HELPS LARGE COMPANIES
The new feature - which won the award for Excellence in Institutional Banking at last year’s INFINZ awards - makes managing and paying bills much simpler and more streamlined for customers, but it can also benefit companies that adopt it.
In a trial, ANZ discovered that customers were eager to adopt the feature, and used it to pay their bills earlier, on average, two and a half days earlier than they had a year before.
The difference will be of great benefit to companies aiming to better manage their cash flow, while also helping consumers reduce the number of missed or late payments, which can result in bad debts.
“These large companies have told us that many of their customers fail to use the correct reference codes when they make a payment online,” McKinnon says.
“This means they have to reconcile the payments with the bills issued – so by pre-populating the payment details, we can avoid this and make it an altogether more streamlined process.”
In the future, this feature could save companies the considerable expense of printing and posting bills to ANZ customers, who may choose to receive their bills through goMoney.
Initially the feature will only be available to ANZ customers with an active consumer Spark mobile plan, but other large telecommunications, energy, utility and insurance companies could also benefit from using the service.
ANZ considers the collaborative approach it has taken to developing the technical specifications is critical to supporting the 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,” McKinnon says.
“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 this service gives us some really good insights into the path we need to take in the future."