5 banking innovations you won’t want to miss from 2018
In a world where new and exciting technology is launched every day, it’s easy to blink and miss the latest innovations as they come to life. So with 2018 almost at a close, now’s the perfect time to sit down and take stock of the award-winning banking innovations to hit Australia throughout the year.
From super-fast home loans, payment rings and even new-age banking apps for kids, you won’t want to miss these five 2018 Mozo Experts Choice Award winning innovations.
1. Credit Card Innovation: Qantas Money App
- Integration with a range of Australian bank accounts
- View bills and categorise spending in one place
- Fingerprint login and temporary lock features
If you’re the kind of person with multiple bank accounts across a variety of institutions you’d normally need a third party app to pull them all together in order to gain some real insights into your spending patterns.
That’s why the 2018 Mozo Experts Choice Award-winning Qantas Money App is such a step forward. By allowing Qantas Money credit card customers to link their transaction accounts from a range of other Australian banks in the one app, Qantas customers will be able to get a more comprehensive overview of their spending on everything from regular bills to eating out and travel.
“What really stood out about the Qantas Money App is allowing the aggregation of transaction accounts from other financial institutions, which is a first from a financial institution. We thought that was a really forward looking feature,” said Marshall.
“This kind of app is a service you’d often have to pay for, so kudos to Qantas for putting in the effort to build it and for providing their customers with something they didn’t need to.”
2. Travel Money Innovation: HSBC Everyday Global Account
- Hold up to 10 currencies at once
- No international transaction fees
- Lock in rates ahead of time
As any regular traveller will know, banking-related travel fees can really add up, especially on longer trips through multiple countries.
So with the ability to load up to 10 different currencies at once, plus no international transaction fees, HSBC’s Everyday Global Account gives travellers the convenience to country-hop and pay in the local currency without forking out unnecessary fees along the way. That’s a big change for an everyday bank account, and part of the reason it won the 2018 Mozo Experts Choice Award for Travel Money Innovation.
“I think HSBC’s Everyday Global Account really is one of the better innovations overall in the past year,” said Marshall.
“Because it allows you to have multiple currencies in the account, you can use it almost like a prepaid travel card by purchasing currency before you go on a trip without having to go to a broker or a specialist. That and the lack of overseas transaction fees make HSBC’s account one of the most flexible and cost-effective ways of funding an overseas trip.”
Check out Mozo’s Review of the Everyday Global Account for more details.
3. Banking Innovation: Bankwest Halo
- Tap and go under $100 (otherwise PIN)
- No app or charging needed
- Personalised sizing
Cash, card, cheque or... ring? Wearable payment technology has well and truly arrived on the Australian banking scene in 2018 and Bankwest’s Halo Ring just might be the most innovative piece of tech of the lot, not to mention a really compelling reason to leave your wallet at home. At least, that’s what Mozo’s expert judges thought when they awarded it a 2018 Mozo Experts Choice Award for Banking Innovation.
“We’ve been waving our credit and debit cards at terminals to make payments for a little while, and now we’ve got a host of smartwatches and other wearable devices to choose from, but there’s just something cool about being able to just wave your hand to make a payment,” said Marshall.
“The Bankwest Halo Ring is really the first of its kind in Australia. It looks great, it’s simple to use and it really combines style and convenience in a way that no other product had managed to do at the time of judging, and I still don’t think there’s anything like it out there.”
Check out Mozo’s Review of the Halo-compatible Bankwest Easy Transaction Account.
4. Home Loan Innovation: Tic:Toc
- 22 minute approval process
- 100% online application
- Competitive interest rates
Traditionally, applying for a home loan hasn’t been a process you’d associate with speed. That can be a real challenge and point of stress if you’re under pressure to get a loan approved quickly in order to secure the property you want.
Enter Tic:Toc and it’s innovative 22 minute home loan approval. By fully digitising the home loan application and approval process, Tic:Toc is able to take the hassle out of waiting by offering borrowers what it describes as the ‘world's first instant home loan’. A feat Mozo’s judges recognised as being worthy of the 2018 Mozo Experts Choice Award for Home Loan Innovation.
“By using technology, Tic:Toc have been able to simplify and automate the home loan process and provide an extremely quick turn around and approval to borrowers that fit within certain boundaries,” said Mozo Data Manager and Experts Choice Award Judge, Peter Marshall.
“Tic:Toc says they can approve a loan within 22 minutes which is impressive enough by itself, but even just getting approved within the same day is a massive improvement.”
Check out Mozo’s Review of the Tic:Toc Home Loan to learn more.
5. Kids Banking Innovation: Commbank Youth App
- Designed specifically for kids under 14
- Set savings goals and track spending
- Parental account controls and no external transfers
Designed for children under 14, the 2018 Mozo Experts Choice Award-winning CommBank Youth App gives kids the ability to test out some of the features of a real bank account including being able to check their balances, see the transactions they’ve made and even set savings goals - all in the one place.
And with a block on external transfers and a range of account controls, parents can rest assured that their kids won’t run into any trouble along the way.
A Commonwealth Bank Youth Saver Account or Smart Access Account for Youth are prerequisites for using the app, and parents wanting to make use of the full parental controls will need to sign up for their own CommBank account.
“The CommBank Youth App really is a cut above the rest when it comes to providing a genuine banking experience for young Australians, especially when it gives kids the chance to establish the basic money management skills they’ll be able to use for the rest of their lives,” said Marshall.
Find out more about the Commonwealth Bank Youthsaver Account with Mozo’s Review.
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