Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Great value to be found in everyday banking

media release


31 July 2014

Great value to be found in everyday banking

CANSTAR releases Best Value Everyday Banking New Zealand award today, collating research of 36 credit cards, 51 deposit accounts and a range of institutional factors across 10 institutions.

New Zealanders are increasingly doing their banking online, with the total number of electronic transactions concluded each month continuing to rise. According to the Reserve Bank of New Zealand (RBNZ), there were 112 million electronic transactions made across all industries in June, with a total value of $5.7 billion. This is an increase of 22 million transactions over June 2010. We are also increasingly online to check balances, transfer money, pay bills and even apply for banking products.

“When it comes to everyday banking, the two most important aspects that consumers look for are the cost of transacting and the ease of use,” said CANSTAR General Manager – New Zealand, Derek Bonnar. “Increasingly, ease of use means great online service.”

The CANSTAR Best Value New Zealand Everyday Banking award gives recognition to the institution that provides the best-value combination of transaction products, including both deposit accounts and credit cards, as well as providing online banking and access to branches and ATMs. This year, the overall award for the institution offering the best value everyday banking across the country goes to Westpac.

“When it comes to deposit products, Westpac’s fee-free electronic account was a standout performer,” said Mr Bonnar. “Westpac has stated a focus on being the world’s leading digital bank and their electronic account is both user-friendly and cost-effective. Westpac also offer some excellent deposit services including two sweep services and a salary splitter function. In terms of credit cards, Westpac offers a product to suit both low and high spenders, with a low rate card for those juggling a debt and a platinum offering with a quality rewards programme, purchase protection, home assist service and overseas travel insurance.”

Responding to the award, Mark Lenaarts, Westpac Product Manager: Savings & Transactions Strategy, Products & Marketing, said that the CANSTAR award is confirmation that Westpac is heading in the right direction.

“Banking is, and always has been, about focusing on how you can best serve your customers – winning the Best Everyday Banking Award reflects Westpac’s focus on getting that right,” he said. “It’s no surprise that the way people want to do their everyday banking is changing incredibly quickly and Westpac is focusing on being the world’s leading digital bank to lead the way. In the last 12 months there has been substantial growth in customers using online banking, with mobile leading this growth.”

Mr Lenaarts said that in terms of mobile banking, customers increasingly want to be able to do more than just move their money around. “On mobile people want an easy answer to ‘what is my balance’ without having to log in,” he said. “But you can’t stop there, in fact now you can also apply for home loans, personal loans and credit cards while out and about on your mobile. Over the next year customers will see even more innovation being rolled out to bring more great experiences for our customers in the digital world.”

“Overall the deposit account and credit card offerings, the digital offerings and usability and distribution have seen Westpac take the award,” said Mr Bonnar. “We congratulate them for this year’s achievement and look forward to watching the future developments, particularly in the digital space.”

More information can be found at www.canstar.co.nz.


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

BusinessDesk: SkyCity Lifts Minimum Convention Centre Investment To $430M

SkyCity Entertainment Group, the casino operator, has lifted the minimum it will invest in the Auckland International Convention Centre to $430 million and said total costs including land may be $450 million to $470 million. More>>

Statistics: Drop In Dairy Prices Leads Fall In Exports

Total goods exports fell $240 million (5.5 percent) to $4.2 billion in April 2015 compared with April 2014, Statistics New Zealand said today. More>>

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>

BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>


Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>

BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Housing: More House Price Gains Expected

House price expectations remain high, with a net 56% of respondents expecting house prices will increase. Fears of higher interest rates are fading, consistent with the RBNZ’s signals this year. Affordability and a lack of houses for ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news