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Breakthrough Reached In Online Banking For ASB

10 May 2001

Breakthrough Reached In Online Banking For ASB Group

This week ASB Group* surpassed one million online transactions per month—the highest transactional figure for online financial services in New Zealand. At the same it time registered its 100,000th online customer making ASB New Zealand’s most popular internet banking provider.

Over 12% of all ASB’s customers are registered online which is a higher proportion than any other financial services provider in New Zealand and growing.

ASB BANK Group General Manager, Technology and Operations, Clayton Wakefield says, these milestones prove that ASB continues to lead the financial services industry online.

“More and more of our customers are switching on to the convenience of online financial services. The online uptake has been exponential with 130% growth in the last 12 months. The one million transactions per month shows that our customers are not just registering but really using the online services we provide as part of their everyday life.

“When you compare an average branch visit to an online visit, a banking transaction can take around 30 minutes from the time you leave your home or office to bank and back, yet online, you can do the same transaction in less than one minute, so you can see why people are embracing this service.

“The good news is we’re not about to slow down. Our research shows us that our online customers prefer this method of banking to any other so we’re continuing to strengthen our services and technology to increase the speed, ease and portability of online banking,” he says.

ASB is no stranger to technology milestones:

- first bank to offer online share trading with ASB Securities in 1999
- first to offer electronic bill presentment in 1999
- first to offer a ‘direct bank’ with Bank Direct in 1997
- first to offer internet banking services with Fastnet in 1997
- first bank to offer a customer loyalty programme with True Rewards and its partners in 1997
- first to offer mobile EFTPOS in 1996
- first to introduce telephone banking with Fastphone in 1988
- first to offer EFTPOS to customers in 1984
- first to develop ATMs for branches in 1981
- first to install an online realtime banking system in 1969.

Fastnet internet banking, Bank Direct's Net Direct and ASB Securities' online discount sharetrading are the most popular online financial services offered by ASB Group.



* ASB BANK and Bank Direct

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