29 March 2015

BNZ sees fast return on mobile banking investment

04 July 2011  |  9219 views  |  0 D600 mobile

Bank of New Zealand is reporting $1 million in transactions in four days since the launch of its first mobile banking Web site and iPhone app, as smart-phone touting customers across the country sign up in droves to conduct banking-on-the-go.

Launched via BNZ Twitter, the dual release quickly raced to the number one spot for financial apps in Apple's iTunes store.

BNZ says the uptake is gratifying, coming after the bank invested strategically in the assembly of a mobile banking software team at its head office in Wellington. The team are supported by various disciplines from across the bank and have developed the BNZ mobile banking solution from the ground up.

BNZ chief operating officer Stephen Mockett says: "Since we launched on Thursday the feedback has been flowing in from customers over Twitter and Facebook. Customers loving both the design and the convenience mobile banking provides. It backs our investment in this area and is a real credit to the quality of work our Wellington-based BNZ development team has produced."

The rapid uptake of mobile banking applications in New Zealand is mirrored in other markets, as smart phone use escalates and users latch on to the convenience offered by pocket banking.

According to a new study By Canadian analyst house Solutions Research Group, more than 2.5 million people in Canada are now using mobile banking applications, representing a market penetration of 38% of all smart phone users with data plans nationally.

"Considering that the first bank app was introduced only 14 months ago, this is a very fast rate of adoption," SRG analyst Kaan Yigit, told the Globe and Mail. "This is one of the fastest adoption rates [for a new technology] I've seen in 10 years."

Online banking took more than four years to reach a similar level of market penetration in Canada, he adds.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

28 June, 2011
24 June, 2011
24 June, 2011
23 June, 2011
16 June, 2011
03 June, 2011
25 May, 2011
24 May, 2011
25 March, 2011
25 March, 2011

Related company news


Who is commenting?

Top topics

Most viewed Most shared
Banking has reached a digital tipping poin...
9830 views comments | 54 tweets | 30 linkedin
Europe sets the pace as fintech investment...
5310 views comments | 29 tweets | 19 linkedin
Google preps Gmail bill payment feature
4623 views comments | 13 tweets | 12 linkedin
Barclays and PayPal join Government ID acc...
4423 views comments | 10 tweets | 11 linkedin
Credit Suisse paper offers qualified bitco...
4164 views comments | 5 tweets | 9 linkedin

Featured job

to 90k base, double OTE, benefits
London, UK

Find your next job