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Promoting digital banking services

Monday 1 May 2023 | Written by Matthew Littlewood | Published in National, Technology


Promoting digital banking services
ANZ Bank Cook Islands country head Jason Murray, right, and bank’s relationship manager Bronwyn Clark. PHOTO: AL WILLIAMS 22101909

ANZ is encouraging people to use their digital banking services, and will be significantly reducing their online fees for international transactions.

The changes will come into effect on June 1, and will see the online fee for telegraphic transactions to New Zealand financial institutions through internet banking drop from $18 to $8, while the telegraphic transfers to overseas institutions through internet banking drop from $28 to $8.

These can be done using ANZ Internet Banking, the ANZ Pacific App, or ANZ Transactive Global.

Meanwhile, transactions fees at the branch for telegraphic transfers to New Zealand will increase from $27 to $32, and decrease for other overseas financial institutions from $37 to $32.   

ANZ Cook Islands country head Jason Murray said the changes reflect the uptake of their digital services.

“From our perspective, it allows us to focus more on our customers. Paper-based transactions at the bank do take up significant resources,” Murray said.

“The take-up of digital payments is quite strong, but to be able to continue to improve the take-up means we will need more people in front of customers instead of the back office. The changes give us the ability to reallocate resources internally.”

Murray said the online services had been available for at least five years, but it was particularly during Covid-19 that they saw a major increase in usage.

“Because of limited movement during Covid-19, customers saw the advantage in online transactions. If there was any silver lining out of Covid-19, that was it,” he said.

“The ultimate goal of these changes is to provide a complete digital offering that is able to service all our customers’ needs. We believe that we’re there with most of our customers’ needs. There will always be a requirement to have customer-facing services, but it’s the general type of products and services that we’re able to offer from a digital perspective that will increase.”

Murray said the change in prices reflect the resources that needed to go into the transactions.

“The paper-based transactions have a few more steps and involves more people in terms of data input and data integrity. So, the fees are reflective of the costs to the bank,” he said.

Murray said it was looking at more enhancements for its internet and digital banking system.

“The bank mail service actually comes through to us in country in terms of queries. Things like change of address and change of limits can now all be done digitally as opposed to in person or over the phone,” he said.

“It’s passing the benefit on to the customer.”

Murray said it was still too early to say whether the moves would eventually lead to eliminating paper-based transactions for international transfers.

“We now all have a platform where we can have that discussion about the future of paper-based transactions,” he said.

“That’s a very long journey to take. When we’re talking about the Cook Islands we are not just talking about Rarotonga, but the outer islands as well. It would involve work with various stakeholders to make it happen.”