Online Banking - a Financial Revolution at your Fingertips

Online banking - a financial revolution at your fingertips

Just over 50 years ago, one of the biggest disruptors in banking history, the ATM was invented by a man who was irritated at not being able to get to his money outside of his banks’ strict opening times. Today, through the convergence of technology and finance, we’re once again experiencing a financial revolution with customers driving change.

Canstar general manager Jose George explains:

“Obviously ATMs were a huge disruptor in the banking world and had the additional significance of being one of, if not the first customer driven challenge to the services that were being offered. Since then, it could be argued that the evolution of telephone banking, and latterly, online banking, has been driven largely by the industry in an effort to centralise and streamline services. More recently that has changed.

“The constraints of existing core banking systems, in the main, dictated the pace and direction of change in the financial industry but the emergence of the Fintech industry is challenging this traditional approach. Fintech has moved the primary focus onto common customer problems and is designing appropriate systems and interface in response. They aim to deliver exactly what the customers wants, when they want it. This industry is quick, agile and flexible and our financial institutions have very quickly realised it’s not a case of beating them, it’s a case of joining them.”

What customers want
Across the entire goods and services spectrum, customers’ expectation of conducting interactions digitally, and their experience resulting in immediate outcomes, is driving change at an exponential level. None more so than in the banking and finance sector.

“Customers are expecting to be able to manage their money from their mobiles, and why not?” continues George. “The evolution of online and digital banking over the last few years has been a huge challenge for the industry but this is forcing banks to think differently and is driving innovation. It’s an exciting time for consumers and, by being one of the early adopter industries, overall banks in New Zealand are performing well in the digital and online space. However, to stay relevant they are aware that they must continue to develop their understanding of customers’ wants and needs to deliver fluid, fast and functional services at the touch of a button.

Bank of the Year – Online Banking
Every year Canstar assess the online services that are available from the New Zealand banking institutions. Online banking services are assessed and evaluated on functionality, user experience and digital initiatives.

For the third year running, we are delighted to present Westpac NZ with the Canstar Bank of the Year – Online Banking Award.

Accepting the award, Melissa Macfarlane, Chief Digital Officer Westpac NZ, said

“We are absolutely delighted to be recognised as Bank of the Year for online banking.

“The true test of customer service to us is really making a difference in our customers’ financial lives. We know that customers want a faster and easier banking experience – literally, banking at their fingertips. To win this award three years running is testament to the hard work of a dedicated Westpac team who listen to what customers are saying and continue to develop better, more innovative ways of banking. We’ve got a great roadmap ahead of us and are excited to continue to invest in creating great user experiences for our customers by combining the strengths of Westpac with those of our Fintech partners.”

For further information regarding Canstar Bank of the Year – Online Banking Award, please click here.

ENDS

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