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2025 Innovation Excellence Awards

Canstar’s Innovation Excellence Awards showcase a selection of cutting-edge financial products and services that aim to improve the everyday lives of consumers in Australia. We reveal what made this year’s Award-winning products stand out in the current market and why they were selected by our Judges.

See the Canstar Blue Innovation Excellence Award winners here.

Release: 17 April, 2025

2025 Innovation Excellence Award Winners

Commonwealth Bank logo

Flip insurance logo

ING logo

NAB logo
Passport Card logo
Raiz Invest logo
Sharesies Logo

About the 2025 Innovation Excellence Awards

For Canstar’s Innovation Excellence Awards, Australian financial Institutions were invited to submit their innovative products or services that were brought to market within the last year.

All submissions and nominations for the 2025 Innovation Excellence Awards were judged and assessed by Canstar’s expert Research Committee up against our sophisticated and unique ratings methodology.

Products and services assessed were measured and calculated against two factors:

Degree of innovation: 

  • How different and unique is the product?
  • How disruptive is the innovation within the current market?
  • The ‘WOW’ factor to impress the judges.

Impact:

  • How many customers could benefit?
  • What’s the affordability of the product and ease of use?
  • How will it improve and affect a consumer’s daily life?

All these factors were scored on a rating from one to five, and then weighted to produce a final score. The degree of innovation is weighted at 40% and a product’s impact is weighted at 60%.

You can learn more about the evaluation and calculation details in the methodology.

About the Innovation Excellence Award Winners

(Winners are listed alphabetically)

Commonwealth Bank

CommBank App

The CommBank app has continued to evolve into a true super app, with a suite of innovations introduced over the past year that extend far beyond traditional banking. These include AI-powered virtual assistants, integrated car buying and ownership tools, exclusive EV deals for essential workers, predictive navigation features, and streamlined management of payment credentials.

In recognising CommBank, the judges highlighted its commitment to redefining the digital banking experience – continually pushing the boundaries of what a banking app can offer and delivering meaningful, tech-driven value to customers.

Flip Insurance

Active and Group Active Injury Insurance

Flip Insurance’s Injury Insurance provides flexible, on-demand cover for accidental injuries, available to both individuals and groups. Users can activate cover when they need it and pause it when they don’t, a feature recognised by the judges for its flexibility.

The product was also acknowledged for its innovative approach to supporting people with the unexpected costs that can arise when recovering from an injury.

ING

Home Energy Helper & Green Upgrade Loan

The ING Home Energy Helper & Green Upgrade Loan simplifies the process of retrofitting homes for energy efficiency, addressing common barriers like complexity, cost, and time. By offering a low-cost fixed interest rate of 3.74%, along with a platform to explore government rebates, it provides homeowners with an easy pathway to make sustainable upgrades. 

The loan also features a streamlined platform for assessing energy-efficient improvements and connecting with certified installers, making it a one-stop solution for green home upgrades. Supported by the Clean Energy Finance Corporation, this initiative enables homeowners to reduce energy costs and environmental impact, all while making energy-efficient upgrades more accessible.

NAB

Bookkeeper

NAB Bookkeeper is an AI-powered bookkeeping tool designed for small businesses, developed in partnership with Thriday. It integrates seamlessly with NAB Internet Banking to automate financial tasks such as invoicing, account reconciliation, cash flow management, and tax preparation, offering real-time financial insights and reducing administrative burdens. 

The judges assessed this tool as unique with considerable wow factor, leveraging machine learning to eliminate manual bookkeeping tasks. Its ability to save small businesses time by combining banking, accounting, and tax into a single platform was seen as having a significant impact, simplifying financial management and providing an all-in-one solution for small businesses.

Portal Pay

Developed for real estate agents and their clients, NAB Portal Pay offers a secure digital payment solution for property purchases and management. It provides 24/7 real-time payment options, allowing renters to automate recurring payments and schedule transactions to avoid missed deadlines. With flexibility in payment methods, such as direct debit or card, the platform integrates with real estate software to enhance convenience and security. 

Judges highlighted its ability to simplify financial management and save time for renters and buyers, offering a seamless comprehensive solution for property payments.

PassportCard

Travel Insurance

PassportCard Travel Insurance offers instant payouts for approved claims via the PassportCard, aims to reduce out-of-pocket expenses by offering instant payouts for eligible claims during overseas trips. The judges assessed the PassportCard as unique since  unlike traditional reimbursement processes, this prepaid card allows travelers to access funds immediately. The solution was assessed as impactful, particularly for managing unexpected expenses like lost luggage or emergency cash, with 24/7 support and real-time access to funds. 

Judges recognised it as a unique solution with considerable wow factor, highlighting how it alleviates a pain point for travelers who would otherwise have to wait for reimbursement

Raiz Invest

Raiz Plus

Raiz Plus Portfolios by Raiz Invest is a beginner-friendly investment portfolio management app. The innovation simplifies building and managing an investment portfolio, offering access to a variety of asset classes, including ETFs, the Raiz Property Fund, and ASX stocks. 

Judges assessed it as unique with considerable ‘wow factor,’ as the innovation aims to break down barriers for retail investors by combining personalisation with accessibility. Consumers are empowered to tailor portfolios to their financial goals with lower barriers to entry for those starting out. The app provides pre-built portfolios with customisable features, such as colour coding, and its intuitive interface empowers users to easily manage and engage with their investments.

Sharesies

AI Search

The AI Search tool by Sharesies provides access to financial information on over 10,000 companies and ETFs, helping users explore and research potential investments with ease. Designed with user safety in mind, it avoids offering personal investment advice, instead serving as an AI-powered hub where broad financial data and insights can be reviewed and analysed.

By combining AI-generated commentary with comprehensive market information, the tool enhances accessibility and empowers investors across Australia and New Zealand to make more informed decisions – quickly and confidently.

Does Canstar rate other products?

 

 

About Canstar

Canstar also has insights and information about financial products and services generally. You can find out about topics such as: interest ratesbuy now pay later (BNPL)business products and tax. You may also be interested in discovering more about calculators and resources, such as our rate checker and free credit score tool, to help you with your financial decision-making.


About: Josh Sale, Ratings Manager

Headshot of Josh Sale, Canstar

Bachelor of Commerce, Economics/Finance dual major, Griffith University. Master of Data Science, Strategy and Leadership, RMIT (ongoing studies)

Joshua Sale is responsible for developing the methodology and delivering Canstar’s flagship Star Ratings, as part of Canstar’s Research team. With tertiary qualifications in economics and finance, he enjoys helping Australians find more suitable financial products by transforming complex calculations into a consumer-friendly Star Rating that explains the values and benefits of different financial products.

As one of Canstar’s company spokespeople, Joshua has participated in print, radio and broadcast interviews with the likes of the Australian Financial Review, news.com.au and Money magazine, along with other leading media outlets, discussing topics such as home loan equity, banking incentive schemes, digital wallets and wider finance trends.

Joshua is known for his ability to simplify complex products and technical information, crunching the data into meaningful insights for consumers about finance. He has analysed several consumer markets across banking, insurance and wealth, and is keenly interested in various topics, ranging from how Australians interact with their superannuation funds, to the dynamic nature of the health insurance market, and collecting and redeeming credit card reward points.

Joshua believes that knowledge is the first step towards empowerment. Even while studying, he facilitated peer-assisted study sessions for economics, and represented his University’s Business School in an academic committee.

You can follow Josh on LinkedIn, and Canstar on X and Facebook.


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FAQs

Who decides the winners for Canstar’s Star Ratings and Awards?

Canstar’s expert researchers review the overall value offered by a provider for its products in a financial services category. We consider metrics such as price and costs against features and functionality, with all of the competitors in a category compared using Canstar’s unique research methodology. The products or providers recognised as winners are those that offer the highest overall value proposition.


What other awards does Canstar give?

In addition to Canstar’s Star Ratings that appear in our comparison tables, Canstar gives Outstanding Value Awards that identify providers with high-performing products. Separately, Canstar’s Customer Satisfaction Awards reveal how content customers are with a particular financial institution or insurance provider.


What are Canstar’s Outstanding Value Awards?

Canstar recognises financial institutions with annual Awards for outstanding value across a wide range of product categories. These Awards are given to the providers whose products are the strongest overall performers in our Star Ratings over the award period.


What are Canstar’s Customer Satisfaction Awards?

Canstar’s Customer Satisfaction Awards are for providers, recognising institutions with the most satisfied customers overall based on consumer surveys.


How does Canstar work out award-winning brands and providers?

As Australia’s biggest financial comparison site*, Canstar compares more than 775 brands across more than 30 finance categories. Each of Canstar’s Star Ratings and Awards uses a unique methodology that is brought together by our expert Research team, with products analysed based on price and features. You can find out more about how Canstar’s value-based rating system works.


Who can I contact for a media enquiry about Canstar’s Star Ratings?

For media enquiries, commentary or analysis about Canstar’s Star Ratings and Awards, including our Outstanding Value Awards or Customer Satisfaction Awards, please contact our Corporate Affairs team.