Westpac is launching an initiative to crowdsource ideas for mobile banking apps from New Zealand developers and designers, with up to $70,000 of prizes for the winning applications.
The Westpac App Challenge is open to individuals, teams and organisations. From the entries, at least five will be chosen to give a 15-minute presentation of their concept to a panel of judges from which at least two will be chosen to be developed.
The developers or designers of the selected apps will each receive $10,000 and will have the opportunity to work with Westpac while it is implemented (with funding to come from a special $50,000 development fund). They will retain ownership of the intellectual property rights in the app which they can then utilise outside New Zealand and Australia.
Head of digital, Simon Pomeroy, says: "We want a win-win situation where our customers get a benefit and we might be able to help New Zealand skills onto the world stage in the process."
He says the bank will promote the scheme across the country talking to incubators, developer and designer groups, tertiary institutes and also secondary schools that have strong IT and computer curriculums.
Entries will close 13 September 2013.