CANSTAR 2017 Innovation Excellence Awards
The rise in Australia of fintech and general advances in technology have of late made for some exciting innovations in the financial services sector. Today, CANSTAR recognises seven new products and services of the 52 submissions received in the banking, insurance and investment industries to be awarded the company’s 2017 Innovation Excellence Award.
To be called innovative, a product or service must be new to the market having been released within the most recent year, and should aim to make Australians lives easier and more convenient.
Talking about the industry’s dedication to innovation, CANSTAR Group Manager, Research and Ratings, Mitchell Watson said, “Each year we are thrilled with the quality of innovation among Australian financial institutions, and this year they have exceeded our expectations for the achievements that will make consumers lives better.”
“From convenient digital wallets and new mobile banking apps and functions, to innovative insurance options and a fintech investment solution, winning submissions this year are focused on meeting a gap in the market or providing better value for money solutions.
“It’s great to recognise our first fintech solution into the Innovation Excellence Awards category. Given the growing appetite for finance services tech innovation, it will be interesting to see how many more fintech solutions are in the ranks next year.”
What does CANSTAR look for?
The CANSTAR evaluation of innovation award submissions involves assessing each project for both its degree of innovation and potential impact on the market.
The degree of innovation measures how unique and disruptive the innovation is within the current market. The ‘WOW” factor, is based on the judges impression of the Innovation.
The impact takes into account the breadth and depth an innovation has. The “breadth” of the innovation assesses how many consumers of the target segment are affected. It also evaluates the affordability of the product, and its ease of use. The “depth” of the innovation measures the impact the innovation will have on improving or affecting a consumer’s daily life.
One of the seven CANSTAR 2017 Innovation Excellence Award Winners is BRICKX
BRICKX is a fractional property investment platform that enables Australians to invest in residential real estate for a small portion of the cost of buying a whole house or investment property.
BRICKX buys the properties upfront, each property is put into a standalone fixed trust, and the properties are rented out. Investors buy ‘Bricks’ in the unit trust that owns the property they are interested in. Each Brick gives the investor a beneficial interest in the rental income and possible capital gains from that property.
BRICKX launched fractional property investment as a retail product through the ASIC Innovation Hub scheme. Although other fractional ownership schemes or managed funds exist, BRICKX provides a lower point of entry for investing in Australian residential real estate, compared to other investment options in the market, with investments starting at less than $100.
BRICKX has succeeded in becoming popular with Australian investors, with 2,150 investors using the platform in the four months since launching in September 2016.