Internet and social media brings banks and customers closer

Internet and social media brings banks and customers closer

Auckland 05 June 2012 –

With customers embracing the internet and social media in ever-increasing numbers, independent researcher CANSTAR says smart banks are doing the same, making their products acessible on the go and around the clock.

In its first-ever review of the New Zealand online banking market, CANSTAR collected and analysed over 300 pieces of information investigating the online capability of a number of financial institutions, focusing on three main areas:

1. Internet banking (the secure login)

2. Website (the public unsecure side)

3. Online Applications

ASB was the clear winner, says Derek Bonnar, New Zealand National Manager, CANSTAR.

“By putting its customers first and delivering service and innovation that goes beyond the website and onto smart phones, social media and shopping sites, ASB is leading the way in online banking. They make it easy for customers to keep in touch, to apply for new products and to shop online with the highest level of security.”

ASB stood out for its:

· iPhone and Android apps – the majority of other providers just have an iPhone app

· ASB Triple Check Function – customers must answer an additional three security questions at Verified by Visa or MastercardSecureCode websites before being allowed to shop online

· Virtual branch Facebook page – ASB pioneered secure online chat

· Second factor authentication via token – in addition to or substituting SMS secondary authorisation as a security measure

· Online applications – step-by-step feedback given on online applications, paperless application for personal loans and 24 hour approval

· Wide range of calculators and tools including ‘track my spending’ which allows internet banking users to track and categorise their spending.

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In the past online banking had a significant downside – the lack of a service consultant. But the advent of social media and connectivity brought about by smart phones has seen a number of banks reconfigure the way they interact with customers, says Bonnar.

“These days online or mobile banking means full service banking, just like it does in a branch. The most advanced banks are making sure that all customers, no matter where they prefer to do their banking, get the same service.

“ASB led the way with its virtual branch on Facebook. Some, like Kiwibank are taking it a step further by assigning internet banking customers an online relationship manager, and even wishing customers a happy birthday via an internet banking message.

“With the success of these developments, expect banks to innovate further to get even closer to their customers.”

The full online banking report from CANSTAR and the online banking methodology can be downloaded on www.canstar.co.nz

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