Financial services continue to evolve with innovations

26 April 2019

Financial services continue to evolve with innovations sure to keep customers happy

Three recipients have been recognised for reducing consumer pain points through product innovation developed within the past year. Canstar’s Innovation Excellence Awards for 2019 represent a group of innovative products and services across online banking, payment technology, wealth, insurance, investing, deposit accounts, lending and business banking.

ANZ, ASB Bank and Kiwi Wealth were judged on the quality of their solutions in seeking to address consumer needs, and are Canstar’s Innovation Excellence Award winners for 2019. While each innovation benefits Kiwis in very different ways, all improve customer experience in the finance sector.

“Our winning providers improved their customers’ journey in different ways – one by making investment more accessible, one by enhancing living conditions through warmer, drier homes, and another by making it incredibly convenient to open a bank account using selfie and ID matching,” says Jose George, General Manager of Canstar New Zealand.

“In judging these submissions, we saw ANZ, ASB and Kiwi Wealth show an understanding of human-centred innovation which makes a difference in their customers’ lives and reduces pain points as a direct result.”

Investment platform brings US markets to your fingertips – Hatch

Kiwi Wealth’s Hatch is opening a world of investment opportunities not previously available in New Zealand. The first of its kind to bring fractional investing to our market, Hatch lets everyday Kiwi investors buy portions of shares in companies they may not typically be able to afford or access, such as Amazon. The fractional model affords a new investor the same global opportunities as an experienced shareholder.

“We’ve taken the most complex processes, such as international verification requirements and foreign exchange, and digitised them so investors can be up and running with a Hatch account in less than five minutes,” says Kristen Lunman, General Manager of Hatch.

App removes need for follow up identity verification – ASB online ID app

There has been a concerted effort in the past 12 months by financial institutions in New Zealand to address the friction that exists in opening a bank account and having your identity verified. ASB's solution is distinguished in market by using biometrics to integrate two steps in the customer sign up process to one step.

“This saves time and is convenient for our customers who can now open a bank account quickly and from anywhere. Previously, customers could start the process to join online, but needed to physically go into a branch with documents proving their identity and address,” says Simon Tong, ASB Executive General Manager Digital, Data and Brand.

The app uses innovative facial biometrics to automatically compare the selfie with the customer’s photo ID, ensuring the two match.

$100 million pledge of interest-free lending to help insulate Kiwi homes – ANZ

The ANZ Warmer Homes Insulation Loan (since renamed Home Insulation Top Up) of up to $5,000 is offered to home loan customers for the purpose of adding new or improved insulation to their home’s ceiling and/or underfloor. The loan must be repaid within four years and is interest free.

“Our Home Insulation Top Up is one step we’re taking to help Kiwis into warm, dry and healthy homes while also raising the standard of New Zealand homes,” says Antonia Watson, ANZ Managing Director Retail and Business Banking.

“Government subsidies for insulation are available for lower-income home owners, and cover two thirds of the cost of insulation. We introduced the ANZ Home Insulation Top Up in May 2018 to help the range of homeowners and landlords who aren’t eligible for the Government subsidy.”

Details about Canstar Innovation Excellence Award 2019 winners can be found on our website.

ENDS

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