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Westpac offering developers NZ$100,000 prize

New Zealand-based bank Westpac is offering developers and designers the chance to win up to NZD$100,000 [£49,975] by creating an app that will make a banking service or process quicker and easier.

The Westpac App Challenge wants designers and developers to don thinking caps and make a mobile or web app that will make something easier for customers and just winning the contest offers a cash prize of NZD$20,000 [£9,995].

“So, if a developer and designer thinks like a customer and isolates a pain point, they have the skill and creativity to provide a solution through an app. There is the possibility that the app could also solve the same problem in other parts of the world and by retaining the intellectual property rights the winner can try and leverage that,” said Simon Pomeroy, head of digital at Westpac.

The rest of the prize comes in the form of an adventure holiday in New Zealand up to the value of NZD$20,000 [£9,995] and the successful concept will be taken to the market with a NZD$60,000 [£29,985] development fund. The winner will also retain intellectual property rights to the app and be able to use it outside Australia and New Zealand.

“Kiwis love geeks and innovation is part of the Kiwi DNA. Technology is connecting the world and breaking the barriers of time and distance and we want to play our part in connecting those at the forefront of creating that change,” Pomeroy said. “Westpac is focused on delivering the best digital experience in New Zealand and the winner of the global app challenge will contribute to that and hopefully have a lot of fun along the way.”

The content closes at 17:00 New Zealand time on 28 February 2014 and the seven best entries will be placed on a shortlist before then giving a 15 minute presentation to a panel of experts via a video conference.