Congratulations to ASB, the winner of Canstar’s Award for Bank of the Year | Digital Banking for the third consecutive year.
The days of getting stuck in long bank queues are long gone. Due to fewer bricks-and-mortar branches and the ease of digital banking, few of us step foot inside a bank anymore.
According to Canstar’s latest research, 96% of bank customers use digital banking, and 94% do all their banking online. However, even our digital banking habits are changing.
Four years ago, around half of Kiwis (49%) used mobile banking apps, while 42% accessed accounts through bank websites. Those figures now stand at: 70% mobile apps and 23% bank websites.
Smartphones have transformed the way we manage our day-to-day finances. But not all banking apps meet the potential of the technology.
Across bank websites and apps, there’s a huge difference in the range of tools and functionality available. And even if a bank’s website and app offer a wide range of features, are they user friendly?
So to help Kiwi consumers discover the best digital banking to meet their financial needs, each year Canstar’s expert research panel researches the digital services provided by our biggest banking institutions.
To decide on the winner of our award, Canstar’s research team uses a sophisticated methodology that recognises quality digital services – across mobile phone apps and websites – and rates new features that enhance the consumer experience.
Our team also undertakes a user-experience study. This year we engaged 3851 bank customers and asked them to rate their banks’ digital platforms.
For our 2024 award, our research team looked at the digital banking services offered by the following institutions: ANZ, BNZ, Kiwibank, SBS, The Co-operative Bank, TSB, Westpac and our award-winner ASB.
The main categories researched:
Functionality
Includes the features and transactional ability of both desktop and mobile banking. Covers day-to-day banking features, tools and services, including support and security.
User experience
Recognises an institution’s ability to offer consumers an intuitive and user-friendly online banking platform, through mobile and desktop banking. Includes feedback from 3851 everyday bank customers.
Customer satisfaction
Measures bank customers’ satisfaction with their financial institution across: transfers and payments, mobile app, services available, online security, online application, customer service and budgeting tools.
ASB: Bank of the Year | Digital Banking
In awarding ASB Canstar’s Bank of the Year | Digital Banking title for the third year in a row, our research team said that ASB had maintained its market-leading position across several key digital banking categories.
It noted that ASB distinguishes itself by providing a range of unique and innovative features that enhance the overall customer experience. These include:
Goal Planner
A tool for you to create savings goals. For example, for an emergency fund, a holiday, a wedding or a new car.
ASB Support Finder
By answering a few simple questions in the ASB Mobile Banking app, the bank helps connect you with government benefits and services that you might be eligible to receive.
Save the Change Tool
Rounds up electronic transactions and moves the small change into a savings account. Or you can choose to also donate money to Hato Hone St John, KidsCan or Youthline.
ASB True Rewards
Manage or redeem the points you earn through ASB True Rewards via ASB’s FastNet Classic internet banking or the ASB Mobile Banking app.
Intelligent chatbot
ASB’s chatbot Josie is able to recognise queries and hand them over to two-way messaging for personalised assistance via the ASB Mobile Banking app.
Click for more info on the Digital Banking Award!
About the author of this page
This report was written by Canstar’s Editor, Bruce Pitchers. Bruce has three decades’ experience as a journalist and has worked for major media companies in the UK and Australasia, including ACP, Bauer Media Group, Fairfax, Pacific Magazines, News Corp and TVNZ. Prior to Canstar, he worked as a freelancer, including for The Australian Financial Review, the NZ Financial Markets Authority, and for real estate companies on both sides of the Tasman.
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