BPAY Group recognised as one of Australia’s most innovative companies for third consecutive year
Announcement follows #2 ranking in 2021 Best Places to Work award in July, and winning the Best in Future of Trust category at the IDC ANZ Future Enterprise Awards yesterday.
BPAY Group has been named on the 2021 AFR BOSS Most Innovative Companies List for the third year in a row.
The prestigious annual list, published by The Australian Financial Review and Boss Magazine, is based on a rigorous assessment process managed by Australia’s leading innovation consultancy, Inventium, in conjunction with a panel of industry expert judges.
BPAY Group ranked #8 on the Banking, Superannuation and Financial Services list, from over 700 nominated organisations across Australia and New Zealand. The ranking was based on an assessment that measured BPAY Group’s Innovation Platform.
The Innovation Platform is a digital hub that enables staff to easily submit innovative ideas, to be assigned an innovation coach to mentor and help them develop their ideas, and to monitor progress and evaluate their impact.
Among the 102 ideas submitted last year, 61 were implemented with a value of over $600,000 to BPAY Group’s business and customers, and 19 of the ideas have either made life simpler, reduced risk or had a positive impact on the company’s reputation.
Specifically, the judges looked at how valuable the problem is that the innovation is solving, the quality and uniqueness of the solution, and the level of impact that the innovation has had. Also assessed were internal elements such as innovation culture, strategy, resources and process, which demonstrate a sustainable and repeatable approach to innovation. The full list can be viewed here.
“I’m incredibly proud that BPAY Group has once again been named on the 2021 AFR BOSS Most Innovative Companies List. It clearly shows that innovation is truly embedded within the organisation’s DNA, and that we continue to focus on our purpose of making life simpler,” said John Banfield, BPAY Group CEO.
“Our innovations highlight how we create solutions that support businesses and their customers’ needs. Last year our Developer Portal which provides user friendly access to BPAY APIs was ranked third, and in 2019 our Osko payment service was ranked the second top innovation.
“Our number two ranking in the Best Place to Work in 2021 awards in July also shows that our strong employee engagement enables us to stay focused on our customer relationships, as we continue to make a difference,” said Banfield.
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About BPAY Group
BPAY Group is resilient, agile and has successfully adapted to our changing environment over decades. BPAY Group was previously known as Bankcard and Cardlink. Today, our brands include BPAY and Osko®. The BPAY brand has led the way as Australians’ favourite way to pay bills*, all from the safety of their digital banking. Throughout our evolution, we have focused on continuing innovation from our unique position in Australia’s financial services industry. We’re the brains behind some important Australian firsts – like our flagship BPAY bill payments system; Osko, the faster way to pay and Sypht, a stand-alone business that uses artificial intelligence and machine learning to unlock the value in unstructured data. BPAY Group sold Sypht to existing Shareholders in October 2021.
Our purpose is to ‘make life simpler’. For more information about BPAY Group visit website
*based on RFi Payment Diary 2021
About the AFR BOSS Most Innovative Companies list
The AFR BOSS Most Innovative Companies list (previously the BRW Most Innovative Companies list) is now in its ninth year. The list ranks the most innovative organisations in Australia and New Zealand, by industry, and is the only national list of its kind. The list is judged and compiled by Inventium – Australia’s leading innovation consultancy.
Inventium uses a unique, scientifically proven approach to help organisations grow through innovation. In 2021, the list comprised of ten industry lists, compiled from over 700 nominations.
Inventium is Australia’s leading behavioural science and innovation consultancy. Since 2007, Inventium has helped over 400,000 people become more innovative and more productive at work. Inventium applies the latest findings from science (psychology and neuroscience) to help organisations unlock growth through innovation. Inventium is the official methodology partners of the AFR Most Innovative Companies list and the AFR Best Places to Work List. Inventium is also a proud BCorporation.