Convenience and speed are why Kiwis love online banking

25 September 2018

Convenience and speed the top reasons why Kiwis love online banking.

A new Canstar survey of over 2,300 Kiwis reveals that being able to bank anytime, anywhere, and the speed at which transactions take place are the top reasons why Kiwi’s use online banking.

“It’s incredible to think it can still take three days for a cheque to clear, and yet you transfer funds at the touch of a button. It’s not difficult to see why consumers have embraced digital banking.” Says Canstar’s general manager, Jose George. “However, the flip side of ‘instant banking’ is that conducting our finances online requires us to share a lot more of our personal data and this raises security concerns for many consumers.”

According to Canstar research, over 60% of banking customers are averse to sharing their financial data with anyone other than their bank, and this reluctance may not be without foundation. Figures released by cyber security firm, Norton, quote over one million Kiwis experienced some sort of cyber-crime in 2017 but, worryingly, nearly one in five people admitted to sharing their online banking password despite knowing the risks.

George continues:

“Our banks are constantly revaluating and updating their security measures and this is not lost on consumers. They consider banks to be the most reliable of institutions when it comes to trusting the security of their personal data. But, most acknowledge that they too must take appropriate steps to safeguard their information.”

Being smart about online banking

With three in four households, and 3.8 million mobile phones in NZ having access to the internet it’s easy to see why doing banking online is the preferred method for many consumers. But there’s a few things to consider before you log on to your account:

• No matter what device you use to access your online banking, make sure it’s password or pin code protected. It’s your first line of defence.

• Don’t use a public Wi-Fi network to access your bank account. Unsecured networks make it easier for other people to track and hijack your account.

• Always access your account by typing your bank’s address into the URL bar. Never be tempted to click on a link or email as your bank will never send you a link to their internet banking login page.

• Don’t be tempted to save a few seconds by opting for auto login (saving your user name and password so it auto-fills the next time you login). If your device is lost or stolen someone could easily access your account.

• Use a unique, secure password. Don’t be tempted to use 123456, Password or Qwerty as they are not only easy to guess, they’re already some of the most commonly used passwords on the planet.

• Yes, remembering your password can be tricky, but please don’t write it down or tell anyone, this includes bank staff. As part of your bank’s terms and conditions, you have agreed to keep your pin and passcodes safe, if you don’t and your accounts are subsequently subject to fraudulent activity, you may find it difficult to get reimbursed.

• Check your statements regularly and report any unusual activity. The quicker you notify your bank, the quicker it can be investigated.

BNZ, Canstar’s Bank of the Year – Online Banking for 2018, is ruthlessly vigilant in protecting its customers’ trust, and puts security front and centre so they can be sure their money and personal information is well protected. BNZ monitors all transactions for patterns of fraud, proactively protects its system and customers from threats, and gives customers tools to help protect themselves, such as two-factor authentication.

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 measured and evaluated on functionality, user experience and digital initiatives.

For 2018 the Bank of the Year – Online Banking has been awarded to BNZ

Accepting the award, BNZ GM Digital, Stephen Bowe, says it recognises BNZ’s commitment to using technology right across the bank to help customers be good with money.

“Our approach is not to focus on the specific technologies, but rather how we can use digital tools to solve real customer problems. We work hard to deliver features that truly add value for our customers, making banking faster, simpler and safer. Things like simply swiping to move money around, more options to personalise and manage goals and push notifications when transactions happen. BNZ customers can also manage their home loans and term deposits from their app. We also work to bring outside innovations in, we’re the only bank in New Zealand to support both Apple Pay and Google Pay.

“Our customers are very clear, they want more control and visibility over their money, they want to manage payments and products quickly and easily, and they want the whole experience to be as intuitive as using any other well-known app.

“Our philosophy is to be responsive to the needs of our customers. We’re proud to receive this award on behalf of our great people and our amazing customers for recognition of all the work done. But we don’t stand still. Every day we put our customers front and centre and work hard to offer them a truly world class digital service” says Mr Bowe.

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

ENDS

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