There’s an external perception I often pick up that banks are solid, conservative, unchanging and perhaps even a little boring.
I can assure you that on the inside the reality feels quite different; we have some of the most talented, innovative and creative people in the market working for us. These are people who live and breathe innovation and who are driving our strategy to win with our customers and stay ahead of our competitors.
The key point for us is that despite all the change happening around us, our customers remain at the heart of our strategy. Increasingly they ask more of us as the world becomes faster paced, more complex and progressively digital. And so our overarching goal is to meet our customers’ needs by being today’s bank, with tomorrow’s capability.
To get it right we’re broadening our digital focus to include end-to-end customer experiences. In a practical sense, we are talking to our customers directly to help determine where their pain points lie, to streamline processes and decide how we can develop products and services to fulfil their needs.
One of the innovations that have come out of this is Card Control – a function in our app which lets you manage your card and do things like instantly put a hold on it if you lose it.
As of today, nearly 140,000 ASB cards have had a lock manually applied and we have saved plenty in potential fraudulent transactions.
Another thing that’s turned into a bit of a pain is paying your kids pocket money when you don’t carry much cash anymore. And we think teaching kids about is important. So, we set about inventing a new generation moneybox – Clever Kash.
Clever Kash was designed to solve a problem for parents who have been struggling to teach their kids the saving and spending habits and knowledge that we once used cash to impart.
Clever Kash is an exciting development, but definitely not our first customer-focused innovation and it won’t be the last.
ASB has a history of innovative firsts and an even deeper history of solving customer problems using technology. From the adoption of real-time banking back in the 60s and 70s, to phone and internet banking in the 80s and 90s, to social and mobile banking today – we have had to keep changing as an organisation in order to be where our customers want us to be.
The key thing is to make sure you’ve got the right procedures in place to identify and deal with any threats right from the start.
A great analogy that I heard recently is that cyber security is like a car’s brakes. While some see a car’s brakes as a tool to slow the car down, they’re actually a tool to enable the car to go faster, but safely.