Whether launching a new product or service or creating a more efficient delivery process, ASB Bank believes that there must be clear, tangible benefits for its customers, making it easier for them to do business with the group. Last year, ASB launched its BusinessSaver online savings product for business customers, as well as Streamline, a key product in its simplified transaction accounts range for personal customers. The bank also introduced pago, an electronic wallet that enables person-to-person payments for retail customers via mobile phone or computer e-mail.
Key initiatives in the development of the bank’s service and delivery processes included the implementation of three further seven-day branches, an SMS text alerts system for communicating to customers the status of home loan applications, and the establishment of three centralised deposit-processing centres throughout New Zealand. This led to one million branch deposit transactions being processed some days in these centres.
Since becoming the first New Zealand bank to offer real-time, on-line banking, ASB has continued to invest in and take advantage of technological advances, making it easier for customers to bank with the group. This year, it launched foreign currency accounts and term deposits online, allowing internet banking customers to view and transact on their accounts 24 hours a day.
New Zealand is one of the world’s most competitive markets, and ASB remained the fastest growing major bank last year, maintaining or growing market share across all major market segments. The bank achieved a 16% increase in net profits in the year, while cutting its cost-income ratio to 43.1% from 44.81%.
