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Nexus Silver - CRM & Data Management
Westpac New Zealand
Nominee Credits
Will Cooper, Rasheed Dean, Tors Dixon, Angela Fagan, Kalem O'Sullivan, Jessica Gray, Shannon Brown, Andrew Twidle
Entry Rationale
Westpac customers are at the forefront of mobile banking innovation with the release of CashNav, the first integrated app in New Zealand to track finances and deliver spending insights in real-time. CashNav answers the new needs of digital-savvy customers and creates a banking experience that integrates with their lives by turning customers’ raw transaction data into valuable feedback and insights around their spending behaviour.

The key difference between CashNav and all other personal financial management tools is its real-time nature which makes it hyper-relevant ‘in the moment’, where it can have the most behavioural impact. CashNav unlocks the power of customers’ data as a real-time feedback mechanism, helping customers become more conscious of where and how they’re spending their money. This puts them in control and supports them to make, and sustain, desired changes in behaviour.

Developed in collaboration with New York FinTech company Moven, CashNav is cutting edge globally and delivered Westpac a NZ first innovation. It seamlessly integrates with customers’ chosen bank accounts, using deep app-to-app linking of Westpac One credentials. Transactional data is securely stored in the cloud and analysed via machine learning to provide feedback via the app, at the moment of transaction.

Filling a clear customer need, the uptake and usage of CashNav have been outstanding - CashNav was #1 in the Apple App Store in the first week of launch, reaching 50,000 downloads, a quarter of the annual total objectives, in the first four weeks. Initial uptake has projected investment pay back now within 18 months, six months earlier than forecast. 35% of customers are using the app once or more a day, and another 50% are using it every few days. To top it off, 78% of customers surveyed said that CashNav has had a positive impact on their perception of Westpac.