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ASB Sweeps Top Win On Back Of Online Budgeting Tools

September 26 2023. ASB’s online budgeting tools, supporting Kiwis through the cost-of-living crisis, have helped propel it to the top of the Digital Banking award rankings for the second year in a row.

ASB’s win of Digital Banking Bank of the Year comes as Canstar’s latest research shows 27% of New Zealanders now cite the cost of groceries as their biggest financial concern. That compares to 25% last year, and is a dramatic leap from nearly three years ago, when just 11% said the same. The cost of mortgages remains the second biggest financial worry, at 11%, while the cost of rent comes in third at 10%.

Jose George, Canstar New Zealand Manager, said the research showed how difficult the current financial environment is for many New Zealanders. “The pressure on Kiwi households is really intense right now. It’s a good time to consider your finances and if some budgeting tips and tricks can release some more funds. Seeing banks support customer budgeting - like ASB has - is really heartening.”

According to Canstar’s expert panel, ASB’s digital banking offer remains ahead of its competitors due to tools such as Card Tracker, Save the Change and Support Finder. The panel also noted the excellence of the ASB Mobile Banking app, which offers an intuitive, user-friendly virtual environment.

Notably, ASB is preparing a number of new initiatives to roll out in the near future. The bank’s Executive General Manager Technology and Operations, David Bullock, said: “Financial wellbeing is at the heart of everything we do. With many New Zealanders doing it tough at the moment, getting a budgeting plan in place and taking advantage of the tools ASB has available to you is the first step to start getting on top of your financial wellbeing.

“Over the past financial year, 404,000 customers used ASB’s digital financial wellbeing tools, up 39% on the previous year. Recently we introduced a new Card Tracker function to our mobile app, giving customers visibility of what subscriptions are being charged to their Visa debit or credit card, which has been accessed by more than 210,000 customers since launch.

“We also recently made our Support Finder tool available for all New Zealanders, not just those that bank with us, helping Kiwi access $14.3 million in additional government financial benefits they may have been otherwise missing out on.

“ASB’s mobile first approach means we show up for our customers where and when they need us, setting the benchmark in a digital-first solution. This award is fantastic recognition of the people driving our mahi.”

“This year, we’re excited to also be bringing further tools to our customers, including new ways to

stay on top of spending and personalise their accounts.”

The win is awarded as a result of Canstar’s expert panel assessments, using a bespoke methodology which compares features, products and customer satisfaction. The institution which cumulatively receives the highest score across the areas of consideration is awarded the Digital Banking Award.

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Find more from Canstar on InfoPages.