HELPS LARGE COMPANIES
The new feature makes managing and paying bills much simpler and more streamlined for customers, but it also has benefits for the companies that adopt it.
In a trial, ANZ discovered that customers using the service paid their bills earlier, on average, than they did prior to having the service.
The difference will be of great benefit to companies aiming to better manage their cash flow, while also reducing the number of missed or late payments that can result in bad debts.
“From talking with these large companies we also know that many of their customers don’t use the correct reference codes when they make a payment online,” says McKinnon.
“This means they have to put a lot of effort into reconciling payments with bills issued – so by pre-populating the payment details, we can avoid this and save them a lot of hassle and cost.”
Bringing the bills directly into goMoney also saves companies the considerable expense of printing and posting millions of bills to customers each year.
WHERE TO FROM HERE
Many large telecommunications, energy, utility and insurance companies could benefit from using the service, with ANZ sharing technical specifications openly.
This collaborative approach is considered critical to supporting development of services like this and broader Open Banking services in New Zealand.
“Initiatives like this have the potential to dramatically change the financial services landscape,” says McKinnon.
“They create the opportunity for banks and other parties to work together openly to harness their combined capabilities, and to empower customers with more choice, control and transparency over the sharing of their financial data with other parties.”
“As the ideas around Open Banking develop in New Zealand and we see new ways of giving consumers greater choice, I think the service we are trialing here has given us some really good insights into the direction we need to take in the future, especially when we collaborate with other businesses,” says McKinnon.
“ANZ has a proven record of protecting customer privacy and keeping their data safe and secure, so it’s only natural we would be at the forefront of this type of innovation.”