Innovative financial tools triumph
ASB and BNZ have emerged as the standout winners at this year’s Canstar Innovation Excellence Awards, each earning recognition for their groundbreaking financial products designed to enhance the financial wellbeing of customers across New Zealand.
About the Canstar awards
Canstar’s annual Innovation Excellence Awards have once again highlighted the most innovative financial products launched in the New Zealand market over the past year.
These awards assess products based on their innovation and impact in enhancing customer experiences and providing significant benefits.
ASB’s KiwiSaver Digital Advice & Projections Tool
ASB’s KiwiSaver Digital Advice & Projections Tool stood out in this year’s awards, winning acclaim for its integrated approach to financial advice and retirement planning.
By combining KiwiSaver fund advice with an interactive projection calculator, ASB enables customers to make more informed decisions about their financial futures. The tool is designed to make personalised financial advice more accessible, addressing a critical need among Kiwis.
“Recognising that a significant portion of Kiwis are unsure about their retirement readiness, and that many have not accessed professional financial advice, ASB has integrated the provision of digital advice into their KiwiSaver projections tool to make financial advice more accessible and tailored to individual needs,” the judges said.
This innovation has been particularly impactful given that approximately 82% of Kiwis have historically not received financial advice.
BNZ’s Digital International Payments
BNZ received accolades for its Digital International Payments service, a pioneering solution that eliminates fees for international transfers. This product allows customers to send money in more than 30 currencies to more than 200 countries, quickly and without the typical costs associated with such transactions.
“BNZ is the first bank in New Zealand to eliminate personal international payment fees and overseas bank charges for transactions made online,” the judges said.
This innovation addresses major customer pain points related to cost, complexity, and speed of international payments, setting a new industry standard.
Impact on the market
Both ASB and BNZ’s awarded services have set new benchmarks within the financial sector.
ASB’s tool democratises financial planning for retirement, potentially increasing the financial literacy and preparedness of its users.
Meanwhile, BNZ’s fee-free international payments platform significantly reduces the financial burden on individuals and businesses sending money abroad, which is particularly beneficial given the high proportion of New Zealand’s population born overseas.
These recognitions from Canstar’s Innovation Excellence Awards not only commended ASB and BNZ’s efforts in advancing financial technology but also highlighted their commitment to improving the overall customer experience in the financial industry.
The other two recipients of the Canstar awards were Booster's Savvy, which integrates an investment account with a Mastercard debit card, and Initio Insurance's Online Insurance Experience, offering a pioneering digital platform with real-time quotes, instant coverage, and streamlined claims processing.
For more details about Canstar’s Innovation Excellence Awards 2024, click here.
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