Westpac has launched its sixth annual Innovation Challenge, offering startups, scale-ups and entrepreneurs the chance to win $50,000 and professional support to grow their business.
The Challenge seeks data solutions solviong a business problems in five different sectors: micro business, energy, insurance, aged care or government.
The latest challenge comes head of the phased introduction of Open Banking from February 2020, which will allow consumers and third parties to access data.
Westpac’s Head of Innovation Kate Cooper, said data is expected to enable a new wave of product innovation.
“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,” she said.
“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.”
Five finalists will be selected to pitch their ideas on December 4 to judging panel that includes Westpac’s CTO, David Walker; Dr Catriona Wallace, founder & CEO of Flamingo AI, Tank Stream Labs CEO Brad Delamare and Digivizer CEO Emma Lo Russo.
Last year’s winner of the regtech-themed Challenge, artificial intelligence software scale-up Daisee, has developed an AI product which analyses 100% of customer conversations in contact centres and monitors and evaluates them for compliance and quality.
Applications for the 2019 Westpac Innovation Challenge close at midnight on Sunday, October 20. Details on how to enter are available here.