Westpac’s 50K Innovation Challenge asks for data solutions in regulated sectors
This year’s Westpac Innovation challenge is asking start-ups, scale-ups and entrepreneurs to come up with data solutions for business problems in the micro business, energy, insurance, aged care or government sectors.
Now in its sixth year, the program has turned its focus to data problems specifically driven by Australia’s upcoming data portability schemes, set to begin early next year with open banking, and eventually expand into other sectors including energy and telecommunications.
Last year the innovation challenge sought solutions in regulation technologyfocused on professional services.
“We’re looking for innovative ideas that help businesses which operate in highly regulated or scrutinised sectors overcome unique challenges and deliver value for customers,” said Westpac Head of Innovation, Kate Cooper.
“A key part of the Challenge this year will be involving Westpac’s commercial and institutional customers, and enabling a platform for innovative start-ups to meet potential customers and collaborators,” she said.
Applications close 20th October and five finalists will pitch their ideas on December 4th to a live audience and judging panel made up of Westpac executives and industry leaders.
Innovation Alumni
Last year’s winner, RegTech software scale-up Daisee, developed a product that uses artificial intelligence to analyse customer conversations in contact centres to determine quality and monitor compliance.
Daisee founder and chief executive Richard Kimber says the Innovation Challenge helped generate exposure for the company, which helped its commercialisation.
“Winning the Challenge was great for our recognition in the market and the award has been very helpful in moving our business forward,” Kimber said.
“We’ve also had really positive interactions with the Innovation team at Westpac and great access to key C-suite executives in the bank who have been really supportive.”
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