Banking innovations continue to impress

Banking innovations continue to impress

CANSTAR announces Innovation Excellence award winners for 2015

Shiny new products and services, as well as vastly improved existing ones, underpin clever innovations in the New Zealand banking system. This, in turn, translates to user-friendly convenience in everyday banking for the majority of us. As such, CANSTAR believes these achievements deserve recognition and announces the winners of this year’s Innovation Excellence Awards.

A measure of the depth and breadth of banking innovation, according to CANSTAR, is the fact that 17 submissions were received for this year’s awards of innovative products or services released in the last 12 months. Each submission was examined in minute detail and measured against strict guidelines.

Two products stood out for outstanding innovation – ASB Bank’s PayTag and Westpac New Zealand’s Augmented Reality Banking.

CANSTAR’s Research Manager Mitchell Watson said the judging panel was impressed with the ideas and concepts presented.

“New Zealand has a reasonably small population but consistently every year we find that it punches above its weight in terms of innovation,” he said. “Over the past few years we have seen some amazing financial services innovations and this year is no exception. Our Research tem thoroughly enjoyed going through the list of submissions and debating each product or service according to our innovation methodology, including the “wow” factor.

“How different is the product or service, how will it impact people’s lives, is it a first for Kiwis and what are the impacts on the market – these are some of the question we consider when making our decisions, and every year the level of innovation continues to impress.”

CANSTAR congratulates ASB Bank and Westpac for their achievements in winning Innovation Excellence Awards this year.

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