It’s Privacy Week (9-15 May), and the New Zealand Bankers’ Association (NZBA) says that the broader theme “Privacy – in your hands” is a timely reminder that while banks work hard to protect our ban ing information, we all need to take steps to help ensure our personal information is safe and secure.
The Privacy Concerns and Sharing Data (April 2016) survey commissioned by the Office of the Privacy Commissioner indicated that 75-81 percent of respondents were concerned about issues relating to identity theft, credit card and banking details, businesses sharing personal information and security of information.
“Protecting customers’ privacy is an important part of the banking relationship. Banks ensure they have good privacy policies, systems and technology in place to help protect their customers’ accounts and information,” said Karen Scott-Howman, chief executive of the New Zealand Bankers’ Association.
“Customers can be confident their banks will do their part to help protect their personal information and money, but we all have an important role to play in keeping ourselves safe from people who may be trying to exploit our personal information.”
The NZBA suggests that customers follow these tips to help protect access to their personal and banking information:
- Protect access to your account. Don’t share your bank account login details, cards, PINs or passwords with anyone – not in person, online, over the phone, in emails or texts. Your bank will never ask you for this information.
- Protect your PIN. When entering your PIN number at ATMs and EFTPOS terminals, shield the PIN pad with your other hand. Criminals may ‘skim’ your card details by attaching a device to the card reader, and then ‘shoulder surf’ or use hidden cameras to record your PIN.
- Password security. Change your passwords periodically, and make sure they are not easily guessable.
- Protect your identity information. Only provide personal information to trusted people and organisations. This includes your date of birth, address, driver licence number and passport details.
- Check credentials and legitimacy.
- On the phone: Don’t give out personal information over the phone unless you initiated the call and you are sure that the number you called is genuine.
- At home: Don’t give personal information to anyone who knocks on your door unless you have checked their credentials. Don’t ever share your cards, PIN, or account login details.
- Online: Logon to internet banking by typing in your bank’s full web address. Do not use links in emails or text messages that appear to take you to your bank’s website. Spam emails are often disguised to look legitimate. If it doesn’t seem right, take care and double check first before handing over personal information. Always check you have a padlock symbol somewhere on the page, and that the website starts with https://. The ‘s’ stands for secure.
- Secure software. Keep your anti-virus and firewall software up to date.
- Scan statements. Check your statements and/or review your transactions regularly. Advise your bank immediately of any unauthorised transactions.
- Speak up. Contact your bank immediately if you think the security of your cards or accounts has become compromised in any way.
Banks each have privacy policy that outlines how they will manage customers’ information.
Your bank’s privacy policy can be found on its website or by visiting your local branch.
KPMG’s Financial Institutions Performance Survey (for the quarter to December 2015) released today has found that New Zealand’s banks remain resilient and that the local economy continues to be buoyant, despite uncertainty in the global economic environment.
The New Zealand Bankers’ Association (NZBA) says that banks continue to manage their businesses well, and that helps support New Zealand’s economic growth.
“A strong and resilient banking system helps underpin New Zealand’s economic growth and well-being. Banks contribute to that growth by providing financial services to New Zealanders and busineses across a range of sectors,” said New Zealand Bankers’ Association acting chief executive Antony Buick-Constable. “The industry’s strength also enables our banks to provide continued support to the dairy sector through current challenges.”
The KPMG report showed that competition remains intense across the banking industry.
“Our banks are highly competitive and are managing their operating costs effectively. Customers currently benefit from historically low interest rates,” said Buick-Constable.
The report also found that banks continued to face regulatory challenges.
“New Zealand has strong regulatory oversight, and our banking sector is committed to working constructively with government and regulators to help ensure the best outcomes can be achieved. As an industry, we are very focused on playing our part toward maintaining a strong and stable banking environment,” added Buick-Constable.
Government Administration Select Committee
New Zealand Police Financial Intelligence Unit
Inland Revenue Department
ANZ Bank New Zealand CEO David Hisco has been elected chair of the New Zealand Bankers’ Association (NZBA) for 2016/17. Westpac New Zealand CEO David McLean was also elected deputy chair.
Mr Hisco takes over the position from Bank of New Zealand CEO Anthony Healy, who was chair during the 2015/16 financial year.
NZBA’s acting chief executive Antony Buick-Constable said, “The NZBA provides a forum for member banks to work together on non-competitive industry issues, which include helping to maintain the balance between workable regulation and economic growth.”
He said New Zealand had one of the soundest financial systems in the world, which was critical in the current volatile international environment.
“New Zealand’s banks are well capitalised and regulated. That’s vital for the functioning of the New Zealand economy – banks play an important role in helping people to buy homes, start new businesses, grow companies, employ people, and plan for retirement,” Mr BuickConstable added.
Established in 1891 the NZBA has 15 members, all of which are banks registered under the Reserve Bank of New Zealand Act 1989. Its governing body is its council, comprising the chief executive of each member bank. In addition, the NZBA has seven affiliate memberships with other organisations involved with the banking industry.
The New Zealand Bankers’ Association (NZBA) says we could all benefit from taking time to think about building our nest egg and saving for our future, and the long Easter weekend is the ideal time to do so.
“It’s good to take time to think about your financial future and set personal financial goals. By making a plan and managing your money, you can get ahead to save for short terms goals like a holiday, or think longer term to build a nest egg for a home deposit or your retirement,” said Antony Buick-Co stable, acting chief executive of the New Zealand Bankers’ Association.
“Online tools are a useful resource to assist with planning your personal financial goals. If you are looking for information about managing your money and making informed financial decisions, your bank is a great place to start,” Buick-Constable added.
Build your nest egg and get ahead with these money management tips:
- Set short and long term financial goals. Think about what you want in life and how your money decisions can support you to achieve that. Write down your short and long term goals. Think about what you need to do or change to succeed.
- Hatch a plan. The ultimate tool to help achieve your financial goals, increase savings or reduce debt is a budget. Take time to review how, when and where you spend your money. Tracking your expenses allows you to set a realistic budget and identify the areas where you can make changes. Making your lunch or cutting back on a coffee each day could save you thousands each year – it all adds up faster than you think! Most importantly, once you have set your budget you need stick with it. By staying with your plan you will soon see progress toward your goals. There are useful budget planning resources at www.sorted.org.nz or on your bank’s website.
- Grow your nest egg. Have short and long term savings goals. Whether you’re saving toward a much-needed holiday or a deposit for a house, by staying focused and committed to your goals you will see results. If you haven’t started saving for your retirement, it’s never too late – hop to it! For more information visit www.kiwisaver.govt.nz
- Manage debt. Take time to review any debt that you hold and make it your goal to be debt-free. Talk with your bank about how to get debt-free fast. Avoid ‘dumb debt’ and only ever borrow what you need and plan to pay it off as quickly as you can.
Having a nest egg can be a good investment for your future. So hop to it and take some time
this Easter to hatch a plan!
The Reserve Bank of New Zealand’s (RBNZ) ‘Summary of the dairy portfolio stress testing exercise’ released today has found that the scenarios tested were manageable for banks, and stated our banking system is robust.
It showed that New Zealand’s five largest rural lender banks are well placed to continue supporting farming customers through current challenges, as well as any severe circumstances in the dairy sector should they occur.
Since the Global Financial Crisis, there have been numerous legislative and regulatory changes for banks, including the requirement for banks to hold increased capital against their lending. This additional capital comes at a significant cost for banks, but this provides the banking system with a greater ability to cope with periods of stress.
“Banks with large dairy portfolios remain resilient, well-funded, and are well-positioned to continue working with dairy farmers through any further movements in dairy prices,” said New Zealand Bankers’ Association acting chief executive, Antony Buick-Constable.
“Banks are regular participants in RBNZ stress testing exercises, and also conduct their own stress tests – this contributes to a stable and robust banking system. Our banks understand the volatility and complexity of the dairy sector, and plan for this accordingly.
Despite the current lows in the dairy cycle, the longer-term outlook for dairy and protein production remains positive. It’s important to keep this bigger picture in mind and support our farmers during tough times, and that’s exactly what our banks do,” he added.
Banks continuing to support farmers
Banks work closely and constructively with their dairy farming customers to understand individual situations and needs. This includes helping to ensure business plans and banking arrangements reflect the conditions they are experiencing, and assisting them to make adjustments and reduce costs in o der to maintain a sustainable business.
“Banks are continuing to work closely with farmers facing financial challenges to see how they can work together through their current circumstances, in order to maintain the viability of their businesses. It’s very much in the banks’ interests to support farmers through both the tough times and the good. Banks will continue to play a key role in helping facilitate business sustainability and growth for farmers and New Zealand,” said Mr Buick-Constable.
A range of potential measures is available across the banking sector for farmers in financial stress, and these will vary from case to case. Depending on individual circumstances, banks might be able to look at reducing or suspending principal payments on loans and temporarily moving to interest-only payments. Banks might also consider allowing term deposits to be broken without associated costs. Banks can also help by providing affected farmers with financial management and budgeting assistance, and access to workshops on enhancing farm productivity and performance.
In times of financial stress, two-way communication is essential to help farmers facing challenges. Farmers who find themselves in financial difficulty or with a change in their financial outlook should speak with their bank as early as possible to find out whether specific assistance is available for them. Support for farmers is also available from a range of other organisations including Rural Support Trusts, Federated Farmers, DairyNZ, and the Ministry for Primary Industries.
The banking sector understands, and proudly supports, the huge contribution that the farming sector makes to our national economy. Banks have a long history of working with farmers to support their businesses and providing financial services to the farming sector, and this relationship will continue.
Ministry of Business, Innovation and Employment .
KPMG’s Financial Institutions Performance Survey for the 2015 financial year has found that New Zealand’s competitive banking sector stands as one of the strongest in the world.
“New Zealand’s banks have remained stable and self-sufficient against the stresses of fluctuations in the global environment,” said Antony Buick-Constable, acting chief executive of the New Zealand Bankers’ Association.
“Our banks are among the best capitalised and reputed in the world – and that’s good for us and good for the economy. This also means our banks are well-placed to remain resilient against any global and local challenges that lie ahead.”
“Bank profits are indicative of the banking industry’s stability and strength. In addition to supporting the growth of our economy, profits allow banks to continue investing heavily in New Zealand. In 2015, banks made a direct contribution of around $7 billion to the New Zealand economy.”
“Banks directly employed 25,000 New Zealanders and purchased goods and services from other businesses nationwide, amounting to around $5 billion last year alone. In addition, banks made a further contribution of $1.98 billion in tax.”
He added, “The strength of our banks also means they have been able to access funding at good rates, and the benefits of this have been passed onto New Zealanders.”