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UPDATE: Canstar has awarded an additional winner in the 2022 Innovation Excellence Awards in recognition of its potential impact on a segment of first home buyers.
The ‘wow’ factor is one of several key things the judges looked for in a financial product when picking this year’s winners of Canstar’s Innovation Excellence Awards.
The judges noted many of the innovations they received this year demonstrated a particular focus on speed and streamlining, to offer consumers a frictionless experience.
Submissions came from a range of financial product categories spanning insurance, lending, everyday banking and wealth, and leveraged a range of technology such as machine learning and artificial intelligence (AI) to deliver simplified, fast and tailored solutions for consumers.
Along with that ‘wow’ factor, the judges were tasked with assessing how different or unique a product was, how affordable it was, and the difference it could make to people’s lives. They were also asked to consider how disruptive a product was to competitors in the financial services industry and how many people could access it.
Overall, the judges were looking for a high degree of innovation and impact when assessing entries in Canstar’s Innovation Excellence Awards.
In the end they settled on seven winners across the financial services industry, up from last year’s four. Additional winners have also been announced for Telecommunications and Energy by Canstar Blue.
The financial services industry winners of Canstar’s Innovation Excellence Awards in 2022 follow in alphabetical order, including the new winner OwnHome.
Commonwealth Bank: CommBank Rewards
The CommBank Rewards program offers customers personalised rewards and offers within the CommBank app. Canstar’s Innovation Excellence Award judges described the program as “a simple and easy way for customers to save money when they shop for brands they love”.
The judges said the program’s use of artificial intelligence to connect customers to deals tailored for them gave it a significant ‘wow’ factor.
CommBank Rewards is available to any CommBank customer with a debit, credit or StepPay card, and so the judges said it stood out against other rewards programs that are traditionally only available for credit card users.
Offered to eligible customers at no extra cost with the ability to opt in or out at any time, CommBank Rewards was also deemed to have a significant impact on customers due to its broad availability and its use of data insights alongside CommBank’s Customer Engagement Engine to provide personalised rewards offers.
What’s the cost?
There is no extra cost to enrol in CommBank Rewards and gain access to offers, as long as customers meet the eligibility criteria.
MONEYME: Autopay
MONEYME’s Autopay is a self-service portal that allows car dealerships and brokers to submit applications for secured finance on behalf of their customers.
Canstar’s judges observed that because Autopay’s direct model “cuts out any middlemen”, customers can receive approval and settlement in as little as 60 minutes.
This product is available seven days a week, which the judges said was a significant improvement over typical industry timeframes of several business days for automotive finance.
The judges also said they were impressed with the speed to settlement, allowing dealers to help customers apply for finance, settle a deal and drive away, all in the same day.
What’s the cost?
The cost to consumers that apply for a loan through a car dealer or broker that uses the Autopay platform will vary, with the loans offered carrying interest rates that depend on the applicant’s credit score, the age of the vehicle and the loan-to-value ratio. Customers will pay a loan establishment fee of $350 and a monthly fee of $10, plus the relevant interest charges of their approved loan.
Nano: Digital Home Loans
Nano’s Digital Home Loans use proprietary technology to assess an applicant’s information in real time, with unconditional approval possible in less than 10 minutes. Canstar’s judges noted this is made possible by Nano’s technology “completing multiple steps of the loan application in parallel”.
The judges said by using its digital decision engine, Nano is able to achieve a cost-effective and automated home loan application. It can then pass on the savings to customers.
The judges were significantly ‘wowed’ by the ability of Nano’s technology to provide unconditional approval with such a fast turnaround. This reduces customer frustration at a very critical financial time in their lives, and was deemed to have a tangible impact on consumers as a result.
What’s the cost?
Nano says it does not charge joining fees, application fees, usage fees, transaction fees or exit fees – the only cost it charges customers is interest on their home loan.
OwnHome
Property technology start-up OwnHome has been recognised as an additional recipient of the 2022 Innovation Excellence Awards for Australia.
The awards committee said the ‘live now, buy later’ scheme may help some prospective first home buyers with secure employment and the ability to service a mortgage that couldn’t access the necessary deposit and stamp duty payments to enter the market sooner.
This rent-to-buy scheme assists customers find and negotiate a price for their home, which OwnHome purchases and holds until the customer can secure a mortgage. Over the next 2-7 years, OwnHome customers live in that home, paying rent and contributions towards the deposit. Customers are then able to exercise the option to buy the property at an agreed price, which increases annually at a fixed rate of 3.8% (compounding).
The judges noted this product catered to a specific market segment and risks could apply, particularly in a falling property market where the market value of the house could end up being below the agreed value locked in at the outset when the time comes to take ownership of the house. The judges also advised consumers to seek legal advice and check with their financial advisor.
PetSure brands: GapOnly Partnership
Eleven PetSure brands (including Pet Insurance Australia, which submitted the Innovation Award entry) have partnered with GapOnly to allow customers to make an insurance claim on the spot at participating vets. Customers then only need to pay the gap between the vet bill and what their insurance policy covers.
The full list of participating PetSure brands at the time of writing is:
- Pet Insurance Australia
- Australian Seniors
- Bow Wow Meow Pet Insurance
- Guardian Insurance
- Guide Dogs Pet Insurance
- Petbarn Insurance
- Petinsurance.com.au
- Prime Pet Insurance
- Real Insurance
- RSPCA Pet Insurance
- Woolworths Pet Insurance.
The judges deemed this innovation to have a significant impact on policyholders, reducing some bill stress as they are less likely to be out-of-pocket for potentially large sums of money.
This paperless, in-clinic claims service was recognised as a unique and convenient claiming solution for pet insurance customers.
The set-up is currently available at more than 600 participating veterinary clinics Australia-wide, but that number is expected to increase as more sign up, including specialist and emergency centres.
The judges said this “could pave the way for other providers to streamline their pet insurance claims processes with a keen focus on the customer claims experience”.
What’s the cost?
No cost to the policyholder.
Sharesies: Sharesies Platform
The Sharesies platform offers customers access to the Australian, NZ and US sharemarkets, with no minimum investment required.
The judges described the Sharesies platform as unique, with a significant ‘wow’ factor as it reduces barriers to entry for new investors by facilitating fractional investing and trades as little as 1 cent. This means users can purchase a share, or a portion of a share, at an amount they can afford.
The judges said the platform’s competitive pricing structure – especially for smaller investment amounts, and paired with a focus on education and financial empowerment – had a significant impact, particularly for new investors.
What’s the cost?
Transaction fees are 0.5% for amounts up to $3,000 and 0.1% for amounts above $3,000, plus a 0.4% currency exchange fee if you exchange money. There is no subscription fee. Customers are charged a card processing fee when they use a debit or credit card to top up a Sharesies Wallet.
TAGR: Mobile Self-Checkout Platform
TAGR is a mobile self-checkout platform that allows shoppers in participating stores to use their mobile phone to browse, scan barcodes and purchase products online that they see in store. The judges assessed TAGR as unique with a significant ‘wow’ factor because unlike most platforms currently in the market, it isn’t restricted to a single store.
TAGR’s streamlined checkout experience – with no sign-up required, no app to download and a customer experience-focused design – also impressed the judges and “was deemed to have a positive impact on shoppers”.
Participating retailers are able to integrate TAGR’s payment solution with their point-of-sale system for seamless inventory management, as well as using it to capture customer details and insights such as cart abandonment and loyalty.
What’s the cost?
For customers, the product is entirely free. For retailers, depending on their size and sales volume, there is a 1.5% to 3.0% fee per transaction, plus 30c. Other fees may apply, including subscription fees for additional services.
The judges noted many of the innovations they received this year demonstrated a particular focus on speed and streamlining, to offer consumers a frictionless experience.
Submissions came from a range of financial product categories spanning insurance, lending, everyday banking and wealth, and leveraged a range of technology such as machine learning and artificial intelligence (AI) to deliver simplified, fast and tailored solutions for consumers.
Along with that ‘wow’ factor, the judges were tasked with assessing how different or unique a product was, how affordable it was, and the difference it could make to people’s lives. They were also asked to consider how disruptive a product was to competitors in the financial services industry and how many people could access it.
Overall, the judges were looking for a high degree of innovation and impact when assessing entries in Canstar’s Innovation Excellence Awards.
For more information about how Canstar’s Innovation Excellence Awards are determined, read our methodology. You can also check out the results summary for the 2022 Awards.
Canstar Blue Innovation Excellence Awards
If you are interested in reading more about other innovations, check out the Canstar Blue Innovation Excellence Awards. Winners have been announced for Telco and Energy providers.
Updated from an article by Michael Lund
Cover image source: thinkhubstudio/Shutterstock.com
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