Innovation thriving across the country

CANSTAR announces Innovation Excellence award winners for 2014

The proof that innovation is alive and well in the land of the long white cloud is right here, as CANSTAR announces the winners for this year’s Innovation Excellence Awards, showcasing those businesses in the financial sector that are leading the way with innovative ideas and products that have the potential to change the lives of everyday New Zealanders.

Submissions were received from many companies covering a variety of products released in the last 12 months, and after digesting all the information and examining all the qualities of each development, the CANSTAR team ended up with four outstanding products from the banking industry that show true innovation.

Winners ASB, BNZ, Kiwibank and Westpac scored the accolades with their “green” loan, portable payment handling device, home-hunting helper app and integrated “symphonic” banking system respectively.

CANSTAR research Manager Mitchell Watson explained that the team thoroughly enjoyed sifting through the submissions and felt there were some very interesting ideas and concepts.

“Innovation is a hard concept to define, and different people can have different ideas about what makes a particular product or scheme really stand out, but in the end it comes down to the “wow” factor.

“We ask of each submission, what is different about it? Is it going to have an impact on people’s lives? What is the reach of the innovation? And is it affordable?

“This year, as every year, we were impressed."

CANSTAR INNOVATION EXCELLENCE AWARD WINNERS 2014

(in alphabetical order)

ASB’s Rural Environmental Compliance Loan

A special loan designed to provide a low-cost funding option to assist farmers looking to upgrade their environmental compliance systems. The project has not been designed to financially benefit ASB and as a result the loan is competitively priced – funding is provided at an interest rate of 3.8%* on loans of up to $200,000. A positive innovation both for the New Zealand farming community and the environment. * Rates are subject to change

BNZ PayClip

A mobile payment solution that enables small businesses to accept MasterCard and Visa debit and credit card payments on the spot using their smartphone or tablet without having to manually enter data – effectively turning a handheld device into a portable till. Businesses can manage their cashflow better, as payments are made straight into the BNZ account, so they can access payments as early as the next day.

Kiwibank Home Hunter app

A mobile app that enables anyone to find their perfect property, get the estimated sale price and apply for a pre-approval in minutes from their smartphone or tablet. Additional elements of the app include a Sun Finder tool, which helps you learn how much sun a property gets at different times of the year (by pointing your phone camera at the sky) and the Around Me tool, which tells you which homes are also for sale in the locale.

Westpac’s Symphony

A dynamic banking and communications framework and platform that comprises an almost real-time decision engine driving an omni-channel customer experience across all banking channels, including ATMs, emails, SMS, direct mail, mobile banking, etc. All interactions with the bank are recorded on a customer’s individual “dashboard”, enabling staff to be kept completely up to date with a customer’s interactions and dealings.

CANSTAR would like to congratulate this year’s Innovation Excellence Award winners for their impressive efforts and exciting, innovative products.

Consumers can download the CANSTAR Innovation Excellence Awards report at www.canstar.co.nz

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