For the third year in a row, Westpac is Canstar Bank of the Year – Everyday Banking. Canstar checks in with Shane Howell, Westpac NZ chief product officer, about the bank’s award winning everyday banking services, including time-saving money management tools.
Westpac’s CashNav app launched almost two years ago, how are customers now using the app to help manage their money?
Customers continue to use the app to help them track their spending and stay on top of their money. Some of the features customers are enjoying are the notifications that let customers know instantly when money leaves their account, which is great for security. Customers have told us that they’re especially enjoying two new features – the Daily Summary, which gives a short review of spending and the Monthly Target which allows them to set a target and receive a notification if they exceed it.
What advice does Westpac give customers to help them choose an everyday banking option that suits them?
People have different needs when it comes to their banking so we help our customers consider what’s important to them and how they want to access their money. More and more customers are choosing to bank online or go cashless, but there are still times when customers need to visit a branch, and some customers just prefer it. We make sure that they have the information they need to make an informed decision about their banking choices.
What everyday banking trends have you noticed among your youth customers?
A high proportion of our youth customers have savings accounts and want to save. We also find they are interested in learning about money and becoming financially independent as soon as possible. We run managing your money workshops for youth customers that are interested.
What are Westpac’s top tips for customers to manage their everyday banking more efficiently?
a. Get online. Our Westpac One app allows our customers to bank when and where it suits them – from any device, anywhere, anytime. So if customers are out shopping and need to check their budget or balance, they can click on the app and get that information quickly and easily, provided they have internet access.
b. Set up alerts to stay on top of what’s happening in your account. This could be an alert to let you know when the balance goes below a certain amount, when a payment doesn’t go through or when your credit card bill is due.
c. Use tools like CashNav and Westpac’s calculators to help plan savings and track spending.
Canstar’s verdict: Why Westpac is Bank of the Year – Everyday Banking
Westpac has retained the Everyday Banking Award this year, due to leading in both its product and banking services scores, Canstar NZ general manager Jose George says.
The bank performs strongly in this award, due to its fee-free transaction accounts, paired with their airpoints debit Mastercard and award-winning online banking platform, Mr George says.
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