Last updated: April 2023
Canstar Blue’s Innovation Excellence Awards involve a sophisticated rating methodology, unique to Canstar, which compares submissions we receive from businesses throughout Australia. Canstar Blue’s Innovation Excellence Award winners represent a selected group of innovative products over the most recent year which have all been reviewed, assessed, and deemed to be Award winners.
The type of financial products Canstar evaluates includes the following examples:
The degree of innovation measures how unique and disruptive the innovation is within the current market. The ‘WOW” factor is based on the judges’ impression of the Innovation.
The impact takes into account the breadth and depth an innovation has. The “breadth” of the innovation assesses how many consumers of the target segment are affected. It also evaluates the affordability of the product, and its ease of use. The “depth” of the innovation measures the impact the innovation will have on improving or affecting a consumer’s daily life.
A scoring system based on a rating from one to five is then placed against each of the above categories in relation to the correlation between the innovation and the categories.
Rating |
Description |
|---|---|
| 0 | Not Applicable |
| 1 | Very Weak |
| 2 | Weak |
| 3 | Average |
| 4 | Strong |
| 5 | Very Strong |
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Canstar Blue endeavours to include the majority of providers and products in the market and to compare product features relevant to most consumers in our ratings. However, this process is not always possible, and it may be that not every provider and/or product in the market is included in the rating, nor every feature compared that is relevant to you.
Awards are recalculated annually based on the latest features offered by each provider. Canstar Blue also monitors changes on an ongoing basis. The results are published in a variety of mediums (newspapers, magazine, television, websites, etc.).
This methodology and the many others Canstar Blue uses to conduct it’s in-depth consumer research are managed by Canstar Blue’s in-house Research Team. They provide the expertise that powers our Star Ratings and Awards, designed to help Australian consumers make more informed purchasing decisions.
Meet the Research Team