Innovation Excellence Awards

In this report we highlight seven outstanding products from the banking, superannuation, and insurance sectors that demonstrate true innovation in their fields. These products deserve due recognition for the creative way in which they benefit consumers.

A proud history of innovation

Australia is responsible for a number of world-changing inventions, from Google Maps and the pacemaker to the black box flight recorder. We’re just as creative with our banking, superannuation and insurance, having invented the plastic bank notes many countries now use and the wi-fi we use for our online banking.
Every year, CANSTAR looks for the products being launched in these fields to make our lives easier and more convenient. This year we hand-picked seven of the most exciting innovations out of the fifty-odd submissions we received.

How do we define a product as innovative?

To be called innovative, a product or service should be a first in the market and even perhaps open up a new market. Then we assess the degree of innovation and the overall impact the product could have on the everyday customer’s life.
In terms of degree, we consider whether there are any other similar products available and what makes this product different, whether it is a “first” in Australia, and whether it opens up any new markets. We also assess the potential significance of impacts to the existing market in terms of competition. And, of course, something that?s truly innovative can?t help but have that “wow” factor.
In terms of overall impact, we consider the number of people who can benefit from the innovation, the ease and expense of application, and the potential to change people?s lives. There is more detail about our assessment process in the attached methodology.

 

Previous Innovation Award Winners

2015 – Innovation Excellence
2014 – Innovation Excellence