Even the staid profession of banking can get its innovation on, as demonstrated by the annual CANSTAR CANNEX innovation award.
For the second year, BNZ has picked up the prize for its TotalMoney scheme, which allows customers to pay back loans faster by offsetting their accounts, or grouping accounts to earn higher interest.
The other programme that impressed CANSTAR was NZCU South’s Clever Me, which enlists employers’ help by offering money coaching in the workplace, assessing and tracking workforce 'financial health'.
“Both products are at the cutting edge of innovation for very different reasons,” CANSTAR national manager Derek Bonnar said
“Clever Me is not only about helping working Kiwis find and stick to the road of financial wellbeing but it’s actually how they are doing this that is the creative element."
Meanwhile, TotalMoney was the only account of its type in the world for small businesses and had "real potential to impact positively on the finances of small business customers with residential-backed loans or large deposit balances”, he said.
Since it extended TotalMoney to include small business in September, the rate of savings has accelerated with $27 million in savings accruing in the five months since, BNZ says.
This is the second consecutive year BNZ has won the CANSTAR CANNEX innovation award, after winning in 2011 for its credit cards. BNZ was also named CANSTAR CANNEX Best Small Business bank last year.