Westpac is soliciting U.K. developers and designers to enter its new mobile and web banking app crowdsourcing idea contest. The winner of the contest will receive cash, a travel budget to visit New Zealand, and intellectual property rights to the completed app so he can commercialize it outside of New Zealand and Australia.

The U.K. challenge will run through February 7.

"Kiwis love geeks and innovation is part of the Kiwi DNA," said Westpac Head of Digital Simon Pomeroy in a press release. "Technology is connecting the world and breaking the barriers of time and distance. We want to play our part in connecting those at the forefront of creating that change."

Westpac said it will select at least seven ideas, for which creators will give 15-minute presentations of their concepts via video conference. The winner will be chosen from among those presentations.

The contest follows a similar one Westpac launched in its home country, New Zealand, in July and offers an example of how banks worldwide are turning to outsiders to provide better delivery channels.