BNZ five-time winner of Bank of the Year - Small Business Aw

BNZ five-time winner of Bank of the Year

CANSTAR releases Bank of the Year – Small Business Award today

It is a phenomenal achievement: Bank of New Zealand (BNZ) has proved its enduring commitment to helping small business customers by being named Bank of the Year – Small Business by CANSTAR for the fifth successive year.

With nearly half a million businesses actively trading – or one business for every nine Kiwis – banking competition is fierce in this highly competitive market. This award is the culmination of an extensive comparison by financial research and comparison company CANSTAR, which put all eligible banks’ business offerings through their paces to ultimately announce the overall winner in this specialised area.

“There was a lot to like in our comparison of products and services and it is obvious that financial institutions are continually tailoring their offerings to best fit with the way businesses like to do things,” said CANSTAR General Manager – New Zealand, Jose George.

“With business confidence needing a boost at the moment, financial institutions have an important role to play in mentoring and educating, as well as supporting via products and technology, our small business owners. The good news is that our financial institutions, by and large, are impressing us greatly in this regard.”

CANSTAR’s Bank of the Year – Small Business research assesses both the range of loan and deposit products on offer as well as the wide range of institutional service factors that businesses need; this includes online banking functionality, branch coverage and merchant services.

“It goes without saying that a core need for all businesses is a range of banking products that represents outstanding value,” said Mr George. “This includes both transaction and savings accounts with competitive fees and interest rates as well as business finance options and the right credit card for your business operations.”

“Small businesses tend to be time-intensive, with most owners being hands-on. This can leave little time for research, so financial institutions need to offer a complete package of business finance needs as well as ongoing support and advice. It is in the interests of financial institutions for their customers to succeed financially and having the right products and support available at the right time can really help with that.”

Canstar_GOLD_Logo-bank-of-the-year-small-business-2015AUAfter putting the business-related products and services of five New Zealand institutions through their paces (a further four institutions did not meet eligibility requirements as a full suite of products was not available) CANSTAR is pleased to congratulate BNZ for taking out the 2015 award for Bank of the Year – Small Business for the fifth year running.
“In light of such strong banking competition, it is an incredible achievement to win this award five years in a row and we congratulate BNZ on this feat,” said Mr George.

BNZ_Logo“In addition to competitive products across the range, BNZ really stand out with regards to their institutional factors. Small Business Managers are available 60 hours a week to businesses of all shapes and sizes and with 178 branches across the North and South islands, it makes for a healthy ratio of 1.6 branches per Small Business Manager. For extra convenience, video conferencing is also offered with relationship, product and insurance managers.

“We liked the fact that BNZ encourages start-up businesses by waiving loan application fees on small business packages. These include a discounted overdraft, transaction account, business credit card, term loan and online banking.

“The icing on the cake is BNZ’s payment technology. Its PayClip attaches to a smart phone or tablet to process credit and debit card transactions online. Eftpos can be used, as well as inserting, swiping or tapping Visa and Mastercards.”

Responding to the award Harry Ferreira, Head of Small Business, BNZ said that having a tailored banking solution is vital for small businesses.

“Tailored solutions are about having easy to understand and relevant products. For us, traditional banking products continue to be important but it is also essential that we have partners and non-traditional banking solutions which can have a tangible impact on our customers’ business, for example, PayClip, EdgePayroll and The Icehouse’s BIQ tool.

“Understanding our customers’ goals means they need to be able to connect with us when they need us. We can then work with them to understand their immediate and future goals. This is about taking it from a transactional banking experience to one of value add. Growth means different things for different businesses and for some, growth is simply about being more efficient and freeing up time. For others, we can help them with their banking requirements but also connect them with networks, specialists and investors that can help their growth aspirations here and abroad.

“We’re very humbled that we’ve been chosen as the winner again, for the fifth year in a row.”

To read CANSTAR’s detailed reports, visit www.canstar.co.nz

ENDS

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