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.

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