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ASB Bank Wins Best Online Financial Services

Media Release
16 August, 2002

ASB Bank Internet Banking Wins At Tuanz
For Best Online Financial Services

New Zealand’s Internet banking originator, ASB BANK last night scooped the Telecommunication Users Association of New Zealand (TUANZ) award for best financial services with Fastnet Classic Internet banking.

ASB BANK’s Fastnet Classic, which celebrates five years of Internet banking in New Zealand next week, won the award for the product and service that most satisfies customers’ expectations, as demonstrated by its impact on the market, rate of growth, market knowledge and customer relationships.

The Judges said that of the three financial services finalists, Fastnet Classic was commended for several reasons. “ASB's Fastnet Classic has demonstrated year after year that it’s doing a great job. Customer satisfaction and market application statistics from AC Nielsen data sealed the conviction.

“The service scores as the 'most productive' and 'customer responsive' and not just in New Zealand. In the Asia Pacific region, another research company rates it as the best also.
ASB BANK was first to market with e-banking; the broadening of its services and class professionalism are keeping it in front.”

ASB BANK’s innovation brought Internet banking to the New Zealand market five years ago, and has been leading the delivery of online financial services ever since. Now more than half a million New Zealanders use the Internet to do their banking.

Today ASB BANK customers transact at more than two million online transactions a month, believed to be the highest transactional figure for online financial services in New Zealand.

ASB BANK Head of Retail Banking and Marketing, Barbara Chapman, said it was rewarding to receive recognition from TUANZ for the bank’s leadership in online financial services.

“The award recognises the enormous amount of work our staff have put into making Fastnet Classic a major part of our business. We have been leading innovation in Internet Banking for five years, and we don’t plan to slow down now. Our philosophy is one of progressiveness, and through this we are committed to continually look at what we offer our customers, and ways to better the service features of Fastnet.

“We are determined to grow the channel further and remain leaders in customers service and technology while doing so. 20% of our customers are now registered for Fastnet Classic, and users are conducting transactions at close to one a second. Fastnet Classic has paved the way for one of the most significant changes in the way New Zealanders interact with their bank for years.

“The growth of this channel is unparalleled by any other we have introduced. The uptake of customers has even outstripped the adoption of ATMs which sends us the message that the convenience and efficiency of being able to conduct your financial transactions online is appealing strongly to our customers.”

Fastnet Classic’s win at TUANZ Innovation Awards last night completes the most successful 12 months for the service yet. Most recently it received international accolades, being recognised as the number one supplier of Internet banking services in Asia-Pacific by the Asian Banker Gilboa Report. The Report is the authority on e-banking and m-commerce in the Asia Pacific region.

In January this year the AC Nielsen Online Banking Report found ASB BANK customers the most satisfied of all the major banks, with a total satisfaction response of 97%. Last October for the second year in a row, the University of Auckland Residential Bank Customer Survey found ASB BANK to have the most satisfied Internet banking customers in the market, again with 97% total satisfaction.

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