The hub trial will last up to 12 months beginning early next year, costing significantly less than a full branch, says the NZ Bankers Association.
“I’d like to thank the banks and the Bankers’ Association for working with the Government on this initiative which will be implemented in early 2020.”
“Each Banking Hub pilot will test different ways of adapting to community demand and requirements and services will evolve over time. They will provide different capabilities, with variations in technology and personal service.”
“The New Zealand Bankers’ Association note that in the past five years, about 70 per cent fewer people have been using branches nationwide.”
“While many people hardly ever visit bank branches, some people still prefer to bank face to face,” Beaumont said.
“Each Banking Hub pilot will test different ways of adapting to community demand and requirements and services will evolve over time. They will provide different capabilities, with variations in technology and personal service.”
New Zealand Bankers’ Association chief executive Roger Beaumont said the partnership of six banks would use innovative ideas and technology to help communities that “feel left behind when physical branches close”.
Reserve Bank of New Zealand
“We will work closely with the government and regulators to develop and implement the new requirements,” New Zealand Bankers’ Association chief executive Roger Beaumont stated.
The New Zealand Bankers’ Association today welcomed the government’s announcement to introduce a new regime for financial service providers to ensure fairer treatment for customers.
“Banks want to treat their customers fairly. It’s good for customers and good for business. We welcome further steps to help ensure we’re doing that. We will work closely with the government and regulators to develop and implement the new requirements,” says New Zealand Bankers’ Association chief executive Roger Beaumont.
“Since last year’s Bank Conduct and Culture Review all banks have committed to removing sales incentives for frontline salespeople and their managers.
“While that review found no evidence of widespread misconduct and culture issues across the industry here we accept there’s work to do to put better systems and processes in place to ensure good customer outcomes. We’re working hard to do that.”
“Bank customers can fully expect to be treated fairly by their banks. It’s a commitment that banks already make in the Code of Banking Practice.
“The banking industry understands the high standards expected by their customers and are prepared to meet those standards.
“This is an important step for the broader financial services sector.
“We look forward to working with officials to ensure the legislation is practical and achieves its objectives,” says Beaumont.
ENDS