Canstar Annual Online Banking Award Announced

MEDIA RELEASE
Thursday 2 May 2013

More than 2 million Kiwis use online banking
CANSTAR announces results of annual online banking awards.

According to data released by Statistics New Zealand last week, approximately 2.05 million Kiwis use internet banking, up from 1.74 million in 2009. While younger generations are the most likely to transact online, internet banking is popular among all age groups, with more than half of the 65 – 74 year age group and more than a third of the 75+ age group doing at least some banking online.

Increasingly, online banking users are also using their mobile phones to transact – whether it is to check their balance at the shops, or to pay a bill remotely. Statistics New Zealand advises that one-quarter of recent internet users access the www via their mobile phone; that percentage jumps to 40% of 25 – 34 year olds.

“Banking has come such a long way in one generation; from having to get to the bank before closing hours, to the introduction of ATMs, through to literally carrying our financial institution in our pocket,” says CANSTAR General Manager – New Zealand, Derek Bonnar. “Internet banking via mobile phone surely represents the ultimate in financial independence and convenience.”

It’s a convenience that has been recognized in the CANSTAR annual online banking awards, which this year has altered its assessment methodology to reflect the growing popularity of mobile banking.

“Customers have expected a good website and good internet banking experience for a number of years now and banks have had plenty of time to respond to that,” says Mr Bonnar. “Mobile banking is a comparatively new service that has had a very fast uptake by the public. Banks have had to respond and innovate quickly and some have done exceptionally well with SMS funds transfers, better tracking of expenses, and so much more.

“Last year CANSTAR assessed mobile banking as a subset of internet banking overall, assigning it ten percent of the overall score. This year, after our annual workshop with banking providers, we have assigned mobile banking its own category and it now carries twenty-five percent of the total score. This is a more accurate reflection of consumer banking priorities.”

Overall, CANSTAR has collected more than 300 pieces of information on the online capability of each New Zealand institution assessed, with information centered on three main areas: Mobile Banking, Internet Banking (the secure login) and Website (the public, unsecure side of the website). Financial institutions have also been rated on customer satisfaction. A copy of CANSTAR’s methodology document is available at www.canstar.co.nz.

Mr Bonnar suggests that consumers operating online have different expectations of website, internet and mobile banking. “A website is an organisation providing information to a consumer, but internet banking and mobile apps provide consumers with the mechanism to interact with their banking institution. Customers typically use traditional internet banking at home or the office using a desktop where they have more time to do more complex transactions. Mobile apps however fulfill immediate information and basic transaction needs when ‘on the go’. Therefore the mobile app needs to provide a different and more fluid experience to sitting at their desktop,” he says.

The overall winner? ASB Bank.
“This is the second year that ASB has ranked as the best provider of online banking in New Zealand and they continue to impress us with their focus on providing a good user experience across all mediums,” says Mr Bonnar. “The ASB website scores very well for ease of use with excellent online help, chat and phone backup services. Their mobile banking is particularly impressive, with a competitive advantage being their multiple payment options of email, Facebook and pay-to-mobile.”

Kiwibank came a close second, also scoring extremely well for both internet and mobile banking.

“Technology has fundamentally and permanently changed the way that consumers interact with both their bank and their own finances,” says Mr Bonnar. “Banking has become a far more interactive and consumer-dictated activity and I think it’s safe to say that the constantly evolving nature of technological innovation is keeping all our financial institutions on their toes! It’s certainly a fascinating time to be involved in finance. We congratulate ASB on their win this year and look forward to tracking their developments over the next twelve months.”

ENDS

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