Canstar is thrilled to announce that Kiwibank’s Fast Capital product is a winner of one of its Innovation Excellence Awards 2021. The awards, which involve a sophisticated rating methodology unique to Canstar, compare the latest innovations from a range of business and financial services, from banking and loan providers, to superannuation, investing and insurance.
The winners are scored based on how disruptive, new, or unique their products are, with the addition of their overall wow factor. The awards also rate the products’ affordability and ease of use, to measure the impact that the innovations have on consumers’ everyday lives.
This year’s submissions were of an extremely high quality and Canstar’s team of expert judges was particularly impressed by the trend towards innovations designed to support Kiwi consumers’ personal needs.
“We all had a tough 2020, due to the stresses of COVID-19 and uncertainty in so many aspects of our lives. This year, we saw through our awards that local businesses stepped up to help,” says Canstar NZ General Manager Jose George.
“Our winners innovated to deliver products and services that simply made New Zealanders’ lives easier, better and cheaper. They did the right thing, and we applaud them for that.”
Kiwibank Fast Capital
Kiwibank’s Fast Capital program has been a leader in the field of instant, online access to credit. It reflects the changing needs of Kiwi businesses by providing quick and easy finance options through the use of digital technologies. Businesses can apply for $5000 to $100,000 of unsecured loans through the Kiwibank Fast Capital application in just a few minutes. The offer was assessed as unique by Canstar’s expert panel, due to its considerable innovation and its potential positive impacts on the finances of small businesses.
To mark Kiwibank’s win, Canstar asked Nicole Pervan, General Manager Product, Kiwibank, to discuss the merits of Fast Capital for Kiwibank’s customers.
Canstar: Why is Fast Capital a game-changer in NZ?
Nicole: Fast Capital is a digital platform that enables automated decision-making for lending to companies. It uses real-time accounting data to provide business customers with a fast loan approval, via a quick and easy online lending application. This is a first for a New Zealand bank and reflects the changing needs of NZ businesses.
Canstar: How does it help your small-business customers?
Nicole: By linking Xero or MYOB AccountRight company accounting data to Kiwibank, companies can apply for up to $100,000 of capital for a business overdraft, a business loan or even a credit card, and get a decision in just five minutes. In comparison, the time it takes to get a credit decision through a normal process can be five or six working days. We know time spent dealing with bank administration is a point of frustration for many businesses, so it’s great to deliver an innovative solution so businesses can focus on other priorities.
Canstar: What feedback have you had from customers who’ve used Fast Capital?
Nicole: Customers have found the process fast, easy and convenient. When we’ve asked them what they like about the service, they’ve highly rated the removal of paperwork, the ease and speed of the process, and the ability to apply online.
Canstar: How do you plan to expand on the success of the Fast Capital initiative?
Nicole: Kiwibank continues to invest in digital solutions, recognising the benefits for customers. For Fast Capital, we’re continuing to see growth as more and more Kiwi business owners embrace digital options.
If you want to read more about Kiwibank’s win, and the full results of the Canstar Innovation Excellence Awards 2021, click on the button below.
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