New Zealand is responsible for a number of world-changing inventions, from splitting the atom and bungy jumping to the humble electric fence. Each year Canstar reviews the market to identify financial products and services that can be described as ‘innovative’ and a first to market and in 2016 ASB is a winner, with its terrific Card Control functionality.
The Card Control feature in ASB’s mobile app allows Visa debit and credit cardholders to apply a temporary lock on a lost or misplaced card, providing customers extra security and peace of mind while they search for their card.
Card Control also enables customers to lock and unlock certain transaction types, such as contactless payments or instore international transactions.
ASB’s Card Control innovation developed in response to feedback from customers seeking extra security and control over how their credit cards are used.
With a large proportion of ASB credit and debit cardholders using the ASB mobile app regularly, the Card Control function was a natural addition to the mobile app. CANSTAR caught up with ASB Head of Cards, Glen Martin, to find out more.
Q: ASB Card Control has a terrific level of functionality. What prompted the development of this service?
A: Customer research revealed that card security was the second most important feature for consumers when considering a new credit card, second only to card acceptance.
Card security is also of great importance to ASB. There is no cardholder liability on fraudulent transactions; however ASB wanted to give cardholders greater control of where their cards can be used to reduce the risk of fraud on their card.
In the same RFI customer research ASB was perceived as the leader in card security among the four major banks in New Zealand (ANZ, ASB, BNZ and Westpac). This insight encouraged us to continue to innovate in the card security space.
ASB replaces a large number of lost or stolen cards each year. Often lost cards turn up again, but only after cardholders have cancelled their card and ordered a replacement. ASB Card Control’s instant, temporary lock gives the customer peace of mind while they search for the card, and may eliminate the card-replacement process. We received a small amount of feedback from some cardholders who were in favour of the ability to turn-off their card’s contactless capability. We believe ASB a world first to deliver this capability, which has been well received by cardholders.
Q: What input did you seek from staff and customers in the development phase?
A: A number of ASB teams were involved in the development and launch of Card Control including digital, product, project delivery, payments, technology, front line sales and service teams and marketing and PR.
Customer research delivered great insights that our customers wanted to protect themselves from fraudulent activity. With customer feedback such as “love Love LOVE your new card control feature” and “ASB Bank has nailed it” we knew we had delivered a solution that met a large number of our customers’ needs.
Q: What has the take-up been like across different demographics?
A: The greatest uptake has been from our customers who are under 30 years.
Q: There are various types of transactions that can be locked. Which ones are most popular with your customers?
- ATM cash withdrawals
- In-store international transactions
- Visa payWave
- Online transactions
- Set maximum limit per transaction
- Temporary lock (for misplaced cards).
After launch we also added the ability for cardholders to add or change a PIN and we are soon to add the ability to cancel and replace their card from Card Control removing the need to call or go into a branch.
The most popular features are the Temporary lock and the payWave lock.
Canstar congratulates ASB on its Innovation Award. You can read more about the Innovation Award win here.