Westpac Banking : 08/09/2017 Checkbox wins 2017 Westpac Innovation Challenge

8 September, 2017

Westpac Group has announced Checkboxas the winner of the fourth Westpac Innovation Challenge.

This year's Challenge invited entrepreneurs to develop business ideas and concepts that would support the Australian Professional Services industry - a key contributor to the Australian economy, major employer and a sector that supports the growth and development of businesses.

Alastair Welsh, General Manager of Commercial Banking at Westpac said this year's Challenge uncovered entrepreneurs with game-changing solutions that will further strengthen one of Australia's most established and reputable sectors. 'We discovered incredibly impressive ideas this year and Checkbox really stood out during the Live Pitch as the business with the strongest ability to transform the Professional Services sector.'

Checkbox is a technology start-up company that enables experts to transform complex regulation into easy-to-use software in the cloud, without a developer. The no-code platform supports the digital transformation of regulation in professional services, in an efficient and cost-effective way.

Some of its features include a canvas which allows experts to use drag and drop to introduce and link elements together, as well as interactive decision trees which produce automated documents.

Checkbox won a $40,000 cash prize along with support from Westpac Group's Innovation Services team to help grow the business.

'Small businesses are the engine-room of the Australian economy and entrepreneurship and innovation in this sector is critical to support the country's development and growth. In Checkbox, we recognised the potential to disrupt and improve the way our customers conduct business, and by extension, that helps us continue to improve the service we provide our customers too.

'By supporting the start-ups like Checkbox, we can actively shape and influence our customers' industries and ensure they are supported to adapt to digital innovation,' Mr Welsh said.

Evan Wong, Co-Founder and CEO at CheckBoxsaid: 'It is such an honour to be announced the winner. A massive thank you to the team at Westpac who have not only made this all possible, but brought such a diverse spectrum of experience and energy to the program. Winning the Challenge has given us at Checkbox even greater confidence that what we are building will dramatically improve the way we deal with regulation on a global level.'

The winner was selected by an expert panel of judges including:

• Jim Tate, Chief Product Officer, Westpac
• Kalpana Gee, Commercial Director of Business Development, Westpac Group
• Kate Cooper, Director of Innovation Services, Westpac Group
• Jarrod Bramble, Partner, Cutcher & Neale Accounting
• Nick Slack, Partner, Hall & Wilcox
• Kara Frederick, Reinventure
• Alex Scandurra, CEO, Stone & Chalk

Westpac's Chief Product Officer, Jim Tate, introduced a new award for the entry that best meets a key customer, product or strategic need within the Business Bank. The inaugural winner of the Chief Product Officer award was announced as Tim Walmsley, Co-Founder of BenchOn, who will receive $30,000 from Westpac to help grow his business.

BenchOn is a business-to-business resource management platform that aims to create a new talent pool within a business by matching idle staff - for example, who might be between projects - to short-term contracts with reputable companies and Government Agencies.

The three other finalists for the Westpac Innovation Challenge 2017 were:

• Blenktech: cloud-based software service revolutionising high-volume contract negotiation on behalf of big businesses. Blenktech accelerates agreement between parties, improves outcomes, reduces costs and mitigates risks. (Voted as the People's Choice)
• Nod: digital platform where people get advice about money from a financial expert on-demand. The platform is aimed at financial professionals and includes an artificial intelligence solution that automates a client fact-finding process and produces Statement of Advice documents.
• TIP Partners: platform that supports the administrative and legal set up, investment decision making and execution, as well as the ongoing management of trust accounts for beneficiaries. The service aims to address and disrupt the $10bn in legal trust accounts earning no interest for the rightful owner.

To find out more about the finalists and the Innovation Challenge visit www.westpacinnovation.com.au